GAE 2012 United Kingdom
Country Characteristics of the United Kingdom
Total population (millions)
63.3 (2013)
GDP per capita (USD)
Business language
Legal system
Economic position
36,700 (2012) (ranked 36 in the world)
English
Common law
Innovation driven
Regional affiliations
Commonwealth, EU, G-20, OAS (observer), UNCTAD
Accountancy Profession in the United Kingdom
Association of Chartered Certified Accountants (ACCA)
IFAC membership
Full member
Affiliations
ACCA is a member of FEE
Part I (2005), part II (2006), part III (2011)
IFAC compliance information
Qualification
Chartered Certified Accountant
Address
www.accaglobal.com
Recognition
In the United Kingdom EU regulation for recognition of auditors is
applicable through the EU Mutual Recognition Directive. The
recognition of the qualifications from other EU member states is
achieved by a mutual recognition examination. ACCA also has a number
of partnerships with national accountancy bodies around the world
that enable candidates to sit the exam component of a range of ACCA
qualifications and that also satisfy the exam criteria for the national
accountancy body qualification. ACCA recognizes qualifications from
other countries including EU Member States, Australia, Canada, Hong
Kong, New Zealand and Singapore. Various conditions apply.
Institute of Chartered Accountants of Scotland (ICAS)
IFAC membership
Affiliations
IFAC compliance information
Qualification
Web address
Recognition
Full member
ICAS is a member of CCI, FEE and GAA
Part I (2005), part II (2006), part III (2012)
Chartered Accountant
www.icas.org.uk
In the United Kingdom EU regulation for recognition of auditors is
applicable. The ICAS has reciprocal arrangements with ICAEW (UK)
and CA Ireland; and with CICA (Canada), ICAA (Australia), NZICA
(New Zealand), SAICA (South Africa), and HKICPA (Hong Kong).
International recognition of qualifications through reciprocal
agreements with specific institutes in England, Ireland, New Zealand,
Australia, Canada, South Africa, Hong Kong and through the EU Mutual
Recognition Directive.
Institute of Chartered Accountants in England and Wales (ICAEW)
IFAC membership
Full member
Affiliations
ICAEW is a member of CCI, FEE and GAA
Part I (2005), part II (2006), part III (2012)
IFAC compliance information
Qualification
Chartered Accountant
Web address
www.icaew.com
Recognition
In the United Kingdom EU regulation for recognition of auditors is
applicable. ICAEW has MRAs with ICAA (Australia), HKICPA (Hong
Kong), and NZICA (New Zealand), with MICPA (Malaysia); with ICAS
(UK) and CA Ireland; with SAICA (South Africa). All EU States
recognize the ACA/FCA qualification under the relevant Directives.
Australia, Canada, New Zealand, South Africa and Zimbabwe recognize
the ACA/FCA through reciprocal arrangements. Most other countries
with developed accountancy professions recognize the ICAEW
qualification through custom and practice. All EU States, Australia,
Canada, New Zealand, South Africa, Zimbabwe are recognized by
ICAEW through Directive (EU) and reciprocal arrangements.
Accountancy Education in the United Kingdom
The overview is limited to three designations in the United Kingdom that comply with European Union
regulations for auditors and that are the responsibility of professional Institutes inside the UK. The
Association of Chartered Certified Accountants (ACCA) is responsible for the qualification of Chartered
Certified Accountant. The Institute of Chartered Accountants in England and Wales (ICAEW) uses the
designations, dependent on experience, of Associate Chartered Accountant (ACA) and Fellow Chartered
Accountant (FCA). Members of the Institute of Chartered Accountants of Scotland (ICAS) use the designation
Chartered Accountant (CA). The three bodies are responsible for the qualifications of their members.
Oversight of the Auditing requirements inherent in the respective qualifications is conducted by the
Financial Reporting Council (FRC). Not considered in this analysis is the position of CA Ireland as a body
with similar rights in Northern Ireland.
ACCA: Admission requirements as a member of ACCA include a formal final examination of professional
competence, and practical training. ACCA's membership qualification is divided into three parts. To register
as a student of ACCA's professional scheme a candidate must be at least 18 years of age and hold the
minimum qualification for entry to a UK degree program. Holders of higher qualifications may attract
exemptions from some of ACCA's examinations, but not for the final part.
ICAEW: Admission requirements as a member of ICAEW include Professional and Advanced Stage
examinations, culminating in the Advanced Stage with three papers including an integrated Advanced Case
Study admitting examination and practical training and work-based learning under the supervision of a
qualified person within an authorised organisation. Minimum admission requirements are the same as for
UK university entrance; in practice most trainees have university degrees. Exemptions can be rewarded
based on content and accreditation of the university degree.
ICAS: Admission requirements as member of ICAS include a formal final examination of professional
competence, prescribed programmes of professional education and practical training. A CA Student shall be
eligible for admission to membership after completion of the prescribed period of approved service as a CA
Student and passing all elements of the CA examinations. Prospective CA Students will have a university
degree and may be eligible for exemptions from the Competence level.
Members of the three Institutes have to meet ongoing requirements including CPD. Registration as a
Registered Auditor is required to perform audits of financial statements. European law requires
examinations for those wishing to become registered auditors to be of at least degree standard. The
qualification of Chartered Accountants Ireland (CA Ireland) is delivered in Northern Ireland and is
recognized in the United Kingdom. Mutual recognition agreements with professional bodies in other
countries address international recognition.
Characteristics of Accountancy Education
Certification Requirements
Program of professional accountancy education
Practical experience requirement
Final assessment of professional capabilities
CPD
Providers of Professional
Professional accountancy organization and universities (ACCA and
Education
ICAS); universities (ICAEW)
Responsibility for Education
Profession
Requirements
Licensing Requirements for
Registration as a Registered Auditor
Auditors
Compliance with International Education Standards
Level of compliance with IES
Adoption
Implementation
High
High
Personal Development
High
High
Professional Accountancy Education
High
High
Professional Development
High
High
Competence for Audit Professional
Sub-Pillar Scores - United Kingdom
Personal Development
1,00
0,80
0,60
0,40
Competence for Audit
Professionals
0,20
0,00
Professional
Accountancy Education
Professional
Development
Adoption
Implementation