Who Are Chartered Accountants – A Definition
Countries outside of the United States refer to their registered bookkeepers as chartered accountants. These people are required to be members of a professional organization within their own country. For example, in Sri Lanka they must become members of the Institute of Chartered Accountants of Sri Lanka.
Education and training will be where the greatest variance is found between those who are not chartered and those who are. Testing requirements and the amount of time they will be required to put into their own education will determine the title they receive.
This type of accountant was the original ones who formed a professional body. This was first done in Britain in 1854. In the United States, these people would be known as a Certified Public Accountant or CPA. There are individual regulations and rules which each professional body adheres to and many differences are found in each country.
Within Canada these people are referred to as CAs. Until recently only registered members were allowed to practice auditing functions for a public company. However, every country has their own variations on what is acceptable and what is not. Registrations and licensing is only useful in the country where it was obtained. Currently the guidelines are too different to allow true international accounting.
Receiving a license or becoming certified as an accountant is a big decision. For those within the United States it can be a very expensive decision as well. The US has one of the highest education requirements of any of the countries who provide certification to their bookkeepers. In the US a person needs to complete a four year degree in accounting as well as take further classes beyond that in certain required fields.
The CPA exam in the US is made up of several different parts. A person needs to be very dedicated to their career to reach the final level of becoming a CPA. It is estimated that of those who proceed to the point of applying for the CPA license, only a little more than 80% are successful on their first attempt.
Finally, the difference that one notices between the types of accounting personnel seems to center around licensing and education. Without the education you will not receive a license and likely will not be allowed to join any of the professional groups for bookkeepers. It's a matter of how much time and effort you can afford to put into your education.
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