The Institute of Chartered Accountants in England & Wales (ICAEW) is the largest English and Welsh accountancy body for chartered accountants and auditors, having 127,158 members (as of 23 June, 2005).

To be admitted to membership, applicants must generally complete a period of relevant work experience and pass a series of examinations. Members of some other professional accountancy bodies are granted exemption from certain of these. Members of equivalent bodies in other European Economic Area member states may be admitted to membership after passing an aptitude test.

There is, however, no legal requirement for an accountant to be a paid-up member of one of the many Institutes and other bodies which are effectively a form of professional trade union. Unlike the Law Society, which can legally stop a solicitor from practising, accountancy institutes do not have such authority, except in the areas of audit and insolvency where practioners must hold appropriate registrations. In addition individuals who describe themselves as "chartered accountants" must be a member of the ICAEW or a recognised overseas equivalent and if in practice must comply with additional regulations such as holding insurance and submitting to inspections.

The institute has 3 offices; the main one is in Moorgate, London and two others in Milton Keynes.

Membership categories

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• Members have the designation ACA (Associate) or FCA (Fellow) after their name.

• Fellowship is intended to designate those who have achieved a higher level of professional experience. It is awarded, on application, to those members who have at least ten years of membership and who, at the date of application, have complied with the Institute's requirements on continuing professional development in the preceding three years and have no outstanding disciplinary charges against them.

• According to the policy of ICAEW, it approved the full members in CCAB bodies including ACCA, CIMA and CIPFA can apply ICAEW membership subject to certain criterias. (Please read: ^*)

• ACCA, CIMA and CIPFA also have the similiar policies given above to apply on ICAEW's full members.

History

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Until the mid-nineteenth century the role of accountants in England was restricted to that of bookkeeping, maintaining records of what other business people had sold and purchased. However, the growth of the limited liability company in Victorian Britain created a demand for accountants to act as insolvency practitioners responsible for the liquidation of those companies that had encountered financial difficulties. Such work was unregulated and considered to be socially inferior to that of professions such as lawyer or doctor.

To improve their standing and combat criticism of low standards, accountants in the cities of Britain formed associations. The Institute of Accountants in London was formed in 1870, comprising 37 members under the leadership of William Quilter. In 1871, standards for membership were established with success in an oral examination required for new members.

Initially the London Institute restricted its membership to that city, but as other institutes were established elsewhere (in Manchester, Sheffield, Liverpool and the Society of Accountants in England for the rest of the country) it decided to remove this restriction and in 1872 became simply the Institute of Accountants.

By 1878, the societies had decided to consider incorporation and merger in a further bid to improve their status. This was finally achieved in 1880, when the ICAEW was formed by Royal Charter.

External links

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• Official website of the ICAEW

Accounting in the United Kingdom | British professional bodies | Accounting organizations