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The Institute of Chartered Accountants of Scotland (ICAS) is the Scottish professional accountancy body for chartered accountants and auditors. It is based in Edinburgh.
History
The Institute of Chartered Accountants of Scotland (ICAS) is the world's first professional body of accountants, receiving its Royal Charter in 1854. It was the first to adopt the designation "Chartered Accountant" and the designatory letters "CA" are still an exclusive privilege in the UK for members of the Scottish Institute.
Membership and Qualification
- ICAS has over 16,000 members worldwide working in public practice, industry, commerce, the public sector and education. Membership is generally obtained by entering a training contract with an accountancy firm (although it is possible to train within industry), during which the student gains experience and sits a number of exams. The CA designation is reserved exclusively for their use in the UK. ICAS is the only UK chartered accountancy body to provide professional education and training, as well as examinations, for all its students.
- ICAS is a member of the Consultative Committee of Accountancy Bodies (CCAB) and International Federation of Accountants (IFAC)
- Only ACCA, ICAEW, ICAI and ICAS are able to authorise members to conduct audit, insolvency and investment business work in the United Kingdom and Republic of Ireland.
Role of ICAS
Under the Royal Charter, ICAS works in the public interest. The objective of ICAS is to uphold the integrity and standing of the profession of chartered accountancy in the interests of society and the membership, through excellence in education and the development of accountancy and through service to members and the enforcement of professional standards.
ICAS is a Designated Professional Body under the Financial Services and Markets Act, licensing firms of CAs to conduct a range of incidental investment business activities. It is a Recognised Professional Body under the Insolvency Act to issue permits to individual CAs to conduct insolvency appointments. ICAS is also a Recognised Qualifying Body and Recognised Supervisory Body in relation to company auditing under the Companies Act 1989.
External links
1854 establishments | Accounting in the United Kingdom | Scottish professional bodies | Economy of Scotland | Edinburgh | Accounting organizations
"Institute of Chartered Accountants of Scotland"