Australian Institutions of Accounting - Essay Example

Running Header: CPA/ICA Student’s Name: Instructor’s Name: Course Code: Date of Submission: Executive Summary There are three main institutions of accounting within Australia. These include Institute of Public Accountants, Certificate Practising Accountings (CPA) and Institute of Chartered Accountants (ICA). The report will access two of them including CPA and ICA. They both provide a lot of benefits to its members who join and in particular young students who are developing accounting as their career dreams. It is through these institutions that students are able to develop knowledge and skills in accounting. Students are also capable of getting skills of analysing business situations and making decisions as benefits of joining these institutions. The reports also recommends on the need to join ICA especially for the students because it integrates both academic and real life practices in accounting. Table of Contents Executive Summary 2 Table of Contents 3 Introduction 4 ICA and its Benefits 4 CPA and its benefits 6 Recommendations 7 Conclusion 7 References 8 CPA-Australia 2011, 2011, About CPA Program, viewed 5 May 2011, from http://www.cpaaustralia.com.au/cps/rde/xchg/cpa-site/hs.xsl/pd-cpa-program-about.html 8 The Institute of Chartered Accountants in Australia 2011, Become a Chartered Accountant for a rewarding career, viewed 5 May 2011, from http://www.charteredaccountants.com.au/Chartered-Accountants/Become-a-Chartered- Accountant/Benefits-and-a-rewarding-career 8 Introduction In Australia, they are three major accounting bodies that include Institute of Public Accountants, Certificate Practising Accountings (CPA) and Institute of Chartered Accountants (ICA). These institutions offer a lot of knowledge and guidance to its members. Therefore, students joining these organizations will have a chance of developing their knowledge and skills in accounting and other leadership skills. This report will analyze two of the three organizations including CPA and ICA and how joining would be beneficial to students. CAP and ICA are both international accounting bodies that provide their members with of a wealth of learning opportunities and resources in improving their knowledge. ICA and its Benefits ICA in Australia was composed in 1928 by Royal Charter and functions under a supplemental Royal Charter and which on behalf of Queen Elizabeth II; it is granted by Governor General on August 2005. The institute has a crucial role within the accounting community globally and locally. ICA has a website (http://www.charteredaccountants.com.au/) where all its information including benefits to members, news and events are available according to The Institute of Chartered Accountants in Australia (2011). Joining ICA has a lot of benefits especially for the students who join it as they get a chance of expanding their career as well as improve their knowledge. The program benefit offers members with special and quality products as well as services from high class suppliers in the world. These offers are not readily found to the general public and enable members save money and time. ICA is designated to make its members become professional, qualified and ethical accountants. Becoming a member of ICA gives a student an opportunity of being internationally recognized. It will also enable a person to associate keenly with various government institutions due to its proactive involvement in various government relations and contributions to development of policies. ICA also has several leadership initiatives that gives its members a chance and moreover young people or students a chance of developing powerful leadership skills and knowledge. ICA collaborates with various accounting issues globally enabling its members enjoy recognition internationally in their designation as well as increasing their international career opportunities. ICA holds various events where they offer support in specialist areas of accounting that affects the profession as well as other aspects including all the aspects of managing and starting practices of accounting. The Institute of Chartered Accountants in Australia (2011) states that the students’ members will have a chance of accessing online knowledge centre that has a catalogue of more than 13,000 books as well as over 80journals with technical support from highly qualified research staff. A member of ICA has access of special interest and community groups of the institute that assists them in improving their knowledge. These groups will assist the students in knowing the aspects that working accounts go through and experience in real life situation. CPA and its benefits Australian Society of Certified Practising Accountants changed its name to CPA Australia since April 2000. It serves its members throughout the globe who totals to 132,000 in number. It serves areas like Europe, Malaysia, Singapore, New Zealand, Vietnam, Australia, and China with its headquarters being based in Melbourne, Australia. Its CEO is Alex Malley AND President is Low Weng Keong. It has a website (http://www.cpaaustralia.com.au/cps/rde/xchg) where its members and non-members are able to access and get all the information and news they require. CPA manages accountants even in Asia Pacific as argued by Michael (2006). CPA has a lot of benefits due to its various programs that offer technical expertise in the today’s world in an effort to create the strategic leaders in the business sector. It offers exceptional high standards and quality accounting knowledge and skills that are recognized by ISO 9001 certification. CPA is also beneficial to join because it mainly responds strongly to the demands of employers through providing members and empowering them especially young students with skills that capable of delivering value as stated by CPA-Australia (2011). CPA enables its young members to become equipped with clear and dynamic understanding of issues that current organizations face in the global market. CPA provides accounting knowledge through educating its members professionally within the accounting professional. This provides them with skills of analysing business situations, making decisions, and even developing necessary strategies in various work situations as well as leadership skills. CPA develops its members personally and professionally. Recommendations In my opinion, I would recommend my fellow students who want to join the institution to join ICA as it has a greater potential of improving the accounting career. This is because ICA highly develops technical and communication skills of students when they become chartered accountants. They are also able to be dedicated towards completing high standard work. ICA equips Chartered Accountants with perfect blend of practical application and learned principles enabling them have a lot of skills necessary towards completing and achieving the best for their clients and organizations. Joining ICA gives its members an added advantage upon completion of chartered accountants in comparison to other accounting qualifications. However, this does mean that CPA has no benefits, it also has benefits although compared to ICA, it does not offer much such as interacting with the outside world; it puts more emphasizes on academic aspects as compared to ICA that also emphasizes on community aspects. Conclusion Students undertaking accounting or even other courses have a chance of developing and sharpening their skills and knowledge by joining the two institutions; that is CPA and ICA. It recommended that the students to join these institutions if they want to have a good foundation of the accounting sector. Nevertheless, ICA according to my opinion is the best when compared to CPA as it provides large variety of knowledge ranging from theoretical and practical knowledge. References CPA-Australia 2011, 2011, About CPA Program, viewed 5 May 2011, from http://www.cpaaustralia.com.au/cps/rde/xchg/cpa-site/hs.xsl/pd-cpa-program-about.html Michael, T 2006, Financial Planning, Career FAQs Pty Ltd, Sydney. The Institute of Chartered Accountants in Australia 2011, Become a Chartered Accountant for a rewarding career, viewed 5 May 2011, from http://www.charteredaccountants.com.au/Chartered-Accountants/Become-a-Chartered- Accountant/Benefits-and-a-rewarding-career Read More