General knowledge of ICAEW Flashcards
What does ICAEW STAND FOR?
The Institute of Chartered Accountants in England and Wales (ICAEW),
Who are iCAEW?
professional membership organisation that promotes, develops and supports chartered accountants and students around the world.
Are ICAEW a world leader of the A+F profession?
Yes
How members of chartered accountants do they have around the world and students?
Has more than 189500 Chartered Accountants and students around the world.
What is a chartered accountant and whats the difference with an accountant?
A chartered accountant is an accountant with the specific professionally accreditation of ‘chartered status’. They have studied accounting to a high level and have gained professional experience in the industry.The title of accountant isn’t a protected term, meaning you don’t have to obtain specific qualifications in order to use it.
Is it difficult to be a chartered accountant?
Yes very difficult, you have to go through a series of exams in order to get the status.
Give examples of what a chartered accountant will do?
Chartered accountants play a vital role in the running of organisations. They offer advice, assurance and information that shape business-critical decisions.
KEY AREAS IN WHICH CHARTERED ACCOUNTANTS WORK INCLUDE:
1) Public practice
2) Businesses
3) Corporate fianance
4) Tax
5) Forensic accounting.
What sort of stuff do chartered accountants do in companies in terms of forensic accounting?
investigating fraud and other financial misrepresentations.
What sort of stuff do chartered accountants do in companies in terms of tax accounting?
advising clients on tax law and tax planning, alongside completing and submitting tax returns and working with HMRC.
What sort of stuff do chartered accountants do in companies in terms of corporate finance?
supporting commercial decision-making including involvement in mergers, acquisitions and developing business strategies.
What are the values of ICAEW( outlines ICAEW’s values and the standards of behaviour expected of all who represent it)?
1) Integrity
2) Objectivity
3) Competence and due
4) Respect for others
5) Fraud, bribery and corruption
6) Confidentiality
7) Corporate responsibility.
What does Competency and due mean?
to maintain professional knowledge and skill at the level required to ensure that a client or employer receives competent professional services
What does Corporate responsibility mean?
refers to practices and policies undertaken by corporations that are intended to have a positive influence on the world.
How FTSE 100 Companies have an ICAEW member on their board?
83 of FTSE 100 companies have an ICAEW member on their board and our members work as accountants in businesses across the world.
