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ICAEW

The Institute of Chartered Accountants in England & Wales (ICAEW) is the governing body for accountants in England & Wales. It also administers the ACA examination, which is undertaken by people wishing to become chartered accountants.

History of the ICAEW

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The ICAEW was created to maintain the highest standards in the accountancy profession.

The start of the industrial revolution towards the end of the 17th century created a demand for accountants in the UK. As companies became bigger and more capital intensive, they required more sophisticated book-keeping and, as more shareholders were involved, they also needed to be independently audited.

In 1870, William Quilter, a very successful senior partner of a London based accountancy firm had seen the advantages of a very select professional group maintaining the highest technical and ethical standards. His inspiration helped to establish a group of leading like-minded accountants in London and, on 29 November 1870, the Institute of Accountants in London was started. Within a few years, four similar organisations were set up representing accountants in other parts of the UK.

The Institute of Chartered Accountants in England and Wales was established by Royal Charter on 24 March 1880, incorporating the five separate regional accountancy bodies. This selective professional group was created to work in the public interest by maintaining the highest standards in the accountancy profession – a remit it still has to this day.

Early presidents of the ICAEW went on to form today’s global ‘Big Four’ firms including:

  • Arthur Cooper 1883–1884
  • William Welch Deloitte 1888–1889
  • Edwin Waterhouse 1892–1894
  • Ernest Cooper 1899–1901
  • William Barclay Peat 1906–1908

The ICAEW Today

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Today, there are more than 130,000 ICAEW members and 5,000 ICAEW trainees located in more than 160 countries around the world. The number of students studying for the ACA globally is increasing year on year. In 2008 the ICAEW are launching ACA training in the Gulf, Pakistan, Romania and Singapore.

Chartered Accountants' Hall

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The Chartered Accountants’ Hall in the City of London opened in 1893 to serve an Institute of 1,700 members, it has been extended, adapted and modernised as membership of the ICAEW has grown beyond 130,000. The Hall’s principal function, is to serve as a meeting place and a library for its members.

Qualifications Offered by the ICAEW

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Qualifications offered by the ICAEW include: