DEFINITION of 'Institute Of Chartered Accountants In England and Wales (ICAEW'

A group of accountants and finance professionals who have met various industry competency standards in England and Wales. To become a chartered accountant and be designated an Associate of the Institute of Chartered Accountants in England and Wales (ACA), ICAEW members must:

  1. Complete 450 days of relevant work experience (generally three to five years)
  2. Pass stringent exams on financial management, auditing, business strategy, taxation and IT

BREAKING DOWN 'Institute Of Chartered Accountants In England and Wales (ICAEW'

Similar to most professional trade organizations, the ICAEW helps to ensure that potential employers receive assistance from ACA- and FCA-certified accountants by insisting that its members demonstrate a certain level of expertise. In the United States, the American Institute of Certified Public Accountants performs a similar service, although one needn't be a member to be designated a certified public accountant (CPA).

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