Fellow of the Institute of Chartered Accountants in England and Wales
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| Abbreviation | ICAEW |
|---|---|
| Predecessor |
Incorporated Society of Liverpool Accountants, Institute of Accountants in London and three others |
| Formation | 11 May 1880 |
| Legal status | Chartered body |
| Membership | 147,000 |
| Member's designations | ACA (Associate) and FCA (Fellow) |
| President | Hilary Lindsay EdD MBA FCA |
| Deputy President | Nick Parker |
| Vice President | Paul Aplin |
| Governing body | Council |
| IFAC member since | 7 October 1977 |
| Website | icaew |
Incorporated Society of Liverpool Accountants,
The Institute of Chartered Accountants in England and Wales (ICAEW) was established by royal charter in 1880. It has over 147,000 members. Over 15,000 of these members live and work outside the UK. In 2015, 8,256 students joined ICAEW - the highest ever figure. 82 of FTSE 100 (the leading UK) companies have an ICAEW Chartered Accountant on the board.
The Institute is a member of the Consultative Committee of Accountancy Bodies (CCAB), formed in 1974 by the major accountancy professional bodies in the UK and Ireland. The fragmented nature of the accountancy profession in the UK is in part due to the absence of any legal requirement for an accountant to be a member of one of the many Institutes, as the term accountant does not have legal protection. However, a person must belong to the ICAEW, ICAS or CAI to hold themselves out as a chartered accountant in the UK (although there are other chartered bodies of British qualified accountants whose members are likewise authorised to conduct restricted work such as auditing).
The ICAEW has two offices in the UK; the main one is in Moorgate, London and the other in Central Milton Keynes, in the newly-built Hub:MK complex. It also has offices in Belgium (Europe Region), China (Greater China Region), Hong Kong, Indonesia, Vietnam, Malaysia, Singapore and the United Arab Emirates (Middle East, Africa and South East Asia Region).
Until the mid-nineteenth century the role of accountants in England and Wales was restricted to that of bookkeepers in that accountants merely maintained records of what other business people had purchased and sold. However, with the growth of the limited liability company and large scale manufacturing and logistic in Victorian Britain a demand was created for more technically proficient accountants to deal with the increasing complexity of accounting transactions dealing with depreciation of assets, inventory valuation and the Companies legislation being introduced.
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