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The Association of International Accountants (AIA) was founded in the UK in 1928 as a professional accountancy body and from conception has promoted the concept of ‘international accounting’ to create a global network of accountants in over 85 countries worldwide [1].
AIA is a Recognised Qualifying Body (RQB) for company auditors under the Companies Act 1989.
AIA is recognised by the UK government as an RQB for statutory auditors under the Companies Act 2006, and in the EU under MRPQ as well as a Prescribed Body in Ireland under the Companies Act (Auditing & Accounting) 2003.
It is also statutorily recognised and listed accordingly in the Companies Act 1985 (as amended) for the purpose of Reporting Accountants.
In April 2003, the Institute of Company Accountants (IComA)is restructured in to International Accountants Group under supervision of the Association of International Accountants (AIA)
The AIA Head Office is based at the new Metro-Riverside business park, Newcastle-Upon-Tyne, and they have established branches in Hong Kong, Greece, Cyprus, Ghana, Ireland, Singapore and Malaysia.
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Membership
Associate or Fellow membership: AIA members use the designatory letters FAIA, as a Fellow and AAIA as an Associate. And AIA members can use the title or designation of International Accountant.
AIA members are equipped with the relevant skills to explore a wide range of career options and are part of a growing network of professionals who hold key positions in multinationals, SMEs, private practice and the public sector across the globe.
Those who achieve the AIA’s Recognised Professional Qualification as a company auditor are able to register with a recognised supervisory body (RSB) and undertake company audits of companies of all sizes in the UK in accordance with the UK Companies Acts. All AIA members must undertake Continuing Professional Development, are subject to Disciplinary Procedures and adhere to the International Federation of Accountants (IFAC) Code of Ethics. AIA is regulated by the Professional Oversight Board, part of the UK’s Financial Reporting Council.
There are a number of entry levels AIA offers applicants, depending on their qualifications and work experience profile.
Student membership is designed for those applicants who wish to undertake the AIA Professional Qualification, which is achieved through work experience and examinations. On completion of the examinations(total 3 levels including 16 papers), three years relevant work experience is required before full membership is granted. Upon successful completion of the AIA qualification the status of "International accountant" is achieved.
Affiliate membership is offered to those applicants who have had over five years work experience in accountancy and finance, and want to become a member of a professional accountancy body. Affiliate members are entitled to use the designation AMIA. Affiliate membership is not full membership of AIA, as an Affiliate member you are not authorised to sign off accounts, nor are you eligible for an AIA practising certificate.
Direct membership is offered to member of the professional bodies under the full membership status of International Federation of Accountants (IFAC) who are able to demonstrate their outstanding achievements with seniority relevant experiences in the profession.
Note: Members of an IFAC member body*(* Full membership of IFAC only, Associate or Affiliate member bodies are not applicable), or who already have the right to practice in the UK under Regulation 5 of the European Communities Regulations 1991.
Note: Viva voce The AIA introduced the viva voce for applicants to Associate membership in 2001. The viva is an oral test examining candidates' knowledge and recorded practical training to ensure that they are truly professional and up to date with accounting issues. However, the viva is not an examination as such; candidates are asked questions by a panel about their current employment as well as their previous work experience. They are also asked questions about a case study, for which they have 30 minutes to read through and prepare.
Academic membership is offered exclusively to academics, who are working at universities or colleges and teaching at lecturer level or above. Applicants could also be a consultant or examiner for a professional body. Academic members are entitled to use the designation FAIA(Acad).It should be noted that AIA Academic Membership will not convey any entitlement to the AIA Professional Qualification.
AIA full membership (AAIA or FAIA) as Recognized Public Accountant Status
In UK, as the Association of International Accountants has achieved Recognized Qualifying Body (RQB) status, the members of AIA (AAIA or FAIA), who hold the recognized professional qualification awarded by the Association of International Accountants and have fulfilled the requisite experience requirements, are eligible to apply for membership of The Association of Authorised Public Accountants (AAPA) which achieved the status of a Recognized Supervisory Body (RSB) and entitled their member to use the designation 'Registered Auditor' under the Companies Act 1948.
This means that after June 1991 under the terms of Section 31 of the Companies Act 1989, AIA full membership (AAIA or FAIA) is able to register as 'Registered Auditor' in public practice and undertake company audits of companies of all sizes in the UK in accordance with the UK Companies Acts.
In Ireland, as AIA has got Prescribed Accounting Bodies status, AIA full membership (AAIA or FAIA) is eligible to get automatic membership of the institute of Incorporated Public Accountants (IIPA), which is Recognized Accounting Body approved by government to issue Audit Practice Certificates.
This means that through AIA full membership transfer IIPA membership route, AAIA or FAIA can be approved as "Registered Auditors" in Ireland which is regulated by the Companies Acts.
In Hong Kong, According to the Mutual Examination Paper Exemption (MEPE), members of the AIA (AAIA or FAIA) will be eligible for exemption from module examination of A (Financial Reporting), module examination of C (Auditing and Information Management) and module exam of D (Taxation) of the Institute’s Qualification Programme (QP). QP qualified members of the HKICPA will be eligible to apply for full membership of the AIA. This means that through MEPE, AAIA or FAIA can become member of HKICPA which is only statutory licensing body of accountants in Hong Kong.
Other Professional Qualifications
In addition the AIA Professional Qualification, there is also the option to undertake an AIA Diploma.
AIA currently offer the following Diplomas:
- Executive Diploma in International Financial Reporting Standards (IFRS)
- Diploma in International Financial Reporting Standards (IFRS) - China
- Diploma in International Financial Reporting Standards (IFRS) - Greece
- Diploma in Corporate Finance for Decision Making
- Diploma in Management Accounting & Costing
- Diploma in Auditing
Council
- President: Andreas Aloneftis, FAIA, MBA, AdipC
- Vice President: Andrew Lamb, FAIA FCIPD FinstD
- Vice President: Maggie Timoney, FAIA
- Chief Executive: Philip Turnbull, FAIA FCCA FCPA FIMIS
International Accountant
International Accountant is the designation used by AIA full qualification members.
International Accountant is also the bi-monthly magazine published by AIA. Members receive the magazine as a membership benefit, and it is also available to subscribers.
The magazine offers reader’s a variety of news stories which affect the profession, SME news, technical updates, and interviews with figureheads throughout the business world, as well as articles on issues such as IFRS, tax, environmental accounting, insolvency, Islamic accounting and ICT solutions.
A supplement, the Student Focus, is issued to all AIA students in the March and August issues of International Accountant, with updates on the AIA exams and syllabus, examiner feedback, and articles designed to give students a better understanding of topics they are studying.
The Irish educational regulatory authorities - Higher Education and Training Awards Council (HETAC) has classified AIA Qualification to Level 9 of the Irish National Qualifications Framework (NQF) in year 2010 which is equivalents to Irish master degree qualifications.
External links
References
- Association of Chartered Certified Accountants (Mother association of AAPA)
- British qualified accountants
- Accountancy qualifications and regulation
- Accounting
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