should i do ACA or ACCA if i want to pursue a career in auditing?

Question

i am a recent graduate with 1st class degree and want to follow career in auditing. I want to know what are the key differences between the two qualifications and the things that you can do with ACA that you cannot with ACCA (such as signing an audit report?) What limits you have with regards to how you can progress in your career and the areas that you can cover in finance/accounting field (i.e. having your own accounting firm, being in managerial position etc). I have searched the net but there is too much information and most of it does not help me with my decision. If you have knowledge/experience of the two qualifications or are qualified or whatever, i'd really appreciate your comments/advice/opinions/help. Thanks in advance.

Answer 1

Okay....I can give you some info on this. My friend is a very successful audit professional and he is fully qualified ACA.

With all due respect to ACCA people, the view that I've heard is that it's seen as inferior to ACA. That's what a lecturer told me at a professional training college. If you want a broader finance qualification that will fast track you to senior management in industry then I suggest you consider the CIMA qualification instead. That's what I am studying for. If audit really appeals to you then ACA could be the one to take but seek other opinions.

Answer 2

Are you in the U.K.?

I don't recognize the designations ACA and ACCA, but I can tell you how the system works here in the U.S.

In the states, there are a variety of professional designations for university-trained accountants. The most common one is to obtain a bachelor's degree in Accounting and then sit for and pass the Uniform CPA (Certified Public Accountant) exam.

Once you've passed the CPA exam, and depending on the state you live in, you need to work for a CPA firm for a period of at least one year (some states may require more field audit time than that, though that's a matter left to the states here) to do field audit work.

At that point, you can use the CPA designation professionally. You can set up your own firm if you wish and can undertake audit engagements. Associated with that would be the requirement to write opinnion letters and sign off on audits.

The main other professional accounting designation is CMA (certified management accountant) which requires much of the same rigor, though I'm unsure as to whether or not you have the same auditing privileges with the CMA that you have with the CPA or not.

Hope this helps.

-- hh

Answer 3

do both good for you and our industry