Different

categories of
accounting’
certifications

NAME:
1. Bassma Adel El-sagheir
2. Jacqueline Feniar Sharmoukh
3. Samaa Reda Omar
GROUP: 1E

SEMESTER:
1st semester (Spring 2023)

COURSE:
Accounting and financial reporting

UNDER THE SUPERVISION OF:

Dr Sherif Elhalaby

Submission Date: 24th July 2023

 Accounting’ Certifications

Certified Management Accountant (CMA)

This globally recognized certificate supports management accounting and finance professionals who drive
business performance inside organizations. The Certified Management Accountant (CMA) is an accounting
designation that signifies expertise in financial accounting and strategic management. The professionals who
obtain this designation are colloquially known as CMAs and are qualified for a variety of roles ranging from
financial controller to chief financial officer (CFO).
 Certificate Outcomes
Certified management accountants will:
 Possess advanced financial and strategic management competencies
 Lead, manage and make decisions in management accounting and financial management
 Be trusted partners to executives in all areas of an organization
 Evaluate performance and make decisions about the strategic direction of the organization
 Understand the business formula for delivering value to the customer
 Earn approximately 22 percent more than a non-certified profession
 Benefits of investing in a CMA certification.
Management accountants who earn CMA certification enjoy higher salaries, global recognition, and a leg up
on their competition. This designation sets CMAs apart from other professionals in corporate finance and
management accounting
 Certified Management Accountant Job Titles
Having a broad skill set often means having a range of potential job titles, too. Some of these titles include:
o Private accountant
o Corporate accountant
o Managerial accountant
o Cost accountant
o Industrial accountant
 Requirements
 CMAs must have completed a bachelor's degree or qualifying professional certification, plus two years of
professional experience in management accounting or financial management. CMA candidates need to
complete a two-part exam as well.
 Skills
A certified management accountant needs to have strong accounting skills, including:
o Understanding the generally accepted accounting principles (GAAP)
o Ability to create financial reports and forecasts
o Experience using specific software, including Excel
o Knowledge of accounting-specific formulas and ratios, like the accounting equation
 CMA vs. CPA Designations
 The most well-known certification for an accountant is the CPA or Certified Public Accountant
designation. While a CMA focuses on strategy and management, CPAs primarily focus on summarizing and
reporting financial information, handling taxes, and auditing companies’ finances.
 A CPA license may be required for certain careers in finance, but the CMA license is rarely required.
However, obtaining a CMA certification can be a great option for people with an accounting background
who want to move up the ladder.
 It covers different topics than the certified public accountant (CPA) certification. The CMA designation is
generally considered easier and less prestigious than CPA certification.
 Both certifications require similar education and work experience.

References
– Https://www.accounting.com/certifications/certified-management-accountant/
– https://www.theforage.com/blog/careers/what-is-a-certified-management-accountant

1
 Accounting’ Certifications

Certified Public Accountant (CPA)

Certified public accountant (CPA) certification confirms an accountant's skills in taxation, auditing, regulatory
compliance, and financial analysis. Many employers prefer to hire accountants who possess CPA certification. CPA is
a term used for both the certification and those who hold the credential — is the only officially approved certification
qualification in accounting and auditing in the U.S.
 History of the CPA Designation
In 1887, 31 accountants created the American Association of Public Accountants (AAPA) to define moral
standards for the accounting industry and U.S. auditing standards for local, state, and federal governments, private
companies, and non-profits. Renamed several times over the years, the organization has been known as
the American Institute of Certified Public Accountants (AICPA) since 1957. The first CPAs received licenses in
1896.1112

In 1934, the Securities and Exchange Commission (SEC) required all publicly traded companies to file periodic
financial reports endorsed by members of the accounting industry. The AICPA established accounting standards
until 1973 when the Financial Accounting Standards Board (FASB) was launched to set standards for private
companies.
The accounting industry thrived in the late 1990s due to large accounting firms expanding their services to include
various forms of consulting. The Enron scandal in 2001 resulted in major changes in the accounting industry,
including the fact that Arthur Andersen, one of the nation’s top accounting firms, went out of business. Under the
Sarbanes-Oxley Act, which was passed in 2002, accountants were subject to tougher restrictions about their
consulting assignments
 Responsibilities
 Depending on their particular role, a CPA may be involved in one or more aspects of the accounting
profession. CPAs can specialize in areas like forensic accounting, personal financial planning, and taxation. In
addition, CPAs must complete continuing education requirements and uphold a standard of ethics
 Certificate Outcomes
 Financial accounting and reporting
 Regulation
 Business environment and concepts
 Auditing
Certified management accountants will:
 Become problem-solving professionals who enable people and organizations to shape their future
 Provide a wide range of services to governments, businesses, industries, and within the field of education
 Communicate the overall picture with clarity and objectivity
 Translate complex information into critical knowledge
 Anticipate and create opportunities
 Designs pathways that transform vision into reality
 Requirements
 Obtaining the certified public accountant (CPA) designation requires a bachelor’s degree in business
administration, finance, or accounting. Individuals are also required to complete 150 hours of education and
have no fewer than two years of public accounting experience. To receive the CPA designation, a candidate
also must pass the Uniform CPA Exam.
 Additionally, keeping the CPA designation requires completing a specific number of continuing education
hours yearly
References

– https://www.investopedia.com/terms/c/cpa.asp#:~:text=The%20certified%20public%20accountant%20(CPA,designation%20given%20to
%20qualified%20accountants.&text=CPAs%20generally%20hold%20various%20positions,chief%20financial%20officer%20(CFO).//ww
w.accounting.com/certifications/certified-management-accountant/
– https://www.theforage.com/blog/careers/what-is-a-certified-management-accountant 2
 Accounting’ Certifications

Certified Internal Auditor (CIA)

This Certified Internal Auditor (CIA) is a certification offered to accountants who conduct internal audits.
The Certified Internal Auditor designation is conferred by the Institute of Internal Auditors (IIA) and is the
only accepted credential worldwide.
CIAs usually work in the audit department of government agencies, financial institutions, or corporations.
They review financial records to look for deficiencies in internal controls.
 History
The IIA launched in 1941 and solidified the internal audit practice as a profession. In 1950, Congress required
that each executive agency include internal audits in the agency's system of internal controls. Internal auditing
emerged as a separate accounting function in the middle of the 20th century.

In 1977, the Foreign Corrupt Practices Act completely overhauled the internal auditing industry. The act
prevented companies from hiding funds and conducting bribery. The act required companies to keep adequate
systems of internal control and keep complete and correct financial records, increasing the demand for internal
auditors.

The first CIA exam was conducted in 1974 and as of the end of 2021, there are over 178,000 CIAs.

 A CIA Role
A CIA auditor conducts an organization's internal audits. These professionals track organizations' legal compliance
and risk. CIAs may also help organizations form systems to prevent risk and fraud.

 Certified Internal Auditor (CIA)career options

A CIA can move into an:
o Executive position, such as vice president
o Chief audit executive, or director.
o A CIA can specialize as an internal auditor, an audit manager, and a compliance auditor, or in investigation
auditing and information technology auditing.
 Requirements
 Accountants seeking the CIA certification are required to get a bachelor’s degree and have no less than two
years of work experience in a field related to internal auditing, such as internal control, compliance, and quality
assurance. Other requirements include a character reference and proof of identification.3 If you become a
CIA, you will also have to meet continuing education (CE) requirements of 40 hours per year to maintain
certification.
 The CIA program accepts degree and non-degree candidates without experience for entry. However, a
candidate without a bachelor's or master's degree needs at least five years of internal audit experience to begin.
 All candidates must have professional experience before exiting the program and receiving CIA certification.
Master's degree-holders need one year, while bachelor's graduates require two years. Internal audit practitioners
must have five years of relevant experience for certification.

 CIA vs. CPA Designations

 CIAs are similar to certified public accountants (CPAs), however, CPAs are mostly only recognized in the
U.S., whereas CIAs are recognized globally.

References

3
 Accounting’ Certifications

Certified Islamic Professional Accountant (CIPA)

It is one of the two flagship qualifications which are offered by the AAOIFI. It was launched in 2006 and re-
launched in 2017 after a three-year long overhauling process.
CIPA is the only internationally recognized qualification in accounting for Islamic financial institutions, catering to all
banking, investments, and Takaful segments. The CIPA program is intended towards development of, and enhancing
of, industry’s human resource capabilities by developing experts for Islamic finance accounting and financial reporting,
audits, and Shari’ah audits.
 CIPA is for professionals, executives, and for students who are currently are studying or have interest, in
accounting, auditing, and finance, especially for the Islamic banking and finance industry, such as:
 Accountants and Auditors
 Shari’ah Auditors
 Islamic finance practitioners, bankers, and professionals
 Undergraduate or graduate students aspiring for an accounting career in Islamic banks
 Certificate Objectives & Outcomes
CIPA program is to achieve these objectives:
 To develop in-depth understanding and application abilities of the requirements of the AAOFI Financial
Accounting Standards in respect of presentation of financial statements and financial reporting of Islamic
Financial Institutions (IFIs).
 To ensure understanding the process and techniques of carrying out the audit in accordance with the principles
of accountancy as well as with the International Standards on Auditing
 Understanding of the fundamentals of business and business management and the role of an accountant in
relation to governance, tax, compliance, and risk management in an organization.
 To provide the understanding of the basic foundations for Shari’ah compliance in Islamic banking and finance,
and to develop strong application abilities of the requirements of the AAOFI Shari’a standards
 A comprehensive understanding of the requirements of Governance in an organization from a Shari’ah
perspective

 Requirements
 Undergraduate or postgraduate in discipline of accounting, economics, business, or commerce with 55%
marks; or relevant professional qualification (exemptions available for academically strong Candidates having
A levels / High School qualifications)
 A member of accounting professional bodies which are IFAC members or any other accounting and finance
related professional membership / affiliation recognized by AAOIFI from time to time
 Must fulfil eligibility criteria within 3 years of CIPA Program Registration in order to earn the CIPA
certification, otherwise Candidate shall stand disqualified and will have to re-register for the CIPA program
anew.

References

4
 Accounting’ Certifications

Certified Information Systems Auditor Accountant (CISA)

CISA is world-renowned as the standard of achievement for those who audit,Assessing the client's current
state of Information System controls, identify Technology and Security risks and develop remediation
recommendations. Working with client IT personnel to analyse, evaluate and enhance information security
controls, and performing information security audits.
This certification is issued by ISACA to people in charge of ensuring an organization's IT and business
systems are monitored, managed and protected.
CISA is presented after completion of a comprehensive testing and application process. It is designed for IT
auditors, audit managers, consultants and security professionals. (CFO).
 Responsibilities
The primary duties of a CISA include:
 Implementing an audit strategy for information systems (IS).
 Planning audits that can be used to determine whether or not IT assets are protected, managed and valuable.
 Executing the audits in compliance with the organization's set standards and objectives.
 Sharing audit results and providing recommendations to management based on the results.
 Performing re-examinations of the audits to ensure the recommended actions have been performed by
management

 Requirements
 CISA applicants should complete five years of professional IS auditing, control, assurance or security work.
 one year of IS experience .Also, 60 to 120 university semester credit hours -a two year to four year degree -
can replace one or two years of experience, respectively. Two years as a full-time instructor within the related
field at a university can also replace one year of experience.
 Work experience 10 years prior to a candidate's application submission or within five years of a passed CISA
exam.
 They must also show adherence to ISACA's Code of Professional Ethics and Information Systems Auditing
Standards.

References

5
 Accounting’ Certifications

Association of Chartered Certified Accountants (ACCA)

It is a global professional accounting body that offers a qualification that is recognized and respected by
employers all over the world. The ACCA qualification is a challenging but rewarding one, and it can open
up many doors to a successful career in accounting.
The concept of ACCA is based on the idea that accounting is a profession that is essential to the smooth
running of businesses and economies. Accountants play a vital role in providing information that helps
businesses make informed decisions, and they also play a key role in ensuring that businesses comply with
financial regulations.
The ACCA qualification covers a wide range of topics, including financial accounting, management
accounting, auditing, taxation, and business law. This broad range of knowledge gives ACCA qualified
accountants the skills and knowledge they need to succeed in a variety of accounting roles. (CFO).
 The history of ACCA
The Association of Chartered Certified Accountants (ACCA) was founded in 1904 as the London
Association of Accountants (LAA). The LAA was founded by eight accountants who wanted to create a
more open and accessible route to chartered accountancy. At the time, the only way to become a chartered
accountant was to be a member of one of the existing professional bodies, which were all very exclusive.
The LAA was an immediate success, and it quickly grew in size and influence. In 1909, the LAA admitted
its first female member, Ethel Ayres Purdie. This was a groundbreaking move, as at the time women were
not allowed to become chartered accountants in most countries.
In 1949, the LAA changed its name to the Association of Accounting Technicians (AAT). The AAT
was renamed ACCA in 1996 to reflect the fact that the qualification had become a global one.
Today, ACCA is one of the leading professional accounting bodies in the world. It has over 233,000
members and future members in over 170 countries. ACCA is accredited by the International Accounting
Standards Board (IASB) and its qualification is recognized by employers all over the world.
 Certificate Outcomes & Benefits
Some of the benefits of having an ACCA qualification include:
 Increased earning potential: ACCA-qualified accountants typically earn higher salaries than those without the
qualification.
 Greater job opportunities: ACCA-qualified accountants are in high demand by employers all over the world.
 Increased career progression: ACCA-qualified accountants have the opportunity to progress to senior
management positions in accounting and finance.
 Enhanced professional standing: ACCA-qualified accountants are recognized as professionals by employers
and other stakeholders.
 Requirements
 The ACCA Qualification is open to anyone who wants to pursue a career in accounting or finance. There are
no specific educational requirements, but the need to meet the minimum entry requirements, which include
two A-Levels and three GCSEs (or their equivalent).
 The Foundations in Accountancy level is designed for those who have no prior accounting experience. The
Professional Levels are for those who have some accounting experience and want to advance their career. The
Advanced Diploma in Accounting and Finance is for those who want to specialize in a particular area of
accounting.

References

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 Accounting’ Certifications

Association of Chartered Certified Accountants (ACCA)

 The Standard of ACCA
The ACCA Qualification is divided into three levels:
 Foundations in Accountancy
 Professional Levels
 Advanced Diploma in Accounting and Finance

Here are some of the standards that ACCA adheres to:

 Relevance: The ACCA Qualification is designed to be relevant to the needs of the accounting profession. The
exams cover the latest accounting standards and practices, and they are updated regularly to ensure that they
remain relevant.
 Accuracy: The ACCA Qualification is a rigorous program that is designed to test your knowledge and
understanding of accounting principles and practices. The exams are set by a team of experienced accountants,
and they are marked by qualified examiners.
 Fairness: The ACCA Qualification is a fair program that is designed to give everyone an equal opportunity to
succeed. The exams are set with clear objectives, and the marking criteria are transparent.
 Accessibility: The ACCA Qualification is an accessible program that is designed to be available to people
from all backgrounds. The exams are available in a variety of languages, and there are a number of support
services available to help you prepare for the exams.

References