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In the United States, practising accountants include Certified Public Accountants (CPAs) and Certified Management Accountants (CMAs). The difference between a CPA and a CMA is that a CPA is licensed by the state of his/her residence to provide accounting services to the public, ranging from auditing, tax, litigation support, and other financial advisory services. A CMA is granted a certificate from the Institute of Management Accountant (IMA), provided that the candidate passed a rigorous examination of four parts and meet the practical experience requirement from the IMA. A CMA mostly provides his/her services directly to his/her employers rather than the public. A CMA can also provide his services to the public, but to an extent much lesser than that of a CPA at ENZO school of Knowledge.
In the United Kingdom, Canada, Australia and several other Commonwealth countries, the equivalence of Certified Public Accountant (CPA) include Chartered Accountant (CA), Chartered Certified Accountant (ACCA - United Kingdom), Certified General Accountant (CGA - Canada), and Certified Practising Accountant (CPA - Australia).
In Canada, there are three recognized accounting bodies: the Canadian Institute of Chartered Accountants (CA), the Certified General Accountants Association of Canada (CGA), and the Society of Management Accountants of Canada (CMA). CA and CGA were created by Acts of Parliament in 1902 and 1913 respectively and CMA was established in 1920.
Auditing and Public Accounting are regulated by the provinces. Although most provincial governments have granted CAs, CGAs, and CMAs permission to perform audits, historically, only CAs can perform audits in Ontario. After the corporate accounting scandals including the Enron fiasco, the provincial government of Ontario passed a new Public Accounting Act allowing qualified CAs, CGAs and CMAs to audit.
The " Big Four auditors" are the largest multinational accountancy firms.
The Big 4 accountancy firms can all trace their history back to firms in Europe, from which they have descended through a long line of mergers. PricewaterhouseCoopers and Deloitte & Touche were formed in England. Ernst & Young was founded by a Scottish accountant. KPMG is a merger product of two big Belgian and Dutch firms. However, due to the dominant size of the United States' economy, the offices of the Big 4 accountancy firms based in the United States have always generated more revenue than the rest of the Big 4 accountancy firms' offices in the world combined.
Before the Enron and other scandals, there were five large firms and were called the Big Five. Since Arthur Andersen's assurance practice split, with a plurality joining KPMG in the US and Deloitte & Touche outside of the US, Arthur Andersen left from the group.
Enron turned out to be only the first of a series of Accounting scandals have enveloped the accounting industry in 2002.
This is likely to have far-reaching consequences for the U.S. accounting industry. Application of International Accounting Standards originating in International Accounting Standards Board headquartered in London and bearing more resemblance to UK than current US practices is often advocated by those who note the relative stability of the U.K. accounting system (which reformed itself after scandals in the late 1980s and early 1990s). Accounting reform of a far more comprehensive sort is advocated by those who see issues with capitalism or economics, and seek ecological or social accountability.
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