C) Name the most important events in the development of the accountancy profession in the world.

 

accountants principles organized members

back profession creation throughout

number role organizations functions

Accountancy Profession

 

The organization of the accountancy profession dates_______to January 1853 when eight accountants in Edinburgh, Scotland met for the purpose of seeking recognition of their_______as a separate and distinct profession. Their discussion of their professional situation resulted in the________of the Institute of Chartered Accountants of Edinburgh. Since that time numerous professional accountancy organizations have been established _________ the world. The process is going on.

In 1977 the International Federation of Accountants (IFAC) was established. Its initial membership was 63 organizations representing 49 countries, but within a decade, the ________ grew to 105 organizations from 79 countries. The establishment of the IFAC recognized the need for international coordination of the objectives of professional accountancy organizations and means of achieving those objectives. Accountancy is an international profession. Under the conditions of global interdependence of countries through trade, finance, and crossborder investments, the_________of the IFAC is becoming more important.

The size and principles of accountancy_________vary. Some organizations comprise accountants working in commerce, industry, and government organizations, as well as in public practice (auditing), others consist solely of members in public practice.

The main _________ of the accountancy profession may be summarized as follows:

• to protect the public by ensuring the observance by its members of the highest________of professional and ethical conduct;

• to promote and increase the knowledge, skills, and proficiency of members of the organization and students;

• to preserve the professional independence of _______ in whatever capacities they may be serving;

• to maintain the legitimate rights of its________.

IFAC was _________ in recognition of the growing changes towards internationalization of the world economy, business and trade.

Words you may need:

Institute of Chartered AccountantsИнститут дипломированных бухгалтеров

observancen соблюдение

conductn поведение

proficiencyn (зд.) опыт

preservev сохранять