10 August 2015
Meaning of Chartered in Chartered Accountant
A written grant from the sovereign power of a country conferring certain rights and privileges on a person.
A Chartered Accountant therefore should mean an accountant who has been conferred certain rights and privileges by the country.
Who Charters? Governments instead of granting the powers to (chartering) each accountant, have delegated their power to the professional body of accountants (institute of chartered accountants of India in India). The professional body conducts courses/exams to grant membership to prospective candidates. The members of the body are deemed to have been chartered by the government. CHARTERED ACCOUNTANTS [CA's] are people who are chartered as accountants, by the professional body on behalf of the government.
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