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Professional Accounting Accreditation
for Schools of Business

Required to be filed with IICPA: "Application Checklist and Affirmation"   MS Word   |   PDF
Recommended to be filed with IICPA: Application Form Letter                MS Word   |   PDF

Standards for Professional Accounting Accreditation

1. The IICPA accredits government-licensed degree-granting Colleges, Departments, and Schools of Business of higher learning (the "School" or "Schools") worldwide.

A School applying for accreditation should comply with the following Standards for Professional Accounting Accreditation ("PAA").

2. The applying School offers accounting courses that prepare students to sit for the public accountant examination to qualify for the attest function, as required in their own or another international jurisdiction.

3. The School offers a full range of undergraduate and graduate accounting, finance, commercial law and taxation courses.

4. The School provides training for the acquisition of technical skills that prepare students to provide services directly to the public — or as employees of firms, corporations or associations — operating in virtually any area of finance including:

  • Assurance and Attestation Services — including Forensic Accounting (preventing, detecting, and investigating intentional financial misrepresentation)
  • Internal Auditing
  • Corporate Finance — including but not limited to mergers & acquisitions, initial public offerings (IPOs), capital stock & debt issuings)
  • Corporate Governance
  • Estate Planning — to the extent applicable to local practices and law
  • Financial Accounting and Reporting — based on local Generally Accepted Accounting Principles and IFRS, if different
  • Managerial Accounting
  • Financial Analysis
  • Financial Planning
  • Taxation — income tax, excise tax, issues of international taxation including transfer pricing, and tax planning)
  • Information Technology — especially as applied to accounting, auditing and taxation
  • Management Consulting and Performance Management

5. The Schools is able to demonstrate cognitive and skill-based observable learning outcomes for the above courses, and is able to justify the level of observable learning outcomes.

6. The majority of the accounting faculty members (tenured full-time, part-time or adjunct) teaching accounting courses are professionally qualified. The term "majority" implies a ratio in excess of sixty percent, which should be higher, if possible, but should not be significantly lower.

7. A faculty member is "professionally qualified" if s/he has a master's degree in accounting, finance or related field and holds a public accounting designation that permits the faculty member to perform the attest function with a current license to practice, eg Certified Public Accountant, Chartered Accountant, Chartered Financial Analyst, or is a member of another recognized professional accounting or financial body including Chartered Financial Analyst (CFA) and obtained his/her membership on the basis of a rigorous professional examination.

8. The majority of the faculty teaching accounting courses have more than three years of practical business and/or professional experience at managerial or professional levels.

The Application and Review Process

9. The School prepares a Statement of Professional Accounting Conditions in the form in the AASBI's Generally Accepted Education Standards, including the required financial information.

10. The School engages a firm of public accountants acceptable to the IICPA's Board of Directors to audit the School's Statement of Professional Accounting Education Conditions in accordance with the AASBI's Generally Accepted Educational Auditing Standards. The Board's acceptance must be in writing, by letter or email. If a competent auditing firm of public auditors cannot be found, the IICPA will try to send a team of its affiliated licensed public accountants to conduct the professional accounting accreditation audit who will charge their regular auditing rates.

11. The School's Statment and the auditor's opinion formed at the conclusion of the professional accounting accreditation audit is reviewed by the IICPA's Board of Directors along with any other information volunteered by the School including official catalogues for the past three acaemic years.

12. If the School — having submitted its Application Form Letter ( see PDF version | MS Word version ) — is successful to this stage, two delegates of the IICPA's Board of Directors conduct a site visit at the School's main facility(ies) to meet the School's management, faculty and staff, and if and when satisfied convey the Accreditation Certificate along with an assignment of the IICPA's Professional Accounting Accreditation label.

Annual dues for IICPA Accounting Accreditation: For AASBI-accredited Schools of Business: Billed by AASBI for its accredited business schools: additional $500 a year. Billed by IICPA. — Billed by IICPA for non-AASBI-accredited business schools: $2,500 a year.

The entire application, review and accreditation process should be completed from start to finish in about seven months. The Schools reimburses the IICPA for direct expenses, and makes a contribution within the School's discretion and means at the time of accreditation.

The regular review cycle is normally three full academic years, and may be extended to five years. The review process and procedure as outlined above is repeated before the end of the second year following professional accounting accreditation in order to maintain accreditation status. On a showing by the School of substantial improvements or innovations, delivery and student learning outcomes, the next review cycle following the completion of the first three years may be extended to five academic years.

Use of the IICPA SuperGAAP ACCREDITED mark must be assigned before the mark may be used. Please refer to the notice herein.

Created 2016-04-11