The article discusses professional accountancy in South America. In Argentina, at the present time, the profession is regulated by an act passed in March, 1945, by which those possessing a university diploma are entered in an Accountants' Register. Non-graduates also can be entered in this register, if they submitted an application in 1945 and were active as independent accountants before December 31, 1944. An accountant can serve in a public capacity only if his name was mentioned in the register. In Brazil, to follow the accounting profession, it is necessary to obtain a diploma from a recognized college, subject to inspection by the Ministry of Education. This diploma must then be registered at the Superintendence of Commercial Teaching and at the appropriate regional council of accountancy. In Chile, accountancy is in its initial stages as a profession. British Chartered Accountants established offices in Valparaiso as early as 1912, and branches have been set up in Santiago, Concepción, and other cities

The paper describes the training of accountants in Great Britain, first discussing the situation in England and Wales and later mentioning ways in which the Scottish training differs. The Institute of Chartered Accountants in England and Wales has virtual control over the admission of people into the public accounting field in those two countries. There is no separate licensing of public accountants by a government. Membership in the Institute is comparable to holding a state license to practice as a certified public accountant in this country. Members are allowed to described themselves as "chartered accountants" and to use the abbreviations F.C.A. for fellows and A.C.A. for associates. Businessmen are accustomed to seeking the services of Institute members for their professional accounting needs, and "by far the most important part of professional accounting work is carried out by chartered accountants." To become a chartered accountant one must become an articled clerk under Institute regulation and supervision for a prescribed period of years, pass examinations prepared, administered, and graded by the Institute, be accepted by the Institute council for membership