However, this does not mean that they are qualified for the task.  Choosing an Account is not a task to undertake lightly.

 

The term Solicitor, Independent Financial Adviser (IFA), Architect, these are protected, unlike the term Accountant, which is not protected.

There are no restrictions for protection for the term Accountant, therefore, anyone can decide to set up an accountancy practice, despite being totally unqualified.  There are even organisations that will provide and grant membership via an online application and monthly subscription which a “qualification”, so beware and choose an accountant carefully.

Use a Certified Chartered Accountant (ACCA) or a Chartered Accountant who belongs to the ICAEW (Institute of Chartered Accountants in England and Wales), as members they must complete a 3 or 4 year training with a firm authorised by the Institute and pass extensive professional examinations encompassing accounting, financial management, audit, business strategy, tax and IT.

Even then, they must train for an additional 2 years under the control of a principal before he/she can apply for a practicing certificate. Hence, that’s six years of training before being let loose on a business client.

To maintain membership they must maintain high standards of ethical and professional conduct.  A member must follow a framework of quality assurance principles, covering laws, regulations and professional standards, client acceptance and disengagement, competence, and quality control.

Members also have to have professional indemnity insurance to ensure that our clients are protected

As a member firm, staff are required to meet the Institute’s scheme of Continuing Professional Development (CPD), ensuring that their knowledge and skills are up to date to best meet the needs of the clients.  For CPD accountants all have to read tax and accountancy updates as well as attending regular courses.  In addition, a member firm must follow the Institute’s bye-laws, regulations, and standards and Code of Ethics.

To summarise – Choose a ACCA or ICAEW qualified Accountant

·         They will have passed difficult professional exams and studied for a minimum of 5 years to prove they are competent to advise clients.

·         They will continue to read and take courses to keep up to date and ensure that the advice is current, accurate and relevant.

·         They will be independently checked by a professional body on a regular basis to ensure and prove they are maintaining the highest standards and giving the best possible service to clients.

·         They will be independently checked to ensure they hold sufficient professional indemnity insurance so that if anything should go wrong the client can be compensated appropriately.

·         They will maintain the highest level of professionalism, integrity and trustworthiness to ensure they deliver the best service to their clients.