Unfortunately as with many other trades and services there are people out there with no professional accountancy qualifications that give the impression they’re qualified accountants. There are also a number of accountants – especially smaller independent practices – who do not belong to a professional trade association. Although membership is not necessarily a guarantee of standards, these associations do regulate the work and conduct of their members, ensure that accounting standards are being met and provide a place to go for anyone having a grievance about the service they receive. Professional associations also require their members to undertake Continuous Professional Development (CPD), so you can always be confident a member will be fully up to speed with latest legislation and good practice.
So what does it all mean? When looking for an accountant you may well see lots of different letters or logos on their website, emails and letters. Letters such as ACCA or ICAEW. These will most probably mean nothing to you. You may however be aware of the term ‘Chartered’ or ‘Chartered Certified’ accountant. These terms relate specifically to an accountants professional qualifications and the association they are a member of.
Both Chartered Accountants and Chartered Certified Accountants have to undergo similar training, relevant work experience and take a series of exams in order to be able to practice accounting before being awarded their final qualification. Also, Chartered Certified Accountants working in an accounting practice and providing services to the public and not as employees for a larger organisation must also gain a “practising certificate” and have to meet even more requirements.
If you think you could save some money by hiring an unqualified accountant, you should know that an accountant who doesn’t have one of the qualifications above may charge less, but probably won’t be able to meet the standards, and this saving you make might prove to be more expensive in the long term
