There are many different forms of accountant, with varying qualifications and services offered. With this in mind it can be very difficult to know what services you actually need and which accountant is the best for meeting your requirements. There are two key different types of account, they are a chartered accountant and a non chartered accountant. Put simply the main differentiation between these two terms is that a chartered accountant or accountancy firm is governed by a professional body where as a non chartered accountant has no regulations or standards to meet.
There are various different forms of chartered account and accountancy bodies such as the Institute of Chartered Accountants Scotland (ICAS) and the Association of Chartered Certified Accountants (ACCA). These professional institutes serve as a governing body for accountants and accountancy firms providing guidance and ensuring that their members are in compliance with all the current laws and regulations. To become a member of one of these institutes there are several criteria which you must meet including experience levels and professional exams. For example entrance to the ICAS requires a minimum of 3 years supervised training and 3 years worth of exams. From here there are additional exams and specialist training required for regulated work. Other bodies require prospective members to sit and pass an entrance exam which covers all accounting areas from auditing, attestation, financial accounting, reporting and regulation.
These bodies therefore ensure that their members maintain their training standards to guarantee that their members are up to date with all the new technologies, specialisms and regulations in the industry. In addition to these requirements Chartered Accountant firms are also allowed to provide specialist services such as audits and insolvency. To be able to provide these services the accountancy firm must apply for specialist permits and as a result authorisations and all subsequent related work are heavily supervised by a governing body such as the ICAS. As a rule the world of accountancy is generally bound by strict rules and codes of professional codes of conduct and ethics. These institutes guarantee that all of their members meet these criteria therefore ensuring in theory the highest standard of accounting and in turn the best choice for any persons accounting needs. Although, naturally, there are always exceptions to the rule to when making any decision about accountants you are always best to make it based on their reputation and past work rather than just on their titles.
There are various different forms of chartered account and accountancy bodies such as the Institute of Chartered Accountants Scotland (ICAS) and the Association of Chartered Certified Accountants (ACCA). These professional institutes serve as a governing body for accountants and accountancy firms providing guidance and ensuring that their members are in compliance with all the current laws and regulations. To become a member of one of these institutes there are several criteria which you must meet including experience levels and professional exams. For example entrance to the ICAS requires a minimum of 3 years supervised training and 3 years worth of exams. From here there are additional exams and specialist training required for regulated work. Other bodies require prospective members to sit and pass an entrance exam which covers all accounting areas from auditing, attestation, financial accounting, reporting and regulation.
These bodies therefore ensure that their members maintain their training standards to guarantee that their members are up to date with all the new technologies, specialisms and regulations in the industry. In addition to these requirements Chartered Accountant firms are also allowed to provide specialist services such as audits and insolvency. To be able to provide these services the accountancy firm must apply for specialist permits and as a result authorisations and all subsequent related work are heavily supervised by a governing body such as the ICAS. As a rule the world of accountancy is generally bound by strict rules and codes of professional codes of conduct and ethics. These institutes guarantee that all of their members meet these criteria therefore ensuring in theory the highest standard of accounting and in turn the best choice for any persons accounting needs. Although, naturally, there are always exceptions to the rule to when making any decision about accountants you are always best to make it based on their reputation and past work rather than just on their titles.
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