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Why use a Chartered Certified Accountant?

Aug 03, 2020
Did you know that legally, anyone can call themselves an 'accountant' - you don't actually need any training, qualifications or experience to practice.

We unfortunately see many instances where clients have engaged an accountant without first checking their qualifications and experience, because if you're an accountant you must be trust-worthy, right? Unfortunately not, and the results could be disastrous for your business and finances (and sadly we've seen it more times that we would like).

So, how does a chartered certified accountant differ to an unqualified one?


Who regulates chartered certified accountants?

Chartered certified individuals and firms are regulated by the ACCA (Association of Chartered Certified Accountants - surprise!). They are a leading international accountancy body with more than 219,000 members in 179 countries.


In order to become ACCA qualified, individuals must pass up to 13 exams covering all areas of business, from financial statements, management accounting, business taxation & law to audit and also business ethics, as well as relevant practical experience. Once qualified, the training requirements to do not end there - every ACCA member must complete a minimum of 40 hours of training and professional development each year to maintain their qualification.


Qualified individuals will usually use the letters ACCA at the end of their name. Those with at least 5 years post-qualification experience progress to Fellowship status and will have FCCA instead. 
ACCA member directory



And what about a chartered accountant - what's the difference?

In short, not a lot! Chartered accountants are regulated by a different professional body, the ICAEW (Institute of Chartered Accountants in England and Wales). It is a UK-based qualification and has been around since the 1880s (whereas ACCA is internationally recognised and was founded slightly later in 1904). The exams follow a slightly different format and that is pretty much it! You may hear of some friendly competitive rivalry between ACCA and ICAEW accountants!





Final roundup...

Whilst hiring a unqualified accountant could save you a few ££, they probably won’t be able to meet the standards needed to provide you with best possible service. Unqualified individuals are usually unable to provide things like mortgage references, and are unable to carry out certain regulated activities, such as audits and probate. The saving you make today might prove to be more expensive in the long term.



If an accountant holds themselves out to be a qualified individual, be sure to check their membership status with the relevant body (again, we've seen instances where individual say they are qualified members, but actually may only be in training!). It will only take a few minutes, but could save you from a lot of pain and expense in the future!



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