British qualified accountants are full voting members of United Kingdom professional bodies that evaluate individual experience and test competencies for accountants.
The term accountant does not have the same legal protection in the United Kingdom as that given to other professions such as doctors and lawyers. Only certain functions are restricted to professionally qualified accountants; for example, individuals who operate in the areas of audit and insolvency must be registered, and only members of certain accountancy bodies are eligible for such registration. If working in public practice, these qualified accountants must comply with additional regulations such as holding professional indemnity insurance and submitting to regular and independent inspections.
CCAB-qualified accountants are full members of any of the five UK accountancy bodies formed by royal charter, which founded the Consultative Committee of Accountancy Bodies in 1974.
The British Government's Department for Business, Innovation and Skills, implementing the Companies Acts 1989 and 2006, allows members of six bodies to act as auditor to a limited company. These are the member bodies of CCAB excluding CIMA, and the AIA. In the European Union, under the EU mutual recognition directive, members of these six bodies may practise auditing in other EU member states, with 'absolute equal status'.
In addition, there are other non-CCAB bodies whose members also provide accountancy and related services.
It is illegal for any individual or firm that is not a Registered Auditor to perform an audit of a UK limited company. To become a Registered Auditor, an accountant must hold a practising certificate from a recognised body, demonstrate the necessary professional ability in that area, and submit to regular inspection.
Certain bodies, known under the Companies Acts 1989 and 2006 as Recognised Qualifying Bodies (RQBs), award the qualifications necessary for audit work, as an entry requirement. A similar but not identical list of Recognised Supervisory Bodies (RSBs) may authorise their members to carry out company audits.
The six RQBs in relation to company auditing under the Companies Acts are:
The AIA and CIPFA are not RSBs; their members, if engaging in audit, must therefore be supervised by another body. The Association of Authorised Public Accountants (AAPA) has the status of RSB, historically under a grandfather clause in order to supervise individuals who had been authorised for audit purposes under the Companies Act 1948. The AAPA, which is now a subsidiary of ACCA, chiefly provides audit supervision for accountants who qualified through AIA.
RQBs and RSBs are self-regulated but monitored by the Professional Oversight Board (POB), part of the Financial Reporting Council (FRC), to support public confidence.
Under the European Union's Mutual Recognition Directive, all British accountants with practising rights and belonging to a RQB/RSB can practice as a public accountants in all member countries of the European Union, European Economic Area and Switzerland, providing that they are citizens of one of these states. They can describe themselves only by their own accountancy qualification rather than the local professional accountant qualification; access to the local professional qualifications is based on an aptitude test.
Various other national bodies have mutual recognition agreements with most British RQBs. For example, in Hong Kong, members of RQBs excluding CIPFA are accredited by HKICPA and therefore licensed under the Professional Accountants Ordinance with 'absolute equal status' to local CPAs.
Under the Companies Act, Insolvency Act & Financial Services and Markets Act, only the ACCA, ICAEW, CAI and ICAS are able to authorise members to conduct all the legally restricted work of insolvency and 'investment business work' in the United Kingdom.
In the UK, there is no licence requirement for individuals to describe themselves or practise as an accountant (except for audit or insolvency work). However, to use certain titles and designatory letters requires membership of the appropriate professional body, thus:
The chartered bodies and the AIA (which is the other Recognised Qualifying Body) admit members only after passing examinations and undergoing a period of relevant work experience. Syllabi and methods of assessment vary between these bodies, and may include a project, case study or viva (One-to-one case study and oral examination). Candidates who hold degrees in accounting or related subjects may be exempt from certain papers. Some bodies, including ICAEW, provide direct membership exchanges and short routes to admittance for members of certain overseas bodies. Once admitted members are expected to comply with ethical guidelines, gain appropriate professional experience and undergo continuing professional development.
The other bodies recognise academic qualifications and work experience.
Most bodies offer Fellowship after five or ten years' further experience in good standing as an Associate member.
Before engaging in practice (i.e. selling services to the public rather than acting as an employee), an accountant belonging to any of these bodies must gain a 'practising certificate' by meeting further requirements such as purchasing adequate insurance and undergoing inspections.
Various bodies, e.g. the Institute of Certified Bookkeepers (ICB), offer what used to be considered lower-level qualifications in bookkeeping and related skills. This was until recent years when it was usual for an Accountant to be "articled" to a firm of Accountants when studying, and would learn bookkeeping skills through experience. This has now changed and a large number qualify as Accountants without acquiring what was this specialised "on the job" skill. For this reason a need for professional Book-keepers with speciallist knowledge grew, which in recent years has been supported by recognised qualifications which are offered by both the AAT and IAB. Individuals with such qualifications are referred to as bookkeepers, and are not recognised as professionally qualified accountants.
The Association of Accounting Technicians (AAT) (designatory letters MAAT or FMAAT, standing for "Member of the Association of Accounting Technicians" or "Fellow Member of the Association of Accounting Technicians", respectively) is the UK’s leading body offering a qualification at a level between that of 'bookkeeper' and that of the Recognised Qualifying Bodies. After passing exams and obtaining relevant experience, its members can apply for MIP (Member in Practice) status and are then licensed and regulated by the AAT to provide practice accounting, tax and financial advisory services, although they are not entitled to undertake audit or insolvency work. As in the case of members of the RQBs, AAT MIPs are required to hold adequate insurances and undertake regular CPD activities relevant to the services they offer.
Practising Accounting Technicians are entitled to refer to themselves as 'accountants', as the term is not protected in law (unlike, say, 'solicitors' and 'doctors'). They cannot, however, present themselves as being of Chartered status.
The AAT is sponsored by the professional accounting bodies CIMA, CIPFA, ICAEW and ICAS. ACCA withdrew its sponsorship in order to establish its own similar qualification, the Certified Accounting Technician (CAT). CATs are not eligible for practising certificates.
The International Association of Book-keepers (IAB) offer Qualifications and Credit Framework (QCF) qualification specifically in bookkeeping and Payroll. IAB members are professionally qualified book-keepers. Members use designatory letters AIAB standing for "Associate Member of the IAB", MIAB "Member of the IAB and FIAB "Fellow Member of the IAB". FIAB can also use the designation "Registered Book-keeper". After passing exams and obtaining relevant experience, its members can apply for a Certificates of Supervision, Certificate of Compliance and eventually Certificates in Practice status, depending on membership level and experience, and are then licensed and regulated by the IAB to provide practice book-keeping, accounting, tax and financial advisory services, although they are not entitled to undertake audit or insolvency work. As in the case of members of the RQBs, IAB practicing members are required to hold adequate insurances and undertake regular CPD activities relevant to the services they offer. Although not sponsored by any other professional body, IAB qualifications are recognised by many of the bodies and members may, depending on the qualifications they hold apply for some exemptions to the other professional bodies.
AIA also offers IAT with the London Chamber of Commerce & Industry. IFA offers Financial Accounting Technician (AFT).
The Consultative Committee of Accountancy Bodies (known as CCAB), formed in 1974, is an umbrella group for the major British qualified accountancy bodies. The six British and Irish professional accountancy bodies with a royal charter were the founder members of the CCAB. These six are also the British professional bodies that belong to the International Federation of Accountants (IFAC). They are:
All full members of these bodies are deemed to hold equivalent-level qualifications. Many job advertisements for accountants in the United Kingdom therefore specify 'CCAB qualified' as though it was a specific qualification rather than a group of qualifications. In practice some employers use the term as shorthand for 'professional accountant' and might consider members of non-Chartered bodies or overseas equivalents.
With the exception of CIMA, the CCAB bodies are Recognised Qualifying Bodies (RQBs) in relation to company auditing under the Companies Act 2006. As of 2013[update], however, CIPFA's status as an RQB is currently in abeyance.
On 2 March 2011, CIMA announced that it would be leaving CCAB, because CCAB had become more focussed on audit since the formation of the Financial Reporting Council as the regulator for accounting matters, and therefore less relevant to CIMA members.
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