Is Charted Accountancy A Budding Profession In Uk

In United Kingdom, there is no license requirement for a person to portray oneself as accountant

. Nevertheless, to use the description of a chartered accountant in UK, they must be the members of one of the stated organizations-the Institute of Chartered Accountants in England and Wales (ICAEW), the Institute of Chartered Accountants of Scotland (ICAS), Chartered Accountants Ireland (CAI).

To become admitted to membership of the ICAEW, applicants need to commonly complete 450 days of relevant jobs experience (training) and pass a series of examinations. The work experience lasts among 3 and 5 years and should be with an employer or employers approved by the Institute for training. The examinations are in a couple of stages, professional stage (twelve papers) and advanced stage (two papers including a situation study, which need to be taken inside final year of training). Members have the designation ACA (Associate Chartered Accountant) or FCA (Fellow Chartered Accountant) after their name. Fellowship is intended to designate those who have achieved a higher level of professional experience. It is awarded, on application, to those members who have attained at least ten years of membership and who, at the date of application, have complied with the Institute's requirements on continuing professional development in the preceding three years and have no outstanding disciplinary charges against them .Similarly, there are separate rules and procedures to be followed to become a member of ICAS or CAI.

Chartered Accountants, who engage in public practice work, i.e. providing services to the public rather than acting as an employee, must gain a "practicing certificate" by meeting further requirements such as purchasing adequate insurance and undergoing regular inspections.

Chartered Accountants holding practicing certificates may also become "Registered Auditors ", providing they can demonstrate the necessary professional ability in that area. A Registered Auditor is able to perform statutory financial audits in accordance with the Companies Act, 2006.

Chartered accountants in UK are preferably one of the finest and the elite corps of tax accountants you can actually envision to help you out of your financial woes in this post-recessionary period. However, since the recession took over, zillions of unaccredited London accountants and London accounting firms have mushroomed in the city, posing to help you out but actually siphoning off the finances into their own coffers for free. To deal with the problem of these inferior chartered accountants, a company should check the certification and experience of the person in question and also the budget of the company should be a foremost point of consideration.

by: doshi

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