505:. IAB members are professionally qualified accountants and bookkeepers. Members use designatory letters AIAB standing for "Associate Member of the IAB", MIAB "Member of the IAB and FIAB "Fellow Member of the IAB". 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 bookkeeping, 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 practising 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.
478:(Fellow) designation. These licensed accountants are exactly the same as Chartered Accountants with one very notable exception, they are not permitted to undertake audit work. These 5,000+ AAT Licensed Accountants provide tax and accountancy services to over 500,000 small businesses and individuals in the UK.
481:
AAT members can claim a range of exemptions from ACCA, ICAEW, ICAS, CIPFA and CIMA examinations and vice versa. Many AAT students go on to study for
Chartered status with one of the Chartered bodies with approximately 30% of Chartered body membership comprising those who began their studies with AAT.
603:
All full members of these bodies and CIMA 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
477:
AAT also offer higher level qualifications which enable the holder to gain "licensed accountant" status, of which there are 5,100 (2021). Licensed AAT accountants are MAATs (Members of AAT) of if they have five years of experience and an unblemished record they can take advantage of the FMAAT
458:
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.
233:, 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.
280:
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:
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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
127:
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.
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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
474:(AAT) is the UK's leading body offering a qualification at 'bookkeeper' level. The AAT has approximately 2,500 licensed bookkeepers (from a total membership of 150,000). The AAT is recognised in the EU and internationally respectively.
392:(designatory letters AFA or FFA), a professional accountancy body representing and providing certification for financial accountants in the United Kingdom. The IFA is a full member of the International Federation of Accountants (IFAC).
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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
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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
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107:, under the EU mutual recognition directive, members of these six bodies may practise auditing in other EU member states, with 'absolute equal status'.
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66:(as accountants are one of the professions most likely to face a professional indemnity claim) and submitting to regular and independent inspections.
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490:
409:
366:
160:
765:
221:, all British accountants with practising rights and belonging to a RQB/RSB can practice as a public accountants in all member countries of the
611:(RQBs) in relation to company auditing under the Companies Act 2006. As of 2015, however, CIPFA's status as an RQB is currently in abeyance.
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use the term as shorthand for 'professional accountant' and might consider members of non-Chartered bodies or overseas equivalents.
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553:(CIMA) announced that it would be leaving CCAB, because CCAB had become more focussed on audit since the formation of the
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The AIA and CIPFA are not RSBs; their members, if engaging in audit, must therefore be supervised by another body. The
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139:), award the qualifications necessary for audit work, as an entry requirement. A similar but not identical list of
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Most bodies offer
Fellowship after five or ten years' further experience in good standing as an Associate member.
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and therefore licensed under the
Professional Accountants Ordinance with 'absolute equal status' to local CPAs.
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in order to supervise individuals who had been authorised for audit purposes under the
Companies Act 1948.
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In addition, there are other non-CCAB bodies whose members also provide accountancy and related services.
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537:) was formed in 1974 as an umbrella group for the major British qualified accountancy bodies. The six
427:) admit members only after passing examinations and undergoing a period of relevant work experience.
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with most
British RQBs. For example, in Hong Kong, members of RQBs excluding CIPFA are accredited by
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in 1974; CIMA left after 2011, but its members may still be intended when this phrase is used.
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Individuals with such qualifications are recognised as professionally qualified bookkeepers.
369:(AIA), one of six Recognised Qualifying Bodies in the UK (designatory letters AAIA or FAIA)
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Under the
Companies Act, Insolvency Act & Financial Services and Markets Act, only the
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as the regulator for accounting matters, and therefore less relevant to CIMA members.
519:(ICB), founded in the UK in 1996, claims over 150,000 students and members worldwide.
379:(AAPA), one of five Recognised Supervisory Bodies in the UK (designatory letters AAPA)
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412:(CPAA) (designatory letters ACPA or FCPA), or of a CPA body in another country
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are able to authorise members to conduct all the legally restricted work of
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The six RQBs in relation to company auditing under the
Companies Acts are:
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The other bodies recognise academic qualifications and work experience.
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country (designatory letters being CA (name of country) e.g. CA(Canada))
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581:, and is considered to be both a British and Irish professional body
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103:. These are the five member bodies of CCAB, and the AIA. In the
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professional bodies that evaluate individual experience and test
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Certain bodies, known under the Companies Acts 1989 and 2006 as
628:"Top 5 Occupations At Risk From Professional Indemnity Claims"
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were the founder members of the CCAB. On 2 March 2011, the
147:) may authorise their members to carry out company audits.
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is an informal shorthand for full members of any of the UK
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Institute of Chartered Accountants in England & Wales
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Institute of Chartered Accountants in England and Wales
440:, gain appropriate professional experience and undergo
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Institute of Chartered Accountants in England and Wales
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It is illegal for any individual or firm that is not a
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and 'investment business work' in the United Kingdom.
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RQBs and RSBs are self-regulated but monitored by the
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Key Facts and Trends in the UK Accountancy Profession
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Chartered Institute of Public Finance and Accountancy
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The chartered bodies and the AIA (which is the other
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Chartered Institute of Public Finance and Accountancy
185:
Chartered Institute of Public Finance and Accountancy
512:. IFA offers Financial Accounting Technician (AFT)
195:(AAPA) has the status of RSB, historically under a
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Full voting members of accountant evaluation bodies
730:Join us as a member of another professional body
597:Institute of Chartered Accountants of Scotland
565:Association of Chartered Certified Accountants
484:International Federation of Accountants (IFAC)
332:Association of Chartered Certified Accountants
305:Institute of Chartered Accountants of Scotland
179:Institute of Chartered Accountants of Scotland
155:Association of Chartered Certified Accountants
89:Department for Business, Innovation and Skills
551:Chartered Institute of Management Accountants
352:Chartered Institute of Management Accountants
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761:Consultative Committee of Accountancy Bodies
530:Consultative Committee of Accountancy Bodies
377:Association of Authorised Public Accountants
276:Titles of British accountancy qualifications
193:Association of Authorised Public Accountants
187:(CIPFA) since 2006 but currently in abeyance
82:Consultative Committee of Accountancy Bodies
397:Association of Accounting Technicians (AAT)
91:, implementing the Companies Acts 1989 and
676:"CIPFA Recognised for Companies Act Audit"
491:Institute of Accountants & Bookkeepers
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510:London Chamber of Commerce & Industry
354:(CIMA) (designatory letters ACMA or FCMA)
334:(ACCA) (designatory letters ACCA or FCCA)
293:must be members of one of the following:
95:, allows members of six bodies to act as
410:Certified Public Accountants Association
389:Institute of Financial Accountants (IFA)
367:Association of International Accountants
359:Other recognised bodies (RQBs and RSBs)
316:a recognised equivalent body in another
300:(ICAEW) (designatory letters ACA or FCA)
161:Association of International Accountants
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545:professional accountancy bodies with a
482:AAT has also been a full member of the
248:Insolvency and investment business work
463:Bookkeepers and accounting technicians
313:(CAI) (designatory letters ACA or FCA)
80:. All six of these bodies founded the
472:Association of Accounting Technicians
210:(FRC), to support public confidence.
114:Recognised bodies for restricted work
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742:Cima to leave CCAB accountancy forum
497:(QCF) qualification specifically in
338:Chartered Public Finance Accountants
495:Qualifications and Credit Framework
442:continuing professional development
400:(designatory letters MAAT or FMAAT)
236:Various other national bodies have
517:Institute of Certified Bookkeepers
344:(CIPFA) (designatory letters CPFA)
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775:Outsourced Bookkeeping Accounting
794:Accounting in the United Kingdom
720:, Register of Statutory Auditors
348:Chartered Management Accountants
64:professional indemnity insurance
327:Chartered Certified Accountants
307:(ICAS) (designatory letters CA)
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718:Recognised Supervisory Bodies
571:Chartered Accountants Ireland
508:AIA also offers IAT with the
373:Authorised Public Accountants
311:Chartered Accountants Ireland
238:mutual recognition agreements
167:Chartered Accountants Ireland
141:Recognised Supervisory Bodies
31:British qualified accountants
777:, annual publication by the
770:Professional Oversight Board
768:, annual publication by the
700:Professional Oversight Board
609:Recognised Qualifying Bodies
405:Certified Public Accountants
219:Mutual Recognition Directive
204:Professional Oversight Board
133:Recognised Qualifying Bodies
779:Finance department services
664:Financial Reporting Council
560:The remaining members are:
555:Financial Reporting Council
208:Financial Reporting Council
33:are full voting members of
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705:December 26, 2010, at the
523:CCAB-qualified accountants
425:Recognised Qualifying Body
384:Other professional bodies
285:Bodies with royal charter
119:Audit of limited companies
70:CCAB-qualified accountants
799:Accounting qualifications
363:International Accountants
87:The British Government's
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424:
678:. CIPFA. Archived from
573:(CAI) which covers the
454:Practising certificates
375:must be members of the
365:must be members of the
350:must be members of the
340:must be members of the
330:must be members of the
408:may be members of the
227:European Economic Area
660:Current RSBs and RQBs
433:degrees in accounting
290:Chartered Accountants
607:The CCAB bodies are
575:Republic of Ireland
206:(POB), part of the
438:ethical guidelines
419:Entry requirements
197:grandfather clause
125:Registered Auditor
18:British Accountant
493:(IAB) also offer
76:bodies formed by
16:(Redirected from
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499:bookkeeping
231:Switzerland
74:accountancy
43:accountants
788:Categories
686:2011-01-03
615:References
533:(known as
270:insolvency
213:Under the
59:insolvency
50:accountant
48:The term
703:Archived
732:, ICAEW
593:(ICAEW)
587:(CIPFA)
539:British
503:Payroll
429:Syllabi
175:(ICAEW)
97:auditor
632:OBF.ie
599:(ICAS)
567:(ACCA)
242:HKICPA
181:(ICAS)
157:(ACCA)
638:9 May
543:Irish
258:ICAEW
169:(CAI)
163:(AIA)
99:to a
55:audit
640:2018
577:and
541:and
535:CCAB
527:The
515:The
501:and
489:The
470:The
303:the
296:the
266:ICAS
264:and
254:ACCA
229:and
145:RSBs
137:RQBs
93:2006
57:and
41:for
262:CAI
217:'s
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744:,
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143:(
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