Why is using a regulated accountancy practice so important?
Regardless of whether a person has specific experience, technical skills, certifications, or professional indemnity insurance, it is possible for anyone to start an accounting firm and call themselves an accountant. This is scary a thought for business owners who have engaged with an unregulated accountant. The risk of getting incorrect advice is significant.
Finding the right accountancy practice
It is advisable when looking for an accountant that you ensure they are a regulated. The main regulatory bodies are The Association of Chartered Certified Accountants (ACCA) and The Institute of Chartered Accountants in England and Wales (ICAEW).
It is also important to choose a professional you can trust. You want to know that they have the training, expertise, and qualifications to provide high-quality advice and services. If you engage an unqualified or unregulated accountant to manage your finances or taxes, you may have little recourse if you are unhappy with the quality of their advice, their behaviour, or their service standards. Practices who are regulated by either the ICAEW or ACCA on the other hand, are subject to extensive, proactive, and cyclical monitoring of their conduct and performance.
Professional services you can trust
Individuals and businesses can benefit from working with a regulated firm, by being assured they are receiving expert advice and services in areas such as audit, cloud accountancy, payroll, R&D tax credits and tax advisory. To become ACCA/ICAEW regulated, it is an extensive process; training is required to develop the necessary accountancy skills; skills that must be kept up to date and relevant with changing government rules via Continuous Professional Development (CPD)
Get the reassurance you deserve
These high professional standards and protections provide invaluable peace of mind, but they aren’t the only reason to choose a regulated accountant. For more than 100 years, the ACCA have been a trailblazer in the evolution of the accountancy profession, and it continues to be at the forefront – both as a professional organisation and as a regulator. At Ad Valorem you can be reassured that our practice is ACCA regulated, you can check this by going to the ACCA website and searching our name here.
Do you know if your accountant is regulated?
Contact us today if you have any questions regarding the importance of working with a regulated accountancy firm.
(E)firstname.lastname@example.org or (T) 01908 219100 (W) advaloremgroup.uk