The ICAEW (Institute of Chartered Accountants in England and Wales) identifies the difference between an Accountant and a Chartered Accountant as:
By law anyone can call themselves an accountant. The title ‘chartered accountant’ and the letters ACA or FCA, however, indicates that the person has undertaken a minimum of three years in-depth training, passed a series of rigorous examinations in financial management, auditing, business strategy and taxation, and committed to continuing professional development to keep their skills up to date.
Although unqualified accountants are subject to the same laws as chartered accountants, ICAEW Chartered Accountants are bound by our The institutes code of ethics and subject to certain disciplinary procedures. They are required to hold a practising certificate and professional indemnity insurance if they offer professional services to the public.
Are there benefits of using a Chartered Accountant?
Although anyone can set up an Accountancy practice even if they lack the specialist experience and training there are certain services for which the providers must be authorised. For example:
- Investment business and probate.
Be aware this is not the case with many other accountancy and taxation services, but authorising an accountant governed by the ICAEW means that they are qualified, regulated and have the necessary experience to provide high quality advice and services.
for further information on the services provided by AJR & Co Ltd contact us for a free 30 minute consultation.