MAAT Vs ACCA

System

Could I prepare accounts and carry on my practice as a MAAT and still be registered as a student with ACCA ( obviously not making any relevance to ACCA in my practice work)?

Any views appreciated.

System

Re:MAAT Vs ACCA

Hi

In general you can but ACCA have restrictions on what their students and members can do without th ACCA practising certificate.

Basically you would be unable to do anything that ACCA consider 'Public Practice'. ACCA's definition of this is something like 'Carrying out work/preparing any document that a thrid party is likely to place reliance on'. This could include anyhting from a cash flow forecast that a client may show to hi/her bank through to a full annual report/final accounts, tax returns, signing off accounts for the bank etc. You can of course carry out pyaroll, book-keeping to trial balance, VAT etc. Somethings are considered boarderline - take management accounts as an example, these may be prepared for the client but he/she may show them to his/her bank (a third party).

Apparently, carrying out public practice without a practising certificate is the most common reason for ACCA students and members being struck off.

Neil

System

Re:MAAT Vs ACCA

You get named, shamed and publicly flogged in their journal!! It's better to check rather than take the risk.

System

Re:MAAT Vs ACCA

But all practice work would be under MAAT as a MIP.

No refernce would be made to me being a student or potential member of ACCA to any client.

Would this still stir ACCA's reaction?

System

Re:MAAT Vs ACCA

Hi

Even though youd be under AAT's MIP, you will still have to obey ACCA rules.

Neil

System

Re:MAAT Vs ACCA

Hi

I have the current student handbooks for ACCA and have checked it says that members who do not have a practising licence issued by ACCA can provide payroll, VAT, basic book-keeping services icluding recording basic accounting data and preparing records to trial balance.
If you are a student then any work experience you do which is not supervised doesn't count towards your 3 year experience requirement.

You cannot undertake work which falls into the category of ACCA's definition of public practice which is:
Accepting an appointment as an auditor, signing or producing accounts or signing any certificates or tax returns for anyone if any reliance will be placed on it by a third party.
Holding yourself out to be available to undertake these activities and allowing yourself to be known as an accountant certified, chartered or otherwise or being known as a partner, proprietor or director of a firm which carries out public practice.

I am in a similar position to you as I do work for others on a personal level but I now only do payroll, book-keeping, VAT - no final accounts. But I also sub contract which is allowed. I have an arrangement where if a client requires anything where a third party requires information then I refer them to the firm where I subcontract, so a qualified chartered accountant can complete the necessarys. This way I don't break the rules and still keep my clients happy.

If in doubt ring ACCA - that's what I did.

Hope this helps
Michelle