Dual membership

Cadwood

Hi!

I'm new to this forum, so I thought I would start a thread on a subject that I can't seem to get a definitive answer to. I am a member both of AAT and ACCA, and have recently been asked to undertake an independent examination of a local nursery's accounts (turnover c.£60k). I am not a member in practice, but I am doing this on a voluntary basis, so will sign the exemption from MiP form.

However, when undertaking exercises like this, do I have to enquire whether both AAT and ACCA are happy for me to do so, or is the blessing of one association enough? In other words, if there is something AAT allows me to do and ACCA doesn't (or vice versa), is it enough to say I am doing it in my capacity as a MAAT?

I will no doubt check with ACCA anyway, but it would be good to field some opinion.

peugeot

I am a member of both and I was asked a year or so ago if I would sort my brother's friends tax return.

The AAT were fine but the ACCA were a little cautious as I have not got a practising certificate. The ACCA are really very strict about practising. They said that I would have to go back to my ACCA rulebook and look at the qualifying conditions to be classed as a "Honorary Reporting Accountant". If those conditions are met (i.e. turnover limit, no remuneration, friends/family etc etc) then I could do the work, but I would have to refer to my status as a Honorary Reporting Accountant. I could still use the ACCA initials after my name, but had to make my status clear.

Best wishes
Steve

Cadwood

That is useful.

Taking that one step further, it is my intention, in the longer term, to be a self employed accountant. Do I need clearance from both institutes to practice, or can I just practise under the banner of the AAT, irrespective of what ACCA say. The problem is I don't believe I would get a practising certificate from ACCA as my experience hasn't been in practise.

peugeot

Well, if it was me I would consider the ACCA rules before the AAT (sorry AAT, but that's my opinion!! they're much more ruthless)

ACCA are so much stricter than AAT about holding yourself out to be in practice, and are also a lot harsher (see the level of their fines in the magazines - I wouldn't like to pay one of those!!!)

Bluewednesday

However as I understand it you need 3 years practical experience in an approved practice with at least 2 of those being post qualification before you can obtain a practising certificate. That could be a bit of a stumbling block.

I haven't come across how ACCA would feel if you practiced and didn't use the letters (just used AAT) so I would be interested to know.

peugeot

I'm not entirely sure how ACCA would find out - unless you, or someone else told them - though they do seem to catch up with these people and they do get struck off with a huge fine on top for good measure. I think the general view of ACCA is that if you're a member you will abide by their bye-laws irrespective of what other bodies say. I would not risk it at all.

I'm one of these that always likes to be cautious so I sought the opinions of both when asked to do my brother's friend tax return as the last thing I wanted after all those years of torture to get the qualification was a public flaying by the ACCA Disciplinary Committee!

Better to be safe than sorry I say!!

Best regards
Steve

Cadwood

Thanks for all your input.

For now, I will check out with ACCA about the IE exercise.

I am concerned that being a member of ACCA will stop me practicing as an AAT, that would be ironic that by going on and doing another qualification it actually restricts the work that i can do!:confused1:

System

Dual membership ACCA & AAT

ACCA are very strick regarding their rules. And they expect to be observed by its members. If you do not hold practicing certificate, ACCA will allow you to do bookkeeping, vat, payroll, subcontracting work, or as a employee, but will not allow you to do work on which external entity rely and make decision upon, as a self employed. If you ring ACCA, they would refer you back to rule book.

If you have dual membership ACCA and AAT, and if you would like to self emlpoyed, you have to render ACCA's membership and register with AAT for self employment.

Nilesh Mandvia
FCCA, MAAT

Nilesh Mandvia

Add

Further, if you do not have a practicing certificate, all of your advisory work, tax, cash flow forecast, final accoount etc have to be supervised by a prcticing certificate holder.

Nilesh Mandvia

Cadwood

Thanks for all of that. My dilemma now is that having worked hard to get my ACCA, I face having to quit that organisation if I wish to practice - which still seems a bit stupid.

Nilesh Mandvia

Acca???

I am in the same dilema, I would like to do some private self employed base work, but I am not doing.

However, I do not know, if one would practice under some other professional body's rules regulation.

Do not give up ACCA, as you have earned it by your hard work.

Right now I am exloring getting CIMA and then start practice under CIMA annd give up ACCA.

Good look
Nilesh

Nilesh Mandvia

ACCA practising certificate

Cadwood wrote: »

That is useful.

The problem is I don't believe I would get a practising certificate from ACCA as my experience hasn't been in practise.

I am in process of applying my ACCA practising certificate.

To get practising certificate you do not have to work in practice. Your industry experience would enable you to get the certiciate. You require three years training with an ACCA accredited employer, under the supervision of an appropriately qualified principal. I just posted some info regarding who can practice.


http://www.aat.org.uk/forums/showthread.php?p=117925#post117925

Go to ACCA Website where you would find lot of information.

http://www.accaglobal.com/members/professionalstandards/rules_standards/

However you want to discuss or talk just contact me.

Kind Regards

Nilesh

andrewtdk

Regarding dual membership i was wondering if anyone knew what you can do with acca working for an employer who is not chartered or certified.

The company i work for isnt and after aat and once i have the knowledge i may be asked to fill in the tax returns for some of the clients which i know would be fine but as i wouldnbt be able to get an acca practising certificate i wondered whether anyone knew if i would no longer be able to do this if i started studying acca. I know i wouldnt be able to do this if i was self employed but just wondered what the situation is working for an employer that is not chartered. I dont know if im just not looking hard enough but strugling to find anything on the acca website

NeilH

andrewtdk wrote: »

I know i wouldnt be able to do this if i was self employed but just wondered what the situation is working for an employer that is not chartered.

You'llbe fine in this instance as you are not self employed and therefore would be performing the work under your firms name - they would take any grief, not you and your ACCA status!

The ACCA rules are to protect the ACCA since the "buck" stops with them if an ACCA member is operating in a self employed capacity. In your instance your employer is ultimately responsible for you, not the ACCA.

Nilesh Mandvia

andrewtdk wrote: »

I dont know if im just not looking hard enough but strugling to find anything on the acca website

Here is a link to ACCA website
http://www.accaglobal.com/documents/pctr_ukexamples_new.pdf


http://www.accaglobal.com/members/professionalstandards/prac_info/practisingcertificates/faqs_uk

Hopefully these links will hel you.

Kind regards
Nilesh

Nilesh Mandvia

andrewtdk wrote: »

I dont know if im just not looking hard enough but strugling to find anything on the acca website

Here are the links for further information

http://www.accaglobal.com/members/professionalstandards/prac_info/practisingcertificates/faqs_uk

http://www.accaglobal.com/documents/pctr_ukforms_new.pdf

Nilesh

otsua

This is for Blue Wednesday

Blue Wednesday

Just would like to say Im very impressed by all your positive encouragements you give on this forum. I just qualified last year thank God and have gone on to the big one ACCA. Going to attempt F6 this december.

My question is are u studying for the same qualification or have you qualified, because I need a mentor and do you live in Bedfordshire. Do let me know.


Kind Regards


Otsua:confused1:

Emthi

Dual Membership

Does it mean that an ACCA professional stage student who is a MAAT,MIP can not do the tax return and other works?:001_smile:

Bluewednesday

I believe so, that's why most MIP's seem to give up studying ACCA as they are very restrictive on self employed work.

As I said I haven't had a definitive answer on whether you can practice as long as ACCA aren't mentioned at all but I suspect that that will still be frowned on.

Otsua, I have now qualified as ACCA so studying is over for a while at least but I live in Milton Keynes - not too far from Bedfordshire.

otsua

Blue Wedesday

Thanks for your prompt response. I live in Luton. How can I contact you then apart from this forum? I will also need past papers for F6 which was supposed to be on the ACCA Web site but have been unsuccessful. Any leads. Do come back to me.

Regards


Otsua