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The scheme for members in practice is changing!

MonsoonMonsoon Font Of All KnowledgeFMAAT, AAT Licensed Accountant Posts: 4,071
Taken from last week's Professional:


We have recently undertaken a review of the scheme for members in practice and are pleased to announce the following changes to come into effect as a result of the review.


Change to the licence criteria

From October applicants to the scheme will be required to provide evidence of CPD and/or work experience in practice management, complete a professional ethics and anti-money laundering diagnostic test, submit a statement from a professional referee and provide evidence of recent work experience. These are in addition to the existing requirements for a licence.

Registration on the scheme

Applicants who meet the existing criteria but are not yet able to meet the new requirements will be eligible to register on the scheme for a maximum of two years whilst they work towards attaining their licence. From October the scheme for members in practice will therefore consist of licensed members and members registered on the scheme who will be working towards obtaining their licence under the guidance of AAT.

CPD monitoring

In the June edition, we announced the changes we are introducing to the way we monitor CPD. You will no longer be required to submit CPD as part of your licence renewal but will need to do so if selected at one of the CPD monitoring sessions in February and September (selection will be on a random basis).

Why is the scheme changing?

We are receiving a growing number of applications to join the scheme and need to ensure that those who do set up their own practice are fully aware of all that this entails, aside from having technical knowledge. We also have a responsibility to the public to ensure appropriate levels of competence are met; we are then able to actively promote AAT members in practice in the marketplace. In addition changing the way we monitor CPD will allow us to provide more tailored support and guidance to both our fully licensed members in practice and those registered on the scheme.

How will the changes affect you?

You will continue to remain licensed on the scheme subject to adhering to the regulations. We are, however, developing additional resources for you to take advantage of – these will be advertised in next month’s edition of The Professional. In addition, you will only be required to submit your CPD records to us if we advise you to do so at one of the monitoring sessions.

Guidelines and regulations for members in practice

The Guidelines and regulations for members in practice are currently under review to ensure they reflect the changes to the MIP scheme as outlined above. The revised version will be in an online format and will come into effect on 1 October 2011. You will be notified when the revised document is available and where to find it.

Tell us what you think

You are invited to find out more about the changes to the MIP scheme, ask any questions and give us your feedback at a webinar on Wednesday 24 August. If you would like to attend the webinar you can register here If you are unable to attend the webinar you can email the MIP team with any questions and feedback or call us on 0845 8630788. We look forward to hearing from you.

Comments

  • andrewtdkandrewtdk Well-Known Registered Posts: 150
    I heard about these changes last week and have to say i think they are great. It shows that the AAT keep reviewing things and will help make sure it stays a well respected qualification. In the past i was worried about how easy it seemed to be to become an MIP but these changes should help make sure only suitable people can become an MIP so i say well done to the AAT on this one.

    What does everyone else think about these changes?
  • Gem7321Gem7321 Experienced Mentor DevonMAAT, AAT Licensed Accountant Posts: 1,438
    I think this is a positive change too and I think it will bring more credit to having a licence.
  • MonsoonMonsoon Font Of All Knowledge FMAAT, AAT Licensed Accountant Posts: 4,071
    Thanks for the feedback. I thought they would be welcome changes, especially in light of previous discussions on here with regards the apparent ease of being granted a licence.

    The 'registration' level means those who are relatively new to practice will get additional support until they become fully licenced, and also means they have to focus on things like practice management and gaining additional experience where necessary, which will really benefit everyone.

    The additional licencing requirements are a welcome change I think.
  • Paul CPaul C Well-Known Registered Posts: 193
    good news but...

    Glad to see the comments above and I agree.

    I think it’s important to encourage more non MIP's to enter the scheme (where they are up to standard of course).

    Doing my research into local competition......sorry I mean fellow accountants...I have come across lots of people doing book keeping and accountancy with no MIP licence or something similar from other bodies.

    There are several in my area that proudly quote "AAT qualified", "valuable qualification" etc but are not MIP.
  • MonsoonMonsoon Font Of All Knowledge FMAAT, AAT Licensed Accountant Posts: 4,071
    Paul C wrote: »

    There are several in my area that proudly quote "AAT qualified", "valuable qualification" etc but are not MIP.
    Bring it to the attention of the AAT. It may be that they are MIPs but have opted out of the public register, or it may be that they have completed the qualification but aren't full members. It goes against the grain to be a grass, but if we have to comply with the rules, everyone should. Let the AAT look into it and take care of it if need be.
  • Paul CPaul C Well-Known Registered Posts: 193
    Thanks Jenni. I raised it with AAT a while ago. They said -

    "It is ok to mention that you are AAT qualified however, to use the letters MAAT or the logo you do need to be a full member and on the MIP scheme."

    Cheers
    Paul
  • MonsoonMonsoon Font Of All Knowledge FMAAT, AAT Licensed Accountant Posts: 4,071
    If the AAT know about them, then presumably those people are operating within the rules as they apply to their particular circumstances.
  • PGMPGM Font Of All Knowledge Registered Posts: 1,954
    A good move from AAT!
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