MAAT & MIP - Quick Question

JamesB

Hi again,

I am thinking of becoming an MIP as have the opportunity to take on a few potential clients if I want them.

The question I have is do you need to be an MIP in order to sign off Limited Co accounts?

I am AAT qualified and also ACA qualified and recently didn't renew my MAAT membership as I wasn't using it.

My company pay my ACA fees otherwise I would have ditched them as well.

Can I not just get my own personal indemnity insurance etc and sign off accounts, do sole trader tax returns etc without having to be an MIP etc?

Thanks in advance,

James.

Pete12

James,

With regard to limited company accounts, "signing off" is really little more than a formal informality which is often confused with the requirement for statutory audit reports to be signed by a registered auditor. Legally, limited company accounts are "signed" by the director(s), so the answer is no - you do not have to be an "MiP".

With regard to setting-up yourself without becoming an MiP the answer is yes. Essentially, what you will be doing is what all the "unqualified/"non-qualified" accountants have been doing over the years. Whether or not it would be wise for you to take such a route and relinquish your memberships (which would almost certainly be required) when you hold both MAAT and ACA (both qualifications much sought after) is another matter.

Best wishes

Pete12

JamesB

Thanks Pete, great advice.

Gonna go and order my MIP pack this week.

James.

NeilH

Hi

You'll also need to comply with the ICAEW's equivalent of MIP.

Neil

Dean

Agree with Neil.

IRRC you finished your ACA within the last twelve months? You won't be able to practise as a 'Chartered' Accountant but I'm sure you're aware of this.

I'm intrigued as to why you would go through the qualification process of both professional bodies and then ditch both memberships as if you hadn't done them?

Regards

Dean

JamesB

Thanks guys,
Yep I spoke with the ICAEW last week who said I cannot do anything until 24 months after qualifying. :-(

With regards to the memberships i just don't get any benefit out of them at this present moment and although the aat one is just over £100 it's £100 i don't have!

For someone who isn't allowed to be a MIP yet anyway, apart from the magazine what else will I really be getting from my membership anyway? From what I can see all the courses cost money to attend, i don't ever have to ring the helpline for advice in my current role so it just doesn't seem like value for money to me.

It's the same with the ACA fees which are a whopping £320 for the basic membership. Luckily my work pay for this but again it's not great value for money for me personally.

Anyways i'm just blabbering on and in a bad mood coz my hands are tied for another year before i can think about taking on clients.