Distinctions between FMAAT / ACCA

plaguedbyfoibles

I have a relative who is an FMAAT (fellow member of the AAT).
My understanding is that an FMAAT is just like a chartered accountant, only they cannot undertake audit work.
I believe they can undertake internal examinations for charitable organisations whose annual turnover (assuming a certain amount of assets) falls below a certain threshold, and can undertake internal audits for businesses that do not fall under the charitable sector, but I presume that, as an independent practitioner, they cannot sign off the accounts for public release.
As per https://www.aat.org.uk/membership/licensed-membership-be-your-own-boss/licences-and-services, which states the following:

AAT Licensed Accountants must use the whole phrase "Internal Audit" and must not drop the word "internal" in order to suggest that they are qualified to undertake "audits", as this can be construed as misrepresentation.

Is this correct? Is that the only distinction between an FMAAT and a chartered accountant, that the latter can perform external audits, including signing them off for public release?

davealucas

The AAT is not a "chartered" body whereas other organisations such as ACCA, ICAEW, CIMA are chartered bodies. You are not far off in that AAT members (both MAAT and FMAAT) cannot conduct an external audit or work as a Insolvency Practitioner.

AAT members can carry out Independent Examinations of charitable organisations, but cannot conduct any external audit work on them where they are required.

That said, an AAT member can be involved in an external audit where that member is supervised by a Chartered Accountant.