The ACCA issued a warning in May after research from cloud accounting software provider ClearBooks showed just 8 per cent of small businesses considered an accountant’s qualifications when choosing one. There is no law preventing anyone from calling themselves an accountant, and that as a result small businesses could be unknowingly paying someone without the necessary skills to handle their finances and help their business grow, who isn’t regulated or insured against risk.
CIMA (Chartered Institute of Management Accountants) Members in Practice are monitored by CIMA for:
- Continuous Professional Development
- Anti Money Laundering Compliance
- Professional Indemnity Insurance
- Continuity Agreements
- Letters of engagement
- Ethical conduct
CIMA operates a Masters degree standard scheme of qualifying examinations for prospective members. It is active in promoting local education, training and management development operations, the promotion of new techniques through its research foundation and the dissemination of management accounting practices through publications and other media related activities. WIKIPEDIA
Why is it that small businesses do not check that their accountant is qualified?