| Home > Tax News > Professional Bodies > ACCA warns of accountancy profession shake up |
| ACCA warns of accountancy profession shake up |
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From December 2007, most professional advisers offering advice to the public will need to be supervised by an approved regulatory body, or risk breaking the law, warns the Association of Chartered Certified Accountants (ACCA). The Money Laundering Regulations 2007 will insist that practicing accountants, and many other types of professional adviser, be monitored to ensure they are complying with their responsibilities under anti-money laundering regulations. All the leading accountancy bodies, such as ACCA, will supervise their own members under delegated powers from the Government. However, others who act as practicing accountants will need to apply to be supervised by HMRC and will have to pay a fee for the privilege. The ACCA believes that this new extension of regulation may bring benefits for the consumer. John Davies, ACCA’s Head of Business Law, says: “The regulations mean that the public should have an added layer of certainty about the quality of the accountant they are using – both for personal finance issues or for their business needs.” He adds: “If accountants don’t register, they will be committing a criminal offence. The advice for consumers is to make sure they know which supervisory body is looking after their accountant. It is important when choosing an accountant to ask about their professional training, their qualifications and also who regulates them. Asking these questions is very much in your own consumer interests.” Davies concludes: “If you are putting not only your company's affairs but your own in the hands of a new accountant, make sure that it is an accountant who is qualified and competent to handle your affairs properly.” Link Association of Chartered Certified Accountants
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About The Author  Sarah Laing Sarah is a Chartered Tax Adviser. She has been writing professionally since joining CCH Editions in 1998 as a Senior Technical Editor, contributing to a range of highly regarded publications including the British Tax Reporter, Taxes - The Weekly Tax News, the Red & Green legislation volumes, Hardman's, International Tax Agreements and many others. She became Publishing Manager for the tax and accounting portfolio in 2001 and later went on to help run CCH Seminars (including ABG Courses and Conferences). Sarah originally worked for the Inland Revenue in Newbury and Swindon Tax Offices, before moving out into practice in 1991. She has worked for both small and Big 5 firms. She now works as a freelance author providing technical writing services for the tax and accountancy profession. |
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Article Added Tuesday, 19 June 2007 | 1161 Hits |
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