Why is important to be Regulated as an Accountant and located in the UK?
In order to be Regulated we have to pass several exams (Usually 14 but it depends which Regulatory body and Route that you follow)
Require usually at least 3 years of practical training
Even after we Qualify we have to do CPD (Continuing Professional Development each year) and we have to keep up to date with the latest UK Tax Legislation in order to complete deadlines for our clients accurately and on time.
Above all if we hold a Practising Certificate then we offer services to our clients and if any issues arise clients have the right to inform our Regulatory Body.
Without an Accountant being Regulated there is the risk of
Misadvise and Misguidance
No Regulatory Body to complain to
Lack of knowledge
Offering fees in most likely for poor services
Higher % of Tax Enquiries to arise
Like most other professions, Accountants should be protected and only should be able to run a Practice if Regulated as we are dealing with the Financial and Tax Affairs of Individuals and Businesses.
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