Advice regarding the annual accounts

[zimba]

To wrap this topic you should understand these points:

Anyone can call themselves an accountant and produce unaudited company accounts and tax returns.
HOWEVER if you become a member of an accounting body like ACCA or ICAEW, you are NOT ALLOWED to engage in public practice in the UK or the rest of the EEA UNLESS you obtain a Practising certificate (PC) from such body. If you want to simply do accounting work without a PC, you must give up your membership.

So the bottom line is when an accounting firm is a member of let say ICAEW, the principal in that firm technically holds the required PC to engage in public practice. Find those accounting firms and take your business there.

You can find Chartered Accountancy firms regulated by ICAEW here: http://find.icaew.com/

[yhm75]

Thanks

[tier1in2014]

To wrap this topic you should understand these points:

Anyone can call themselves an accountant and produce unaudited company accounts and tax returns.
HOWEVER if you become a member of an accounting body like ACCA or ICAEW, you are NOT ALLOWED to engage in public practice in the UK or the rest of the EEA UNLESS you obtain a Practising certificate (PC) from such body. If you want to simply do accounting work without a PC, you must give up your membership.

So the bottom line is when an accounting firm is a member of let say ICAEW, the principal in that firm technically holds the required PC to engage in public practice. Find those accounting firms and take your business there.

You can find Chartered Accountancy firms regulated by ICAEW here: http://find.icaew.com/

So in other words if we find that accounting firm listed here http://find.icaew.com we are safe to use that firm .

[zimba]

I was VERY clear above As long as the firm has a practising license

[The Symbol]

This is why, sometimes, the accountants, who may be qualified but do not hold a practicing certificate, works for unqualified firms, which allows them to be able to prepare the accounts but they are not able to use their names on the accounts preparations.


Please note that as per ACCA guidelines, the name under the accountants report on the accounts would be the firms name. Your accountant may be willing to put his name and the firms name.

Hey dnf,

A very quick query if you can address please:

You mentioned in the post quoted above that a qualified accountant without practicing certificate who works for unqualified firm won't be able to use their name on the accounts and in your other post you mentioned that according ACCA guidelines, the name under the accountant's report would be the firms name.

So even a qualified/certified accountant who has a practicing license can't put his name under accountant's report but his firm's name, right?

My accountant has put his firm's name under the accountant's report and isn't willing to put his name as he said it's against the statutory requirements. So how are we going to fulfil this requirement of HO "The accounts must clearly show the name of the accountant"

Would be grateful if you can shed some light on this being an accountant yourself. Much Appreciated!

[Amz]

Hi Yasmeen

I have a same situation as yours, My 1st year accounts were prepared by an accountant who's firm was not on ACCA panel so I got them re-submitted last week to HMRC with no change in figures, by another accountancy firm who are on ACCA panel. The name of the new accountant and the firm is on the accounts and on accountants compilation report. My 2nd and 3rd year accounts are prepared by my current accountant who is a registered auditor and his company is on ACCA panel as well.

Its better to re-submit the accounts, leaving it to an unqualified firm is not worth the risk, thats my personal opinion.

Regards

[The Symbol]

Hi Yasmeen

I have a same situation as yours, My 1st year accounts were prepared by an accountant who's firm was not on ACCA panel so I got them re-submitted last week to HMRC with no change in figures, by another accountancy firm who are on ACCA panel. The name of the new accountant and the firm is on the accounts and on accountants compilation report. My 2nd and 3rd year accounts are prepared by my current accountant who is a registered auditor and his company is on ACCA panel as well.

Its better to re-submit the accounts, leaving it to an unqualified firm is not worth the risk, thats my personal opinion.

Regards

Hey Amz,

Did you specifically ask your accountant to put their name on the compilation report along with the firm's name because my accountant said it's against the statutory requirements to put his name as according to guidelines he can only put his firm's name which another user (DNF) who is also an Accountant confirmed.

[Amz]

Hi The Symbol

No there is no specific requirement by the HO to add the accountant's name on the accounts, the firm's name is sufficient, but there is not harm in adding the accountant's name as well. My second and third year accounts do not have accountant's name on it, just the firm's name and address but since i re-submitted my 1st year accounts, I preferred to put the accountant's name as well just in case although not required.

HO requirements are below for accounts:

The accounts must clearly show:



* the name of the accountant,

* the date the accounts were produced,

* how much you have invested in the business.

* The accounts must be prepared and signed off by the accountant, who is not you (the applicant), in accordance with statutory requirements.

[The Symbol]

Hi The Symbol

No there is no specific requirement by the HO to add the accountant's name on the accounts, the firm's name is sufficient, but there is not harm in adding the accountant's name as well. My second and third year accounts do not have accountant's name on it, just the firm's name and address but since i re-submitted my 1st year accounts, I preferred to put the accountant's name as well just in case although not required.

HO requirements are below for accounts:

The accounts must clearly show:



* the name of the accountant,

* the date the accounts were produced,

* how much you have invested in the business.

* The accounts must be prepared and signed off by the accountant, who is not you (the applicant), in accordance with statutory requirements.

Appreciate your prompt response, mate!

So when guidelines say "The accounts must clearly show the name of the accountant", they are referring to firm's name?

Glad that your accountant was ok to put his name along with his firm's, seems like mine is bit stubborn

[Amz]

If you happen to visit accaglobal.com and do a firm/member search, your accountant's firm would come up there if they are registered with ACCA and there your would see the registration number of the person in that firm with accountant's name. So firm's name / accountant's name are one and the same thing. It shouldn't matter.

[The Symbol]

If you happen to visit accaglobal.com and do a firm/member search, your accountant's firm would come up there if they are registered with ACCA and there your would see the registration number of the person in that firm with accountant's name. So firm's name / accountant's name are one and the same thing. It shouldn't matter.

Cheers buddy!

[wahmed786]

HI,

Please confirm me whether we need accountant both practising certificate and his membership no.

in my accounts accountant just mentioned his name his qualification and his membership no. Do i still need his practising certificate from accountant. please guide me.

best regards

[zimba]

READ THE GUIDE. There is no need to send accountant certificate or anything like that at all !!!!

[wahmed786]

Thanks dear u always helpful

regards