Why are we regulated?
Did you know that not all accountancy firms are not created equal?
It’s perfectly reasonable for you to assume that your accountancy firm holds at the very least the appropriate qualifications and perhaps is regulated by a professional body, but this is not always the case. Remarkably, there is nothing to prevent anyone from setting up an accountancy practice, even if they hold no qualifications or insurance.
However, by employing a firm that is a member of a regulatory body, you can be assured that the company that you are dealing with are qualified and held to high standards both ethically and in the quality of the advice that they provide. Member firms will be monitored proactively to ensure that they comply with all appropriate regulations and standards. Education and continuous development are also often a requirement of being a member of a professional body as is abiding by a code of ethics and professional standards.
The systems and procedures put in place by the regulatory body can provide peace of mind to anyone using a firm that is registered with them and will also provide a framework should the need to complain arise. These firms must also hold a minimum level of professional indemnity insurance, providing peace of mind for clients should the worst happen.
So, to ensure that you can fully rely on your accountant, check that they are registered with a regulatory body which will provide you with peace of mind that the advice that they are providing is appropriate, ethical, accurate and up to date.
Naturally, here at Stepping Stones we are all appropriately qualified and insured and to help demonstrate this we are licenced with AAT (license number 1001767). Also we have an ACCA qualified accountant and 2 others who are currently in training.
If you have any questions or need some accountancy help, please call us on 01173 700 079 or e-mail firstname.lastname@example.org. You can also book a free 30 minute call with Yarka – https://calendly.com/yarka-ssa/30min