Chartered Accountants

COMPANY DEBT ANALYSER

Our approved panel of trained professionals, which includes trained and qualified chartered accountants can help you identify the cause of your problems and recommend solutions to improve profitability and cashflow.

Where a formal insolvency process is the only solution we can advise on the most appropriate route to follow. This could mean exploring options such as company liquidation, administration, and corporate voluntary arrangement.

In the UK, there are no licence requirements for individuals to describe themselves or to practice as accountants, but to use the description ‘Chartered Accountant’ they must be members of one of the following organisations:

  • the Institute of Chartered Accountants in England & Wales (ICAEW) (designatory letters ACA or FCA);
  • the Institute of Chartered Accountants of Scotland (ICAS) (designatory letters CA); or;
  • the Institute of Chartered Accountants in Ireland (ICAI) (which is a UK body as it operates in Northern Ireland, designatory letters ACA or FCA).

(Although three other UK accounting bodies were also formed by Royal Charter, they grant separate designations to their members.)

The three Institutes above admit members, who become Chartered Accountants, only after passing examinations and undergoing a period of relevant work experience. The ICAEW requires that students complete 15 examinations as well as 450 days of relevant work experience. Once admitted, members are expected to comply with ethical guidelines and gain appropriate continuing professional development. Fully qualified members of the ICAEW and ICAI earn the designation ACA (Associate Chartered Accountant). After 10 years membership, members are invited to apply for fellowship of their Institute and earn the designation FCA (Fellow Chartered Accountant).

Chartered Accountants who engage in public practice work (i.e. providing services to the public rather than acting as an employee) must gain a ‘practising certificate’ by meeting further requirements such as purchasing adequate insurance and undergoing regular inspections.

Chartered Accountants holding practising certificates may also become ‘Registered Auditors’, providing they can demonstrate the necessary professional ability in that area. A Registered Auditor is able to perform statutory financial audits in accordance with the Companies Act 2006.

Further restrictions apply to accountants who work as insolvency practitioners.

If you are concerned about your companies finances, contact us today for free, no obligation advice from a chartered accountant. We offer advice to limited companies on all aspects of debt advice, business rescue and insolvency.

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