The accounting regulatory bodies in the UK are the Financial Reporting Council (FRC). They set standards for reporting, monitor and enforce accounting and auditing standards. They also oversee the professional accounting bodies and where necessary will complete disciplinary procedures.
Accounting Regulatory Bodies UK
There are several accounting bodies in the UK. In the past attempts have been made to merge the bodies to make one large body. If you are looking for a new accountant, it is worth checking out their qualifications and experience. All qualified accountants are members of one or more of the following bodies.
- The Institute of Chartered Accountants – this is then split into three sections, ICAEW for England and Wales, ICAS for Scotland and ICAI for Ireland.
- The Association of Chartered Certified Accountants ACCA
- The Chartered Institute of Public Finance and Accountancy CIPFA
The Chartered Institute of Management Accountants CIMA
- Association od Accounting Technicians AAT
Each of these bodies has different roles; the CIPFA are normally found in government, CIMA tends to work in trade and industry and provide management accounts on a timely basis. The other two bodies are chartered and certified accountants and can act as professional auditors. There are also other more specialist accountant’s, taxation specialists as well as accounting technicians.
If you do have problems with an Accountant, it is worth speaking to them first and then contacting their accounting bodies if it not resolved.
All of these bodies are governed by regulations which they must follow.
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