There are several different types of accountants, with different expertise and services provided. With this in mind, understanding what resources you really need and which accountant is the best for fulfilling your requirements can be very difficult. There are two major categories of accounts, a chartered accountant and a non-chartered accountant, respectively. Have a look at A N & Associates Chartered Accountants for more info on this. Simply stated, the primary difference between these two words is that a chartered accountant or accountancy company is regulated by a professional body where there are no rules or requirements to follow as a non-chartered accountant.
The Institute of Chartered Accountants Scotland (ICAS) and the Association of Chartered Certified Accountants are separate types of chartered accounts and accounting bodies, such as (ACCA). These professional institutions act as a regulatory body that provides guidance to accountants and accountancy firms and ensures that their members comply with all existing laws and regulations. There are many requirements that you must fulfill, including skill standards and technical tests, in order to become a member of one of these institutes. For instance, admission to ICAS requires at least 3 years of supervised training and 3 years of exams. There are additional examinations and specialist training needed for supervised work from here. Other bodies require prospective members to sit and pass an entrance test covering all auditing, licensing, financial accounting, reporting and regulatory accounting fields.
These bodies also ensure that their training requirements are maintained by their members in order to ensure that their members are up-to-date with all emerging technology, specialisms and regulations in the field. In addition to these criteria, professional services such as audits and insolvency are also permitted to be rendered by chartered accountants. The accountancy company must apply for specialist licenses in order to be able to offer these services and, as a result, permits and all subsequent associated work are heavily regulated by a regulatory body such as the ICAS. As a rule, strict guidelines and codes of professional codes of conduct and ethics are typically bound by the world of accounting. These institutes ensure that all of their members follow these standards, thereby providing the highest quality of accounting in principle and, in turn, the best choice for any accounting needs of individuals. While, inevitably, there are always exceptions to the rule that you are always better to make it based on their integrity and past work rather than only on their titles when making some decision about accountants.