Anyone can set up an accountancy practice, regardless of whether they have specialist experience, technical skills, qualifications or professional indemnity insurance. Although providers of some services – such as audit, insolvency, investment business and probate – must be authorised, this is not the case with many other accountancy and taxation services.
So if you are seeking specialist advice and services related to matters such as these, it is important to select a professional you can trust. You want to be reassured that they have the necessary education, experience and qualifications, to provide high quality independent advice and services – after all, you wouldn’t go to an unqualified or unregulated doctor for medical advice.
Leading by example
Reputation matters. ICAEW has played a leading role in the accountancy profession for more than a century and we are proud to be a member firm. All chartered accountants are qualified and regulated. They provide their specialist advice and services to the highest professional levels and comply with a principles-based guidance and standards on matters including ethics and quality assurance.
Member firms and the non-member affiliates are monitored closely to ensure that they follow ICAEW guidance and standards, plus appropriate laws, regulations and standards. ICAEW also has well-established policies and easy to access procedures in place to handle complaints.
Monitoring conduct and performance
If you select an unqualified or unregulated accountant to handle your finances or tax work, you may have nowhere to turn if there are problems with the quality of their advice, their conduct or their standards of service. In contrast, you can rely on comprehensive, proactive and cyclical monitoring of the conduct and performance of Maynard Johns as an ICAEW firm.
In the unlikely event that something goes wrong, you have the comfort of a safety net. All ICAEW Chartered Accountants in public practice are required to have professional indemnity insurance cover of up to £1.5m and many firms will have far greater cover.
The reassurance offered by these high professional standards and protections is invaluable, but it is not the only reason you should choose an ICAEW Chartered Accountant. ICAEW has taken a pioneering role in the development of the accountancy profession for more than 130 years and it remains at the leading edge – as a professional body and a regulator.