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Chartered Accountants vs Accountants

For many years Chartered Accountants enjoyed special privileges under the law. Some time ago, Chartered Accountants lost their exclusive right to set accounting standards. In addition, members had their monopoly on auditing companies taken away from them as part of the reforms brought about by the global financial crisis. Auditors are now registered by the Financial Markets Authority. 

The first thing to note is that the time when all accountants were “Chartered” is long gone. There are deeply held views as to why one organisation is superior to the others but much of this was based on affiliation, which is no longer a prerequisite.

The only requirements that Inland Revenue require is that the organisation’s maintains ethical standards, has the minimum academic qualifications the level and depth of ongoing technical tax training which most if not all Tax Agents, Bookkeepers adhere to.

We can imagine a time when there will be more rationalisation, But for now small businesses will in the short term perhaps have the need for an accountant although we are finding that the average business person is far more adapt and knowledgeable about accomplishing their own financial requirements with out the intervention from an accountant or bookkeeper. 


Comments (3)  •  May 27, 2017  •  Edit

3 Responses

admin Says:
July 17th, 2018 at 2:17 pm

Helped Not Only My Business, But My Personal Life Too.

Admin Says:
September 07th, 2018 at 3:21 pm

Murray & Christine went out of their way to help us out, with out that personal touch we could not have acheived what we wanted to do. None of our previous accountants would give us the time of day with out a hefty price tag to match. Thank You MJ Elerctronics.

admin Says:
April 05th, 2015 at 8:30 am

I was in serious trouble with Inland Revenue and ACC and did not know where to go, so had a chat with MJ Electronics. Murray and Christine advised me that they could help me get back on the straight and narrow and I am now so grateful as I am fully compliant as they liaised with myself and Inland Revenue and ACC to accomplish what seemed a daunting to me, however they sorted it all out for me. So many thanks.

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