Browns Accountancy & Taxation Ltd have just signed up to be a member of the ICAEW (Institute of Chartered Accountants in England & Wales) Business Advice Service. Members of this service offer an initial consultation at no cost to businesses and start-ups.

 

See below for ICAEW answers to frequently asked questions:

 

What would a consultation involve?

A consultation with an ICAEW Chartered Accountant will enable you to have a detailed discussion about your business issue. To properly advise a business, an ICAEW Chartered Accountant needs to be fully aware of the circumstances of the business as well as its directors or shareholders. We expect that an hour-long discussion would be sufficient to tell you the options available to help solve your issue, although no time limit has been set for your complimentary consultation.

 

What happens after the consultation?

Following the initial consultation, you are free to end your association with the firm. On the other hand, it is quite possible that a number of business issues will have been identified which the firm can help you with. If that it is the case, your business may find it worthwhile to employ the firm as advisers at a commercial rate agreed between the two of you.

 

What sort of advice will an ICAEW Chartered Accountant Offer?

The main areas of interest among businesses will probably be related to the specifics of starting a business, taxation, financial management, access to finance and turnaround and restructuring. However, you don’t have to limit your enquiry to these areas. Chartered accountants are qualified business advisers and will be able to help you with most issues. They are also well-connected business people and, if your issue falls outside their area of expertise, they should be able to put you in contact with a more suitable expert.

 

What if I already have an Accountant?

If you have an existing accountant, a chartered accountant referred to under the BAS will probably need to contact them to see if they have any information relevant to the advice you are now seeking.

 

Why should I use an ICAEW Chartered Accountant?

Because you have the assurance that you are in the hands of a financial expert.Legally, anyone can call themselves an ‘accountant’ without any training, qualifications or experience. To become an ICAEW Chartered Accountant and to use the designatory letters ACA or FCA, our members must:

1. undertake a period of at least three years practical training with an organisation that is authorised by ICAEW; and
2. complete rigorous academic training including exams on financial management, financial reporting, auditing, business analysis and strategy, and taxation. This training and experience ensures that ICAEW Chartered Accountants develop communication skills, business awareness and sound professional judgement.

ICAEW Chartered Accountants are expected to maintain the highest standards of ethical and professional conduct. Our Practice Assurance scheme gives a framework of quality assurance principles to help our chartered accountants assess and develop their own practices. It demonstrates their commitment to upholding and developing professional standards. All members must comply with ICAEW’s Continuing Professional Development (CPD) requirements, ensuring that their knowledge and skills are kept up-to-date. Chartered accountants who offer accountancy services to the public must have professional indemnity insurance. Firms must have a complaints procedure.