What Is The AAT?
Founded in 1980, and with more than 130,000 Members, Affiliates and Students around the world, The Association of Accounting Technicians is the largest dedicated professional body for accounting technicians worldwide.
The AAT is also sponsored by four of the main UK chartered accountancy bodies:
- The Chartered Institute of Public Finance and Accountancy (CIPFA)
- The Institute of Chartered Accountants in England and Wales (ICAEW)
- The Chartered Institute of Management Accountants (CIMA)
- The Institute of Chartered Accountants of Scotland (ICAS)
What Are Accounting Technicians?
Accounting Technicians are skilled accounting staff capable of working in all areas of accounting and finance. AAT Members work in a variety of roles for wide ranging types of organisations. AAT Members have a range of professional skills that can be applied in accountancy practice, industry and commerce and public sector working environments.
What Is An AAT Member in Practice?
A number of AAT Members provide accounting, financial, taxation and consultancy services to the public as a member in practice. This might be as a sole trader, in partnership or as a limited company.
The AAT has a mandatory scheme specifically designed to support and regulate those Members in Practice within the UK.
What Are The Key Features of The Regulatory Scheme For Members in Practice?
The Scheme for Members in Practice operates on the basis of having consistent standards for all Members in Practice. The features include:
- Professional indemnity insurance at specified levels is required for all Members in Practice
- Professional practice cover is required for Licensed Members
- Standards are enforced through a disciplinary procedure
- Support is provided on professional ethics, technical issues and on Continuing Professional Development (CPD) opportunities
What Can An AAT Member in Practice Do For You And Your Business?
AAT Members in Practice can apply for a licence in the following areas:
- Accounts Preparation
- Budgets and Cash flows
- Management Accounting
- Wages, salaries and national insurance
- Limited Assurance Engagements
- Value added tax
- Personal income tax
- Business income tax
- Corporation tax
- Capital Gains tax
- Inheritance tax
- Business Plans
- Computerised accountancy systems
- Company secretarial services
In addition, the recent removal of the audit requirement for companies with a turnover of up to £5.6 million has further opened up opportunities for AAT Members in Practice, who are entitled to provide accountancy services for these companies. AAT Members in Practice are also recognised by over 80 major mortgage lenders in respect of accounts prepared in support of mortgage loan applications.
How Are Standards Maintained?
All Members in Practice are required to renew their registration every year, ensuring that they continue to meet all the requirements of their Licensed status. Standards are also maintained as a result of the rigorous professional and ethical standards the regulatory scheme requires the Members to comply with.
The AAT’s CPD scheme provides all Members with the opportunity to ensure that their skills and knowledge are kept fully up-to-date. Coupled with the support provided by the AAT, you can be confident that AAT Members in Practice will have the essential skills to help you and your business to meet objectives and improve performance.
Further details about Members in Practice can be obtained from the AAT’s Members’ Services Section on tel: 020 7397 3015020 7397 3015 or e-mail: firstname.lastname@example.org
The AAT also produces a Directory of Members in Practice, which is regularly updated and made available on the AAT’s website www.aat.org.uk