Certified Financial Accountant

[Zeno]

I have recently picked up a job from another agent who calls himself a "Certified Financial Accountant".

Has anyone ever heard of this before?

 

[Jaydee]

That's a coincidence - so did I!

I looked into it at the time and surmised that it is either an overseas qualification or else it is three words thrown together to lead the public to presume that the practice is qualified.

 

[Zeno]

That's a coincidence - so did I!

I looked into it at the time and surmised that it is either an overseas qualification or else it is three words thrown together to lead the public to presume that the practice is qualified.

I thought it was an overseas qualification too. My client met him at a net working event where he agreed to work for a ridiculous fee.

Needless to say it has ended in tears but I cannot get any response out of this "accountant" at all.

 

[NCA]

I would guess they are members of ACPA rather than ACCA, CIMA etc

 

[Zeno]

I would guess they are members of ACPA rather than ACCA, CIMA etc

No, they are the association of certified public accountants (Which I have never heard of either).

 

[NCA]

Strange. Is this guy working for a company or is he in public practice? If the latter I am pretty sure you need a practice certificate to do this legaly in th UK.

 

[Zeno]

Strange. Is this guy working for a company or is he in public practice? If the latter I am pretty sure you need a practice certificate to do this legaly in th UK.

One man band with his own practice.

You do not need a practising certificate to practice in the UK by law but you do if you are a member of any institute - ICAS, ACCA etc.

 

[NCA]

One man band with his own practice.

You do not need a practising certificate to practice in the UK by law but you do if you are a member of any institute - ICAS, ACCA etc.

Prehaps he has certified himself to be an accountant

 

[Zeno]

Prehaps he has certified himself to be an accountant

It's enough to make one want to certify themselves alright...

 

[Accounting Sage]

I have heard of Chartered Financial Analyst not accountant. It is offered by CFA institute USA.

Certified Public Accountant (CPA) is the statutory title of qualified accountants in the United States.

Both are different qualifications.
http://en.wikipedia.org/wiki/United_States

 

[Zeno]

I have heard of Chartered Financial Analyst not accountant. It is offered by CFA institute USA.

Certified Public Accountant (CPA) is the statutory title of qualified accountants in the United States.

Both are different qualifications.

He does not sign his name with the designatory letters CFA but has:-

J Smith
Certified Financial Accountant

His letter does not have any logos or anything to say member of or regulated by etc.

 

[Jaydee]

Zeno, I think he is a member of the institute of "three-random-words-thrown-together-to-imply-qualification".

I also received clearance and hand-over from a firm that have on their stationery xyz&co Certified Practising Accountants. I think that they are also members of the same institute of three random words!

 

[elaine@cheapaccounting]

maybe he is a member of:

http://www.ifa.org.uk/

or just 'Certified'

 

[Zeno]

Zeno, I think he is a member of the institute of "three-random-words-thrown-together-to-imply-qualification".

I also received clearance and hand-over from a firm that have on their stationery xyz&co Certified Practising Accountants. I think that they are also members of the same institute of three random words!

Must be it. Do you think it fools anyone?

 

[Zeno]

maybe he is a member of:

http://www.ifa.org.uk/

or just 'Certified'

So he is a lunatic who is a member of the IFA?

Would explain his novel approach to VAT returns at least.

 

[Jenni384]

So he is a lunatic who is a member of the IFA?

Shh, that's no way to talk about David!!

 

[elaine@cheapaccounting]

So he is a lunatic who is a member of the IFA?

Would explain his novel approach to VAT returns at least.

your words not mine

 

[GaryMc]

IFA uses AFA as its three letters of FFA if they are a fellow so possibly still someone who is making it all up

 

[Jaydee]

Must be it. Do you think it fools anyone?

It 100% fooled my client, who said "they are definitely a Certified qualified practice - it even says so on their letterhead."

 

[elaine@cheapaccounting]

It 100% fooled my client, who said "they are definitely a Certified qualified practice - it even says so on their letterhead."

Sack the stationery supplier who got it wrong - should have been

'Certifiable qualified practice'

 

[Jenni384]

Sack the stationery supplier who got it wrong - should have been

'Certifiable qualified practice'

To be fair, there are a number of different letters accountants can have after their name. Joe Public can't be expected to know them all and I'm not surprised this fools people.

Sincerely

Jenni MAAT VCA BLTA NMT (L)

 

[NCA]

To be fair, there are a number of different letters accountants can have after their name. Joe Public can't be expected to know them all and I'm not surprised this fools people.

Sincerely

Jenni MAAT VCA BLTA NMT (L)

MAAT = ????
VCA = Virtual Clustering Agent
BLTA = Bacon Lettuce Tomato Anchovy?
NMT = Not More Than

 

[elaine@cheapaccounting]

And L is for lunatic

 

[elaine@cheapaccounting]

To be fair, there are a number of different letters accountants can have after their name. Joe Public can't be expected to know them all and I'm not surprised this fools people.

Sincerely

Jenni MAAT VCA BLTA NMT (L)

How about we start the debate on regulation of the word 'accountant' again.

 

[GaryMc]

Nooooooooo! Not again - please no

 

[Zeno]

I'm tempted to write a sticky advising of the accounting institutes and their designatory letters however with the sheer amount of them these days if you include the mickey mouse trade associations masquerading as professional bodies it will no doubt end in a fight.

 

[elaine@cheapaccounting]

I'm tempted to write a sticky advising of the accounting institutes and their designatory letters however with the sheer amount of them these days if you include the mickey mouse trade associations masquerading as professional bodies it will no doubt end in a fight.

oh go on - you know you want to

and then say that clients should ask for ML registration proof it not a member of one of them!

 

[CassioAcc]

and you would have to rank them in order
Good luck

 

[elaine@cheapaccounting]

and you would have to rank them in order
Good luck

and then stand back whilst be take aim and fire

 

[Jenni384]

MAAT = ????
VCA = Virtual Clustering Agent
BLTA = Bacon Lettuce Tomato Anchovy?
NMT = Not More Than

MAAT are my actual letters from the AAT

I can't remember what the others were... I think it was Very Cool Accountant (debateable! ) Being Lazy This Afternoon, Needs More Tea (Lots)


And guys/gals : to the suggested debate(s): NO!

 

[JGOffshore]

Certified Financial Accountant is a qualification offered by the Malaysian Institute of Certified Public Accountants and seems to be a "second level" qualification for them which can be "awarded" fairly easily it would seem.

The Malaysian Institute of Certified Public Accountants is a genuine body and seem to be associated with the Institute of Chartered Accountants of Australia. Perhaps you need to check out their website:

http://www.micpa.com.my/

In the UK there is the Institute of Financial Accountants which is accepted (by the Institute of Chartered Accountants) as being a bit more advanced than an Accounting Technician. Their qualifications are AFA and FFA.

There used to be an organisation describing itself as Certified Public Accountants based in Wigan but after the US guys complained they have become Certified Practicing Accountants.

Neither of these is related to the Malaysian guys.

 

[Jenni384]

In the UK there is the Institute of Financial Accountants which is accepted (by the Institute of Chartered Accountants) as being a bit more advanced than an Accounting Technician. Their qualifications are AFA and FFA.

Shhhh I'll never hear the end of it from DP!!!!

 

[Zeno]

Certified Financial Accountant is a qualification offered by the Malaysian Institute of Certified Public Accountants and seems to be a "second level" qualification for them which can be "awarded" fairly easily it would seem.

The Malaysian Institute of Certified Public Accountants is a genuine body and seem to be associated with the Institute of Chartered Accountants of Australia. Perhaps you need to check out their website:

http://www.micpa.com.my/

In the UK there is the Institute of Financial Accountants which is accepted (by the Institute of Chartered Accountants) as being a bit more advanced than an Accounting Technician. Their qualifications are AFA and FFA.

There used to be an organisation describing itself as Certified Public Accountants based in Wigan but after the US guys complained they have become Certified Practicing Accountants.

Neither of these is related to the Malaysian guys.

See, if only I had known in my youth that I didn't have to work my arse of to become a chartered accountant in dreary Edinburgh. I could simply have had a wee jaunt to Malaysia and come back with a practising certificate, a tan and the clap.

 

[David Griffiths]

Now based in Hornchurch - Link

Seem to be offering a refuge for those who have qualified with one of the CCAB bodies but are a tad cheesed off with the subs and the regulation.

They don't seem to explain anywhere what the letters actually stand for.

 

[JGOffshore]

See, if only I had known in my youth that I didn't have to work my arse of to become a chartered accountant in dreary Edinburgh. I could simply have had a wee jaunt to Malaysia and come back with a practising certificate, a tan and the clap.

You certainly could. Or you could have travelled through to the "dear green place" and studied there

PS - For those who don't know Glasgow is called the dear green place.

 

[GaryMc]

Can we stop mentioning Malaysia and accouting please? The curse of AWeb will descend and we will be deluged with tales of qualification hopping!

 

[Zeno]

After going through my client's books, I have unearthed some letters from this firm that seem to suggest that this firm has an English chartered accountant working with them.

The firm's name is :

John Smith & Co. Accountants & Business Advisors

The principle is named John Smith and signs his name with "certified financial accountant".

I have found letters enclosing vat returns, fee notes etc that are signed by Joe Bloggs ACA.

Can an ACA work for an unregulated practice?

 

[Zeno]

Jesus wept, I have just been given an email from the first guy (the certified financial accountant) outlining why in his opinion the income my client's wife receives from Ann Summers parties is non-taxable.

I'm waiting for Jeremy Beadle to jump out here...

 

[Jaydee]

Can an ACA work for an unregulated practice?

Work for - yes.

In fact I had an unregulated practice contact me to see whether they could form an alliance with me to pass the higher level work over so that they can still give their clients a full service.

The ethical guidance I received was that an alliance is fine but my name and qualifications should not appear on the unregulated practice's letterhead, even as "consultant".

 

[Jaydee]

Jesus wept, I have just been given an email from the first guy (the certified financial accountant) outlining why in his opinion the income my client's wife receives from Ann Summers parties is non-taxable.

I'm waiting for Jeremy Beadle to jump out here...

So don't leave us in suspenders - what was the reason!

It was a hobby with no "badge of trade"?