What sort of accountant can certify accounts??

bsider

Hello everyone,

I was wondering if you could help me. Ive applied for a mortgage but the lender has come back saying that the accountants certification isnt acceptable, because they have only passed the exams but haven't completed the ACCA’s practical experience requirements. They now wont except the certified accounts, and ive been charged by the accountant for the privilege!

Can they be certify peoples accounts without the practical experience requirements? Ive also found out that they are not registered accountants.

Your help would be much appreciated!
Thanks
Jon

SuperHan

What do you need the accountant for? Are you buying a business property?

And AFAIK, you don't need your accounts "signed" by an accountant, for companies house purposes, you can just send in your accounts as you have prepared them, provided you are below a certain threshold of turnover etc.

If it's an audit report however, it's not just a trained accountant that needs to sign them off, it's one who is high enough up in a firm to be registered with a professional body that allows them to sign an audit report.

bsider

Hi sorry im self employed! No its a property for myself. I think you will find that you do need your accounts certified in my case?

Morgage_Confused

will the sa302's from hmrc not be good enough?

holly_hobby

Generally the accountant has to be ACCA accredited.

Have you asked if they will accept your annual HMRC returns instead ?

Hope this helps

Holly

mrginge

Qualifying as a chartered accountant involves passing exams and providing evidence of practical experience. Just passing exams is not enough.

they are not registered because they have not completed the ACCA qualification.

Are you running a limited company?

bsider

Yes the sa302s have been submitted but i just have an issue with the accountancy fees and services. I was told that they could certify the accounts and right at the last minute i find out there not fully qualified to do this!

Ive been speaking to the acca and they said they shouldn't even be trading as an accountancy ltd company as its breaching the acca's conditions!

No im not a ltd company just a sole trader.

holly_hobby

Perhaps ask for a refund then, if you only instructed them on the basis that they inferred/ led you to believe, that they were authorised to certify accounts/ACCA certified.

If however it was an assumption on your part, then I don't think a refund is likely - but worth a try anyways.

Hope this helps

Holly

happycamel_2

They need to have qualified with CIMA, ACA or ACCA, ie be accepted as a member, not just finished the exams. They then need to obtain a Certificate to Practice from their accountancy body and professional indemnity insurance.

If your accountant is using accreditation letters after their name or claiming to be qualified when they aren't you should report them to ACCA who will investigate and discipline if appropriate.

dunstonh

It is not uncommon for bank staff to make the mistake of mixing up self employed requirements with limited company requirements. You do not need the accounts to be certified or the accountant to hold certain qualifications when you are self employed. If the bank doesnt like the look of the accounts then they can use the SA302s. They shouldn't be asking you for limited company requirements when you are self employed.

bsider

Thanks for your answers.

When i first got the accountant they said certification is what they can do for me. This is the main reason why i went with them as i explained on first contact that i needed my accounts prepared for a mortgage. I didnt know about know about the sa302s at the time, but if i did i would of just gone down that route!

Effectively ive ended up with a set of prepared so called certified accounts (of which an accounts certification certificate was signed) and its totally useless as the qualification isnt in place!

I just wished they were honest from the start as the delay in my mortgage has nearly lost the sale of my house! Getting the sa302 forms have taken hrmc awhile to send.

Its all been a total nightmare :-(