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Qualified enough???

  • 04-05-2007 8:55am
    #1
    hotshots85
    Registered Users, Registered Users 2 Posts: 337 ✭✭


    I am currently in my final exam year for the ICAI Chartered accoutancy exams, doing my FAE's in Sept, and have a question about doing someones books up.

    Most family and friends think i must be able to do up accounts by now (alot of self employed relatives paying accoutants for work) and while I know I could probably do this no problem, the fact I know most of them would be used for tax returns is a bit worrying.

    Just wondering if I was to go ahead and help some of them out what issues I should really be aware of .... lack of experience, repercussions if errors made, independance issues (is it ok to do up close family accounts???) etc..

    Any help appreciated or from anyone who might have been in this position


Comments

  • #2
    smcgiff
    Closed Accounts Posts: 5,943 ✭✭✭smcgiff


    Hotshots85,

    Before this would have been a complete no-no.

    However, since the audit exemption limit has come in some bodies have relaxed their standards for non-audit work.

    CPA, AFAIK, allow you to do tax returns for relatives as long as there is no or only a minimal fee received.

    ACCA would be more strict and would only allow you to submit tax returns after receipt of a practicing cert (two years post qualification supervised work (not necessarily in practice)).

    I don’t know what ICAI’s stand is, but would expect it to be closer to ACCA than CPA.

    BTW, saying you’re bared from doing so by your institute would be a great excuse to have for relations looking for cheap work!

    BTW, ACCA regularly publish the names of those they've struck off for practicing while not entitled!


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