Accountancy or Taxation Professional – Details of Standard

Overview

Providing financial information and advice to different organisations.

Occupation Summary

Accountancy or taxation professionals are recognised around the world as respected leaders in accountancy, taxation, finance and business. From providing strategic business advice to audited financial statements or driving mergers and acquisitions, a career as an Accountancy or taxation professional can be diverse and challenging; it’s not just about putting numbers into a spreadsheet. Accountancy or taxation professionals use technical knowledge, skills and experience to lead organisations and people to make responsible and sustainable financial decisions. They are required to act in the public interest and must therefore maintain the highest standards of professional conduct and competency; upholding ethical behaviour and integrity at all times.

Accountancy or taxation professionals provide financial information and advice to organisations of all types and sizes; from owner managed businesses to multi-national organisations; from private enterprises to public sector institutions, from entrepreneurs to charities. Examples of roles as an Accountancy or taxation professional include, but are not limited to, Financial accountant, Management accountant, Tax accountant, Tax adviser, Tax specialist, External auditor, Internal auditor, Financial analyst, Management consultant, Forensic accountant and Business advisor.

Requirements

A competent Accountancy or Taxation Professional will meet the following requirements. Given the variety of roles covered by this standard, the specific activities which can lead to these requirements being achieved may vary.

Knowledge

An accountancy or taxation professional will be able to:
Assurance, risk and control Provide a degree of assurance that stakeholders can trust information (financial and non-financial) regarding the organisation, as relevant to their role. In doing so, they will be able to exercise professional judgement and consider both risks and risk management approaches.
Business acumen Demonstrate knowledge of key business objectives and measurements of success.
Financial information Prepare, analyse and interpret an organisations financial information (both for internal and external purposes), as relevant to their role.
Legislation Understand, interpret and apply the legislation, standards and principles that apply to Standards and their role. This may include, but not be limited to, accounting standards, auditing Principles standards, taxation legislation, ethical codes and internal principles adopted by an organisation.
Strategic business management and governance Apply their judgement and make sustainable business decisions (including recommendations for good governance) using financial and non-financial information. Support strategic decision making with meaningful financial analysis and project appraisal. Present a balanced conclusion, with supporting evidence, which includes internal and external factors.

 

Skills

An accountancy or taxation professional will be able to:
Building relationships Build trusted and sustainable relationships with individuals and organisations. Consistently support individuals and collaborate to achieve results as part of a team.
Business insight Influence the impact of business decisions on relevant and affected communities based on an appreciation of different organisations and the environments in which they operate.
Communication Communicate in a clear, articulate and appropriate manner. Adapt communications to suit different situations, individuals or teams.
Ethics and integrity Identify ethical dilemmas, understand the implications and behave appropriately. Understand their legal responsibilities, both within the letter and the spirit of the law, as well as be aware of the procedures for reporting concerns over potentially unethical activities.
Leadership Take ownership of allocated projects and effectively manage their own time and the time of others. Demonstrate good project management skills to deliver high quality work within the appropriate timeline. Act as a role model and motivate others to deliver results.
Problem solving and decision making Evaluate information quickly and draw accurate conclusions. Assess a problem from multiple angles to ensure all relevant issues are considered. Gather the appropriate facts and evidence in order to make decisions effectively.

 

Behaviours

An accountancy or taxation professional will be able to:
Adds value Anticipate an individual’s organisations future needs and requirements. Identify opportunities that can add value for the individual and organisation.
Continuous improvement Take responsibility for their own professional development by seeking out opportunities that enhance their knowledge, skills and experience.
Flexibility Adapt approach to assist organisations and individuals to manage their conflicting priorities as circumstances change.
Professional scepticism Apply a questioning mind to conditions which may indicate a possible misstatement of financial information due to error or fraud.

Duration

Typically this apprenticeship will take 36 months but this may vary due to prior qualifications and relevant work experience. 

Progression

Completion of the Accountancy or taxation professional apprenticeship will result in eligibility to apply for membership of one or more of the UK professional Bodies below, subject to meeting the requirements expected by the regulator and/or the relevant regulations where chartered status is involved.

  • The Association of Chartered Certified Accountants (ACCA)
  • The Chartered Institute of Management Accountants (CIMA)
  • The Chartered Institute of Public Finance and Accountancy (CIPFA)
  • The Chartered Institute of Taxation (CIOT)
  • The Institute of Chartered Accountants in England and Wales (ICAEW)
  • The Institute of Chartered Accountants of Scotland (ICAS)

Level

Level 7.