oh dear..
I have spent the last 2 and half years working towards ACCA accountancy qualification. 14 exams later, I have passed with an average pass mark of 72%. Unfortunately on my invitation to join the association bye law 8 refers to the following:
"A member shall be liable to disciplinary action if....he or it has made an assignment for the benefit of creditors or is a specified person in relation to a relevant firm which has made such an assignment or been wound up as an unregistered company or has entered into a voluntary arrangement or liquidation....where applicable under the insolvency act"
I am in an iva, ii specfically tole my IP that I was an accountant and could not risk anything which would compromise my professional membership.
Does this mean that I will not be able to qualify as a member of my professional body?
Nat
IVA approved 18th Sept 2010!!
"There is nothing that is a more certain sign of insanity, than to do the same thing over and over and expect the results to differ" Einstein
Hi and congrats on your exams! It doesn't sound as if it will prevent membership, only that you may be subject to a disciplinary. Are you employed in-house or in practice?
Congratulations on passing. I seem to remember another poster having a similar problem recently and she was just disciplined - not that you have to suffer that!
I wonder how many of your fellow colleagues are in trouble with money but just haven't done anything about it? You can hold your head up high because you are.
One of the experts will be along with more advice later.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Thanks for the advice.
I work in industry as a cost accountant for a large plc. I am therefore not giving advice to clients on matters relating to their money, just analysis of promotions and reporting.
I am going to call ACCA today and find out as one thing I have learned through this process is that honesty is the best policy. I think i also need to speak to my IP about it.
IVA approved 18th Sept 2010!!
"There is nothing that is a more certain sign of insanity, than to do the same thing over and over and expect the results to differ" Einstein
Fingers crossed that everything goes ok. Let us know.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Have been in touch with the ACCA helpdesk, told them all about my situation. They have told me to write a letter with all the details regarding my IVA along with my application for full membership.
The lady I spoke to said that disciplinary action occurs when people fail to notify ACCA as it can be deemed as concealing the truth.She thinks that so long as I notify them before full membership, they are fully aware of the facts and this shouldn't prevent my joining
I did specifically ask, will I still be able to practice whilst in an IVA, but she said that she didnt know enough about my particular details to comment.
So fingers crossed again, letter is written. I will update once I hear back.
IVA approved 18th Sept 2010!!
"There is nothing that is a more certain sign of insanity, than to do the same thing over and over and expect the results to differ" Einstein
Congratulations on completing your ACCA. Well done.
I am not sure if this helps but I am a student member of the AAT. When I started the IVA process I was assured by my IP this would not affect my professional membership.
Well after nearly six months of waiting to be investigated by the AAT, I found out a couple of weeks ago that the AAT have found me to be in breach of their conduct policy and therefore I have been reprimanded.
This has happened to me even though I approached them first and explained my financial status.
The AAT are going to be publishing my details in their magazine to outline reasons why I have been reprimanded.
If I am found to be in breach their code of conduct once more they will automatically expel me from the AAT. (This also means I have to submit a statement each year from my IP confirming my IVA is running smoothly)
I have been led to believe by both my tutors and IP that ACCA and CIMA are not as heavy handed on their members as the AAT are, however in view of the economic crisis and the fact more and more people are having to address their debt issues by taking out IVAs I think all of these professional institutions are changing their dynamics.
I do believe you will just end up with a 'slap on the wrist' as I have done but they do make it clear that if you have any further breaches your membership is taken away forthwith.
I think it is sad that people who have had to go down the IVA route because of circumstances beyond their control are being penalised for addressing their problems. Surely we should be rewarded for not getting deeper and deeper into debt.
Thanks MissyP for your advice.
I think I will just have to notify them and then see what the outcome is.
My financial circumstances changed quite dramatically after my husband and I split up. I had foolishly taken out loans to assist his finances and had been left with them to pay once he left in addition to taking on the mortgage on my own. I guess I learned a lot from my previous over-generous and trusting nature.
I went through hell to keep my focus on the ACCA and I am really proud of what I have achieved. It would be, as you say, very sad, if after all the long evenings of study, I were struck off for taking responsibility for my debt problems.
I will keep you all informed.
IVA approved 18th Sept 2010!!
"There is nothing that is a more certain sign of insanity, than to do the same thing over and over and expect the results to differ" Einstein
Sounds as though you may be ok then Nat. Keep us informed.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Thanks guys, it's good knowing you've got somewhere to turn to at times like these.
I have written a letter, asking that I still be permitted to join the professional org, giving detail of how I got into financial trouble and stressing the ethical dilemma I faced, which obviously meant protecting my children's home and security. Hopefully, as an organisation who stresses the need to consider all the ethical facts, they will understand that I made the right ethical choice.
I do wish there wasn't such a stigma attached to debt. Most people are in it , even if just by a mortgage, but changes in circumstances can never really prepare you for debt spiraling into something unmanageable.
Watch this space x
IVA approved 18th Sept 2010!!
"There is nothing that is a more certain sign of insanity, than to do the same thing over and over and expect the results to differ" Einstein
Please do keep us posted...I am sitting my last ACCA exam and would be really keen to know what happens as I will be facing similar situation and was advised would be ok by my IP! Now am a little worried, so any update from you would be greatly appreciated!!!
And, well done - all 14 done...I just have advanced tax left then I will be in the same boat as you.....aaaah, what a feeling!!! xx
Big congratulations for passing those exams. Two of my guys in the office are nearing qualification, and I know how hard you all work to achieve good marks.
I am afraid the regulatory bodies can sometimes be very heavy handed over very minor things. Try and put this behind you, and as the lady you spoke to said, so long as you have disclosed your financial status there should not be a problem.
I did advanced tax in the last sitting and it's well worth doing that one on it's own. Good luck with the exam, although I found that paper pretty easy , so hopefully you will too !
I'll let you know what the outcome is on the professional membership
x
IVA approved 18th Sept 2010!!
"There is nothing that is a more certain sign of insanity, than to do the same thing over and over and expect the results to differ" Einstein
