ACCA (the Association of Chartered Certified Accountants) signed a MoU with The Academy of Experts (TAE) on 3 September 2019.
ACCA and TAE’s partnership recognises the value for both bodies for the advancement of their respective members as well as the public interest for the benefit of the judicial process and the accountancy and tax professions. It will provide more skilled expert witnesses which will help mitigate the ever-increasing cost and complexity in litigation. This along with the provision of highly skilled mediators and dispute resolvers will facilitate resolving disputes through mediation and other out of court methods.
The partnership highlights a new stream of potential work for small and medium-sized practitioners (SMPs), that utilises their strong skill set.
Claire Bennison, head of ACCA UK, says: “We’re delighted to have signed this MOU to further expand ACCA’s small and medium-sized practitioners program of support. Through this new partnership, ACCA aims to support our members utilising their valuable skills and highlighting new avenues of work our members may wish to consider.”
Nicola Cohen, chief executive of The Academy of Experts adds: The Academy welcomes the opportunity to work with the ACCA to enhance and promote members’ skills and develop opportunities in an increasingly challenging environment. The partnership will offer a real opportunity for members to assist in the judicial process and to promote cost efficient dispute resolution.
From 2020, all disputes below £100,000 will have to go through an Alternative Dispute resolution (ADR) process. Two most common types of ADR are mediation and arbitration. Mediation is where an independent third party helps two parties who are in a dispute reach a mutually acceptable outcome. The mediator will add formal structure to reach a voluntary agreement. The mediator cannot impose a solution. Arbitration is where an independent third party considers the facts and takes a decision that’s legally binding on the parties.
The MOU will look to ensure collaborative opportunities to improve skills, knowledge and training across the UK and Asia.
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ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants, offering business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.
ACCA supports its 219,000 members and 527,000 students (including affiliates) in 179 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 110 offices and centres and 7,571 Approved Employers worldwide, and 328 approved learning providers who provide high standards of learning and development.
Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence.
ACCA has introduced major innovations to its flagship qualification to ensure its members and future members continue to be the most valued, up to date and sought-after accountancy professionals globally.
Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. More information is here: www.accaglobal.com