CIMA registered students offering accountancy services for fees
The Member in Practice Rules state that CIMA Members offering accountancy services for fees must be registered as Members in Practice (MiPs).
At present, registered students cannot register as MiPs and we are aware that some students may be providing such services.
It is strongly recommended that as a student, you do not offer accountancy services as you are only partway through your qualification.
However, if you do, you must abide by the following requirements:
- Adhere to the charter and byelaws and also CIMA's Code of Ethics - particularly part B, which relates to accountants in public practice;
- Work only in areas you are not competent;
- Be supervised for anti-money laundering (AML), if you do not, you are breaking the law;
- Students in the UK should register with HMRC, or, if you are already a member of another professional body, you can check whether you can be supervised under its auspices. Students outside the UK should refer to the Financial Intelligence Unit of their country of residence for further information;
- If a complaint is made against you, the conduct processes will apply, and the same benchmarks applied as if you were a registered MiP. You should therefore ensure that you are complying with the requirements on the MiP Rules even though you are not registered. This includes appropriate professional indemnity insurance, terms of engagement, a complaints process and a provision for your services to be covered in the event of you being unable to meet your professional commitments – i.e. a continuity agreement with an accountant able to take on your clients;
- You must not mention your association with CIMA in any way nor allude to CIMA in any public-facing materials or platforms (this includes your letterhead, website, business card and any social media presence).