Is the professional body a non-profit organisation which is controlled by its members?
Is the professional body involved with various government departments as well as standard setting bodies to promote the professional integrity of bookkeepers?
Below are just some of the ways in which the IAB represents its members and students on a national scale:
- A key partner in the Growth and Innovation Fund project, addressing the financial skills needs in micro and small business, creating bookkeeping and payroll apprenticeships and improving the skills of unemployed people.
- A key supporting partner in the ‘Get Mentoring’ initiative, funded by the Department of Business, Innovation and Skills and led by SFEDI, which has successfully trained over 15,000 mentors to support new businesses.
- With the Financial & Legal Skills Partnership, the IAB led the work creating the bookkeeping units of the QCF in England, and similarly with the payroll units, with the Chartered Institute of Payroll Professionals. The IAB also helped initiate bookkeeping apprenticeships.
- International export of the IAB’s Ofqual accredited qualifications (utilising the effective support of UKTI Growth), enabling the IAB to equip those in developing economies with the essential financial skills for their businesses, and to improve individual career prospects and progress.
- Offering support to those young entrepreneurs accessing Start Up Loans, with the aim of ensuring that they have the necessary financial skills to success, or otherwise have access to training and accredited qualifications, or access the support of a qualified and regulated IAB bookkeeper.
- Representation of bookkeepers at national level (for example, the HMRC Employment Consultation Forum and the Tax Agent Strategy.)
What’s the difference between student membership and professional membership?
Professional membership is completely separate to this and is for those who have gained an IAB level 2 qualification or higher or an equivalent with another awarding body. There are fees involved with professional membership. To apply for professional membership please contact the membership team on 01732 897750 or firstname.lastname@example.org.
Which qualifications do I need in order to apply for professional membership?
What are the different grades of professional membership?
How much does it cost to be a professional member?
When does the membership year run?
What are the benefits of professional membership and what support is available to me?
Offering a wealth of resources and discounts, professional membership also lets future employers know you are ahead of the field.
Some of the benefits of joining the IAB today are:
1. Professional status: You can use the IAB’s designatory letters after your name, elevating your status to the most professional level in the industry
2. Be in the know: Regular email newsletters and print magazines keep you up to speed with all the latest news, industry and legislation developments
3. Upgrade skills: Continue your professional development through seminars and online modules – enabling you to learn new skills
4. Comply with the law: Register to be supervised as a member in practice under the Money Laundering Regulations
5. Best practice advice: You’ll have access to a member’s handbook which is packed with invaluable information and sample documents to save you time such as Letters of Engagement, Compliance Checklists, etc
6. Be organised: A free annual diary and tax data card means key information is always at your fingertips
7. One to one support: Access any technical advice you need from a team of experienced members
8. Online resources: Access a wealth of information and practical tools through the restricted area of the IAB website.
For a complete list of the benefits available please click here.
How do I apply for professional membership?
Does the professional body offer supervision for money laundering if I have my own practice?
By law, you have to be supervised if you have your own practice and are:
- A bookkeeper, payroll administrator
- An accountant, auditor or tax adviser
Our members in practice are entirely supervised by us, so you won’t need to register with HMRC. Please note this only applies to practices in the UK. IAB membership entitles you to:
- Access best practice and up-to-date legislative guidelines
- Be legally supervised under our regulation framework
- Receive a compliance certificate in line with your membership level
Certificate of AML Supervision: Associate Members only
Practising Certificate: For Members and Fellows only
In turn, as a sole trader or company, you must put procedures in place to deter money laundering and terrorist financing.
For advice on how to apply for IAB supervision, or how the IAB can best help you, please contact the Compliance Team: email@example.com or +44 (0)1732 897750.
Is money laundering supervision in addition to professional membership?
For advice on how to apply for IAB supervision, or how the IAB can best help you, please contact the Compliance Team: firstname.lastname@example.org, or +44 (0)1732 897750. You can also view more information here.