The Institute of Financial Accountants is accredited by the government body OFQUAL (The Office of Qualifications and Examinations Regulation) who give formal recognition to bodies and organisations that deliver qualifications and assessments.
The Institute is also a Member of the International Federation of Accountants (IFAC), together with the major UK chartered accountancy bodies.
The IFAC organisation is regarded as the international equivalent of the UK CCAB (Consultative Committe of Accountancy Bodies).
Upholding best practice
IFA members are professionally trained and qualified before being admitted to membership. Their activities are regulated, scrutinised and subject to a rigid Code of Practice, with an ongoing programme of monitoring. The designations the Institute’s members carry provide the SMEs who employ them, or who seek advice from them, with reassurance of their:
- Professional competence
- Integrity and respect for confidentiality
- Objectivity and independence
- Sound ethical framework
The Institute also requires, in line with IFAC requirements, that their members undertake and provide evidence of annual continuing professional development activity, such as attending training days, taking online courses or studying tax updates. This ensures they keep their technical skills and knowledge updated and relevant.