Licensed Member Project: Budgeting and Forecasting

Finkel-Gates, A. (2023) Licensed Member Project: Budgeting and Forecasting. Project Report. Association of Accounting Technicians.

Abstract

This assignment addressed the critical need for rigorous skill evaluation in Budgeting and Forecasting among members of the Association of Accounting Technicians (AAT), a Self-Regulatory Organisation (SRO) under Money Laundering Regulations (MLR). The primary objective was to ensure that AAT members possess the requisite expertise to offer reliable budgeting and forecasting services to the public, a mandate critical to maintaining AAT's status as an SRO under MLR. The methodology involved a detailed assessment framework encompassing various facets of budgeting and forecasting. This included theoretical knowledge, practical application, and adherence to ethical standards. The evaluation process was designed to mirror real-world scenarios, thereby providing an authentic measure of a member's competence in these crucial areas. Peer review played an integral role in this assessment. Each submission was meticulously reviewed by a fellow chartered accountant, ensuring a high standard of evaluation from a professional standpoint. Further scrutiny was provided by the AAT itself, reinforcing the assessment's credibility and aligning it with the organisation's regulatory requirements. The significance of this work lies in its dual function: firstly, it acts as a robust mechanism to validate the proficiency of AAT members in vital financial practices. Secondly, it serves as a safeguard for AAT's position as an SRO. Any deficiency in member skills could potentially jeopardise AAT's supervisory status under MLR, highlighting the importance of this comprehensive assessment in upholding both professional standards and regulatory compliance. This assessment contributes to the broader discourse on the efficacy of SROs in regulating professional standards, particularly in the context of financial services. It underscores the necessity of continuous skill evaluation to ensure compliance with evolving regulatory landscapes, thereby fortifying the integrity and reliability of financial practices in the public domain.

• Item Type: Research Reports or Papers (Project Report)
• Status: Published
• Refereed: Yes
• Glasgow Author(s) Enlighten ID: Finkel-Gates, Mr Adam
• Authors: Finkel-Gates, A.
• College/School: College of Social Sciences > Adam Smith Business School > Accounting and Finance
• Journal Name: Association of Accounting Technicians - Self-Regulatory Organisation Project
• Publisher: Association of Accounting Technicians
• Copyright Holders: Association of Accounting Technicians