September 2024
You can become an ATOL Reporting Accountant via the IFA.
You might have seen the words âATOL protectedâ when you book a holiday; it stands for the Air Travel Organisersâ Licensing Scheme. It is a UK government- backed protection scheme that safeguards most air package holidays sold by UK-based travel businesses. It shields travellers from financial loss or being left stranded abroad, in the event their travel provider goes out of business.
Following changes in 2016, the Civil Aviation Authority (CAA) introduced the ATOL Reporting Accountant (ARA) Scheme, an accounting certification aimed to improve the standard of ATOL reporting and to ensure the accuracy of financial information submitted on behalf of ATOL holders. The ARA scheme is designed to ensure that the professional accountancy bodies provide the appropriate level of CPD in order to best equip their members to successfully undertake ATOL work.
The Institute of Financial Accountants (IFA) is a CAA-accredited body, with an agreement in place specifying that members who meet its criteria are permitted to apply to the IFA to become an ARA and acquire a licence, at no extra cost. Members can undertake the online ATOL training course by taking the assurance unit, part of the IFAâs online learning programme, IFA Direct.
IFA member Marcus Armand, who is Managing Director of Plan Practice and Parker Whitwood, has completed the training. He hails the merits of the IFA Direct assurance unit and the simple pathway it offers to obtain an ATOL licence.âIncluded in my remit is that of compliance within the practices, which is why the assurance unit was so useful. It focuses on the purpose and responsibilities of the engagement, giving students time to consider risks and gain a comprehensive understanding of the client and the work being reported on,â he explained. âWhilst IFA members will not be carrying out statutory audits, the principles are useful in the preparation of financial statements as these are often relied upon for loan or mortgage applications, and in obtaining an ATOL licence.
âObtaining my licence was very simple once I had my practice licence. The assurance unit fulfilled one of the prerequisites for applying for it. This allowed me to complete the CAA training and subsequently become designated by the CAA as an ARA. Whilst this was completed for one specific client, it has also led to further enquiries.â
To find out how to become an ATOL Reporting Accountant (ARA) via IFA Direct click here.
- Thanks to the IFA for this article
