Unqualified individuals posing as accountants costing victims thousands, warns ACCA 

The professional accountancy body has said that these unregulated operators often work without training, oversight, or insurance

The professional accountancy body issued the warning following reports of unregulated operators calling themselves accountants and offering accounting and tax services without training, oversight or insurance.

A professional accounting body has warned the public of the rising number of unqualified or unregistered individuals posing as legitimate accountants in Ireland. 

The Association of Chartered Certified Accountants (ACCA) Ireland said the rise is costing victims thousands of euros in lost opportunity, either under or over paid taxes, with the associated penalties and interest.

The professional accountancy body issued the warning following reports of unregulated operators calling themselves accountants and offering accounting and tax services without training, oversight or insurance.

ACCA Ireland said the problems caused often go undetected for many years and because Ireland operates a self-assessment tax model, taxpayers, not the preparer, are legally responsible for the accuracy of their returns.

While Revenue quickly flags clear mistakes, other issues such as inflated deductions or undeclared income may remain unnoticed for years, leaving ordinary taxpayers with significant bills, the ACCA said.

The alert also comes just weeks after a new Bill was introduced in the Oireachtas that proposes, for the first time, to regulate those who use the title “accountant”, effectively setting minimum standards of qualification, and impose penalties for misuse.

“Every year we hear about cases where people have unknowingly put their financial future in the hands of unqualified individuals presenting themselves as accountants," said Stephen Noonan, Head of ACCA Ireland.

"These operators often charge fees based on a percentage of the tax refund, an arrangement that encourages inflated or false claims.

“When Revenue uncovers the inaccuracies, it’s the taxpayer who pays the price. Our message is simple, before you trust the future of your business to a person calling themselves an accountant, check first that they are properly qualified.”

Qualified accountants must meet strict ethical and professional standards and hold professional indemnity insurance (PII), which protects clients if errors occur. Unqualified preparers generally have no such safeguards in place, the ACCA noted.

“Stronger regulation and better information-sharing between authorities would significantly reduce consumer harm,” Stephen concluded.

With the upcoming establishment of the EU Anti-Money Laundering Authority (AMLA), Ireland is expected to face increased pressure to raise its supervisory standards to match those of other EU countries.