The Civil Aviation Authority (CAA) has approved the ICAEW’s Licensed Practice scheme as an ATOL Reporting Accountants’ (ARA) scheme, and we are pleased to announce that CBW has been approved as an ICAEW Licensed Practice.
The CAA has developed the ARA scheme to help improve the standard of ATOL reporting and to provide assurance that any financial information submitted to it is accurate. It has designed the scheme to ensure accountants are sufficiently knowledgeable about the travel industry as well as the specific requirements of the ATOL scheme.
What is the ARA scheme?
The ARA scheme has been set up by the CAA and the professional accountancy bodies under agreement to ensure competent ATOL Reporting, and accountants will need to be a designated ARA to provide ATOL reporting in future.
When do ATOL reports need to be provided by an ARA?
All ATOL reporting needs to be signed by an ARA from 1 April 2016 onwards.
How does the ATOL holder know if an accountant is a designated ARA?
Each professional accountancy body signed up to the ARA scheme has provided the CAA with a listing of their designated members and the ARA list is regularly updated.
As a Licenced Practice, CBW’s travel industry clients can be assured that the standards required by the CAA will be met. Our partners and staff have undertaken the relevant training required by the CAA, and will ensure that continuing professional development meets the requirements of the CAA and the ICAEW.
For more information on CBW’s services for businesses in the travel industry, please get in touch with the author as below.