ACAT Definition

ACAT (Accreditation Council for Accountancy and Taxation) is a national organization established in 1973 as a non-profit independent testing, accrediting and monitoring organization. The Council seeks to identify professionals in independent practice who specialize in providing financial, accounting and taxation services to individuals and small to mid-size businesses. Professionals receive accreditation through examination and/or coursework and maintain accreditation through commitment to a significant program of continuing professional education and adherence to the Councils Code of Ethics and Rules of Professional Conduct.

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CHAPS is Clearing house automated payment system. A computerized payment system for clearing checks in the UK.

PROCESSING CONTROL, in accounting, is an internal control included in computer software designed to assure that all transactions are handled as authorized and none omitted or added.

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