However, AAT also offer higher level qualifications which enable the holder to gain "licensed accountant" status, of which there are 4,250 (2019). Licensed AAT accountants are MAATs (Members of AAT) of if they have five years of experience and an unblemished record they can take advantage of the FMAAT (Fellow) designation. These licensed accountants are exactly the same as Chartered Accountants with one very notable exception, they are not permitted to undertake audit work. However, given the existence of a small company exemption for companies with a turnover below £10.2m, assets worth less than £5.2m and/or less than 50 employees on average, this distinction is of little importance, especially when considering most UK companies fall below this threshold. Furthermore, given the reputational damage done to the audit sector in recent years, by being able to distinguish themselves from that market, AAT accountants could arguably claim an advantage.