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How to get a Practice Certificate?

Hi All,

Can anyone advise me as to how I can go about getting a practice certificate to be able to set up my own practice?

My understanding is that you dont have to be qualified in ACCA, CIMA or ACA to be able to get one.

I have a degree in Accounting and Finance, CAT (ACCA's equivilance of AAT), Nearly completed CIMA ( 1 paper remaining),a nd around 12 years of working in industry in corporate finance aswell as around 20 private clients.

Completion of CIMA route is long term plan but need a "in the meantime" certificate.

i have been doing work on the side for people I know but now i think its time to register properly.  I have set up a limited company, registered for data protection, HMRC money laundering registration, and PI si in place. This is my last step! Please correct me though as my understanding is that wih my current set up I can still do what I do for small businesses (VAT, payroll, ltd co accounts, self assessments etc) but nothing with requires an audit. Is it correct that only when you enter the audit territory you need to ensure you are fully qualified and other certifcates?

Many thanks! 

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By neileg
29th Feb 2012 15:57

No

You don't need any qualification at all to practice as an accountant so there's no such thing as a practicing certificate except for those issued by professional bodies. Most bodies prohibit student members from practicing so I'd check with CIMA. You do need a professional qualification and therefore a practicing certificate to audit but CIMA isn't one of the authorised bodies.

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Practicing

As Neileg says you have no requirement for a practicing certificate to practice as an accountant, these are usually issued by your professional body. However if you wish to be a member of an organisation which offers some reassurance to your clients that you are regulated and offer a professional service there is an organisation out there that may be of assistance the Institute of Certified Practicing Accountants is gaining recognition as a body of Accountants who although do not posess any

qualification from an accountacy body, have the experience and other relevant qualifications to practice and wish to be regulated. Find them at http://www.icpa.org.uk 

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29th Feb 2012 20:53

ICPA are excellent for sole practitioners.  I've been a Chartered Accountant since 1991.  However, I am one of a growing band of Chartereds within the ICPA ranks who have either turned their backs on ICAEW or have a foot in both camps.

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By khalm0
29th Feb 2012 22:07

Hi All,

 

Thanks for your comments so far. But just to clarify one point.. There is a body called Institute of Certified Bookkeepers that offer a Practicing Licence. Is this not essential then? Is there any value of getting one of these?

 

Thanks again.

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29th Feb 2012 22:45

Little value

khalm0 wrote:

Hi All,

 

Thanks for your comments so far. But just to clarify one point.. There is a body called Institute of Certified Bookkeepers that offer a Practicing Licence. Is this not essential then? Is there any value of getting one of these?

 

Thanks again.

Near to worthless I'm afraid. Maybe a marketing value to a nieave client. Sorry.

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The Institute of Certified Bookkeepers will licence you to offer bookkeeping services if you meet their criteria, they will not licence you to prepare Accounts.

The one issue I find with the ICB is that they will not allow you to register for ML supervision with any other body, they make it compulsory that you register with them if you wish to remain a member

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By katewas
21st Mar 2012 14:42

Chartered without certificate

Hi Sorry to piggy back on this thread but I was reading with interest as am in a similar situation.  I am nearly acca qualified but now need to do the 3 years with one of their approved employers (who are few and far between!)

Could I be accredited by someone else - i.e. ICPA and still call myself chartered without having an acca pract cert?

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By neileg
21st Mar 2012 15:59

No

To be a chartered anything, engineer, accountant or whatever, you need to be a member of an organisation with a royal charter. ICPA isn't one of those.

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17th Mar 2015 15:38

.

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By BOD
22nd Mar 2012 12:14

 

 

Wouldn't CAT make you a PQ ACCA and therefore in breach of their practising regulations, as PQ ACCA can't practice without a PC? Or is it a standalone qualification?

With regards CIMA I think you'd need to contact them as as normal MiP convention is aimed at members but as far as I know they don't say students can't practice but I think you need to register for AML spearately with HMRC, only provider services in your area of competence etc etc.

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13th Feb 2013 16:07

What's the worse that ACCA

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