ACCA Continuity of Practice - Aberdeen

ACCA Continuity of Practice - Aberdeen

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Hi all,

I am in the process of setting up my own practice, based in Aberdeen. I have done a lot of research / planning over the last 3-4 months before reaching my decision (including reading this very useful site extensively!) Have almost everything set-up ready to go now, however my main stumbling block is getting my Continuity Agreement for applying for my Practice Certificate. I will have no issue obtaining the certificate in relation to my CTR, and I already have my PII in place. I noticed many members suggested posting here to see if anyone was interested so thought I would give it a try.

I had considered writing to similar practices locally to see if anyone was willing to do this, but was unsure whether this was appropriate, so any advice on this matter would also be appreciated. ACCA do have a directory of members section in their website with a search facility of firms willing to do this, however none appear for Aberdeen!

As a bit of background for potential interested parties: I have 9 years experience with a Big 4 firm in the audit practice, but have decided it's time to move on. Considered Industry roles but these do not hold much appeal so far; I love working in practice, in theory, but want to move away from a Big 4 environment. Considered a smaller practice but have made the decision I am as well biting the bullet and branching out myself. I have fully considered the downsides and challenges this will face but fully committed to achieving my goal. Recently started studying for ATT to bolster tax / general practitioner knowledge; my business tax knowledge is ok but obviously lacking some personal tax experience with my background.

I will be providing book-keeping and accountancy services, whilst remaining in employment (moving from full-time to part-time), until established.

If interested, please contact me for further info. 

Replies (8)

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By elainea
19th Jan 2014 19:47

Continuity agreement

I'm not familiar with the continuity agreement -is this you working alongside a practising accountant who is looking to retire/wind down in the next couple of years?

 

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By the_drookit_dug
19th Jan 2014 21:03

I'm currently in the process of applying for a practising certificate from ICAS and they strongly recommend appointing an alternate for in the event of 'incapacity or death'. Are we talking about the same thing but by a different name? I'm based in Dundee...

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By User deleted
20th Jan 2014 00:22

FFS ...

... a continuity agreement is an agreement with an alternate to run your practice if you become ill or incapacitated, or if you die to run and hold it together to make protect it for your estate. Its main purpose is to ensure clients are not left in the lurch by such an event and thus incur fines and penalties.

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By the_drookit_dug
20th Jan 2014 09:39

Well I certainly didn't expect an expletive, unless the middle 'f' stands for something else! My main point was that I'm in a similar position to the OP and not a million miles away geographically.

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By User deleted
20th Jan 2014 20:27

@the_drookit_dug

my response wasn't to you, your reply was fine.

 I ken Dundee and Aberdeen - about an hour and a half, less if if wasn't for those damn camera's on the A90!

This ones for you in the interests international peace relations, love this song - for personal reasons, sufficed to say I have two clients in Aberdeen - but my lips are sealed on Dundee ;o) (Although these days I prefer Edzell)

http://www.youtube.com/watch?v=bm5_jma2GMQ

(Flip, btw - can't think what word you were thinking of?)

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By KezzaG
20th Jan 2014 21:09

Thanks

Old Greying Acc explained it perfectly. I take it this must not be mandatory with other professional bodies, but you can't get an ACCA practicing certificate without an agreement in place.

Another member offered to help (based not too far away), but suggested it might be worthwhile phoning some local practice managers first to see if they were willing to help, so I think I will try that first. 

(Long time since I heard The Corries too! ;-))

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By User deleted
20th Jan 2014 21:18

Excellent ...

... just been up for a stock take, I will probably be up again in the spring if you fancy meeting for a drink - would be useful to have a local contact in case you do vote for independance - I have a Scottish registered company and an English registered company as clients in Aberdeen and God alone knows how things will pan out if that does happen!

I think ACCA's have continuity agreements, ICA's have alternates and the rest, you're lucky if they have PII!

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By the_drookit_dug
20th Jan 2014 21:52

Good idea!

I think phoning around local practice managers sounds like good idea, and something that I'll likely do myself over the next month or so whilst awaiting my PC. I guess it's also good to have contacts with local practices in case you come across something that you need additional expertise/advice to deal with (that is, beyond the excellent advice provided on this forum!) 

P.S. I agree, ye cannae beat the Corries!
 

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