Currently the firm is controlled by ICAEW directors. Upon the retirement of one of the directors the control will lie with ACCA members.
Only 1 director has the auditing practising certficate and he is currently ICAEW. We thought that simply he could transfer to ACCA from ICAEW so that the firm then transfers to an ACCA member firm. That is correct and works fine.
Only problem being that ACCA seem to say that for firm to hold an auditing practising certificate the firm must be controlled by members who not only have ACCA pc's but also have the auditing pc.
Any advice on this would be very welcome as this causes a big headache!
Replies (4)
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51%
You would need to arrange your firm so that the auditing certificate holder has 51% of the votes. That doesn't mean 51% of equity or profit share - just votes.
Upgrade one of the ACCA directors
Put them through the conversion and stay ICAEW? Depending on how the costs and benefits will work out overall, whether you have an equal mix amongst the age ranges etc (or, as is somewhat more common I believe, your ICAEW partners* are the more 'experienced' whilst your ACCA partners* are, shall we say, further from retirement.
*partners, directors, etc (before the pedants descend)