practicing certificate

practicing certificate

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hi I am intending to set up a practice, the first question asked was do I have a practicing certificate. I am an acca member, have been working in industry as an accountant for number of years. I am hoping to set a firm with another accountant  who had work in practice before, but he doesn't have practicing certificate either. Do we need this certificate in order to take on clients of all sizes, if so how do I go about getting one?

many thanks

Replies (16)

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By mrme89
20th May 2014 10:18

If you are a member of the ACCA you must have a practising certificate.

 

Without it, you must resign as a member from the ACCA.

You will still need to register with HMRC for money laundering if you decide to give up your membership.

 

Have you tried speaking to ACCA directly?

 

 

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Replying to johnt27:
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By Aau02ajm
20th May 2014 10:22

This isn't true at all.

You should look on the ACCA website where will find all you need to know about applying, you will be asked to submit a record of practice experience, I believe this needs to be at least two years post qualification.

My understanding is that one of you at least will need one in order to sign an accountants/audit report.

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Replying to dejaneiro2005:
By mrme89
20th May 2014 10:29

?

Aau02ajm wrote:

This isn't true at all.

Which bit are you referring to?

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Replying to johnt27:
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By Aau02ajm
20th May 2014 10:40

This bit.

mrme89 wrote:

If you are a member of the ACCA you must have a practising certificate.

 

Without it, you must resign as a member from the ACCA.

 

 

I am an ACCA member, working in practice without a practicing certificate and I don't need one.

A practice certificate is by no means a requirement of membership which you seem to have implied.

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Replying to exceljockey:
By mrme89
20th May 2014 10:55

Employee?

Aau02ajm wrote:

mrme89 wrote:

If you are a member of the ACCA you must have a practising certificate.

 

Without it, you must resign as a member from the ACCA.

 

 

I am an ACCA member, working in practice without a practicing certificate and I don't need one.

A practice certificate is by no means a requirement of membership which you seem to have implied.

 

We are not talking about being employed within a practice. The question is about setting up a practice and the requirements to do so whilst being an ACCA member.

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Replying to johnt27:
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By carnel81
29th May 2014 13:55

ACCA has given me 2 opitons:

Get my direct principal (effectively my boss in my current employer) to endorse me by signing my practicing certificate trianing record for the last 2 years,(effectively I am tipping him off that I am about to quit!)Get a job in practice for 3 years

I don't feel either of the above is feasible...

Left me with only 1 option - leave ACCA.

 

 

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By johngroganjga
20th May 2014 10:13

Yes I'm sure you and your intended colleague will both need practising certificates.  Surely the ACCA's website is the place to start finding out about what requirements have to be satisfied before you can be issued with them.

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Locutus of Borg
By Locutus
20th May 2014 10:18

Yes, you need a PC
Yes, you will definitely need a Practising Certificate. The other accountant will have to follow the rules of his / her professional body. If they are also ACCA then definitely yes.

The problem with getting a Practising Certificate from ACCA is that you need to have trained for 3 years in an ACCA Approved Training Practice, which is tricky if you have worked for years in industry.

ACCA's website gives full detail about obtaining a PC.

Realistically, I think you will have to resign your ACCA membership if you want to start your own practice and then you can pretty much do what you want.

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By mrshamilton
20th May 2014 10:46

I think what mrme98 meant is if you intend to be the director then you do have to have a practicing certificate.

 

I work in practice but don't have a PC as I work for someone else but if you are intending on starting up your own company you have to have one.

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By Roland195
20th May 2014 10:48

Why is this a surprise to so many people?

Why is it that so many ACCA members seem completely oblivious of the requirements of the institute they expended so much time, effort & money to join? I am not saying they should have memorised the rule book but if running their own firm was ever of interest to them, you would think they could at least glance at this section.

That said, ACCA do appear to be playing a numbers game and it seems unfair for them to accept so many students who may never gain membership let alone meet the PC requirements.

 

 

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By johngroganjga
20th May 2014 11:07

Surely the position is that an ACCA member in practice requires one, but one only employed in someone else's practice does not.

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Replying to Rammstein1:
Locutus of Borg
By Locutus
20th May 2014 11:32

Yes, that's correct John

johngroganjga wrote:

Surely the position is that an ACCA member in practice requires one, but one only employed in someone else's practice does not.

I presume Aau02ajm misunderstood the question - otherwise he / she may be in for a shock.

Here is the ACCA Rulebook for the OP.  Read from page 71.

http://www.accaglobal.com/content/dam/ACCA_Global/Members/Doc/rule/acca-...

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Replying to rae10000:
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By Aau02ajm
20th May 2014 11:54

Crossed wires.

Locutus wrote:

johngroganjga wrote:

Surely the position is that an ACCA member in practice requires one, but one only employed in someone else's practice does not.

I presume Aau02ajm misunderstood the question - otherwise he / she may be in for a shock.

Here is the ACCA Rulebook for the OP.  Read from page 71.

http://www.accaglobal.com/content/dam/ACCA_Global/Members/Doc/rule/acca-...

I understood the question just fine and the contents of the ACCA rulebook confirm my understanding.

Unfortunately, I didn't read Mrme89's first response in the context of the question and read it as a stand alone statement which led to me, quite correctly, saying that that statement wasn't true, for the obvious reasons.

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Replying to Accountant A:
By mrme89
20th May 2014 12:03

.

Aau02ajm wrote:

Locutus wrote:

johngroganjga wrote:

Surely the position is that an ACCA member in practice requires one, but one only employed in someone else's practice does not.

I presume Aau02ajm misunderstood the question - otherwise he / she may be in for a shock.

Here is the ACCA Rulebook for the OP.  Read from page 71.

http://www.accaglobal.com/content/dam/ACCA_Global/Members/Doc/rule/acca-...

I understood the question just fine and the contents of the ACCA rulebook confirm my understanding.

Unfortunately, I didn't read Mrme89's first response in the context of the question and read it as a stand alone statement which led to me, quite correctly, saying that that statement wasn't true, for the obvious reasons.

 

My post wouldn't be anything other than trying to answer the question posted.

 

That's generally how 'Any Answers' works.

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By User deleted
20th May 2014 11:59

First rule of passing ACCA exams ...

... RTFQ!

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Replying to Justin Bryant:
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By Aau02ajm
20th May 2014 12:09

Point taken.

Old Greying Accountant wrote:

... RTFQ!

 

thank you... but would just like to add that my answer to the original question isn't in doubt and would have received plenty of marks!

Just like the answers to all of the questions in all of my ACCA exams clearly did...!

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