Self employed Part Qualified ACCA

Self employed Part Qualified ACCA

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Precisely what accountancy services, consituting work outside approved training, is a PQ ACCA student expressly prohibited from providing to the public on a self employed basis? The students' handbook is unclear in expressing exactly what cannot be performed.
Anonymous

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By User deleted
14th Oct 2005 22:18

Dont practice
Basically if you are in practice you need a practising certificate.

I have just copied the text below from the 2005 ACCA rule book -

Subject to regulation 4(3), public practice, which may be carried on by an individual or a firm (the “practitioner”), means:

(a) accepting an appointment as an auditor; and/or

(b) signing or producing any accounts or report or certificate or tax return concerning any person’s financial affairs, whether an individual sole-trader, an unincorporated body or a firm, in circumstances where reliance is likely to be placed on such accounts or report or certificate or tax return by any other person (the “third party”), or doing any other thing which may lead the third party to believe that the accounts or report or certificate or tax return concerning the financial affairs of such a person have been prepared, approved or reviewed by the practitioner; and/or

(c) holding oneself or itself out, or allowing oneself or itself to be held out, as being available to undertake the activities referred to in (a) and (b) above (and allowing oneself to be known as a, or a firm of “Chartered Certified Accountant(s)”, “Certified Accountant(s)”, “Chartered Accountant(s)”, “Accountant(s)” or “Auditor(s)” or any similar description or designation standing for any such description in the context of the practitioner’s business shall be regarded as an example of such a holding out); and/or

(d) holding oneself out, or allowing oneself to be held out, as a sole proprietor, partner or director of a firm where public practice is carried on.

Book-keeping services, as defined in paragraphs 8(2)(a)(i) to 8(2)(a)(iii) of the Membership Regulations 1996, do not constitute public practice.


I think this is pretty clear.

Personally I'd say concentrate on the studies and forgot about doing other work until you have completed your studies.

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By User deleted
16th Oct 2005 20:09

Not a lot ...
I looked into this when I was working as a bookkeeper & toying with the idea of becoming an ACCA member.

My understanding is that it's restricted to bookkeeping to trial balance (and payroll - joy!). And you'd need to be careful to ensure that you have letters of engagement, PI insurance and money laundering compliance. Of course you should have these in place but it can seem a bit much for just the odd bit of bookkeeping work.

I think that you'd be crossing the line and if you sat down with a client and went through their P&L with them. Whether the rules are so tight in order to protect clients, the integrity of the profession or just the interests of ACCA members, I couldn't comment.

For info, CIMA have similar rules to ACCA, whilst AAT are a bit more enlightened, and allow students to undertake work they are compenent to do.

It's also important that you make no mention of ACCA studentship in soliciting work. That's fair enough.

Colin

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By AnonymousUser
18th Oct 2005 05:39

"Convert" to AAT membership
Perhaps, "converting" your ACCA passes to AAT membership could entitle you to do those works you wish.

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