Issue for ACA working in a Non-qualified Practice

I was wondering if anyone has an opinion/advice on this.

Some colleagues of mine are considering setting up their own practice but they have no formal qualifications. I am ACA and they have asked me to come on board as an employee (doing exactly the same job as I am now) not signing any accounts etc so I won't need a PC as I will just be an employee.

Has anyone any experience in working for an unqualified practice and is there any risk for me upsetting my ICAEW membership. I understand that I will need to comply with CPD but i was just wondering if there would be any other issues as I hope to apply for my own PC in 2 years time.

Many thanks 

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jeremykitchin's picture

An ACA joining a non-CCAB practice

jeremykitchin | | Permalink

For 38 years I have been providing services to practising firms of accountants.  During nearly four decades we have, on many occasions, brokered the sale or acquisition of firms where the Principal(s) is/are not qualified (CCAB) but which employ qualified staff or consultants.  Typical of this is a non-CCAB practice which is a limited company  from whom my own company, Jeremy Kitchin Practice M & A Limited T/A APMA is currently taking instructions and where the husband is an ACA and his equal working director and shareholder is his unqualified wife, both wishing to retire.  I do not expect that combination of qualifications to make any difference to the sale price we achieve, or the level of interest shown in the opportunity, compared with a 2-partner chartered (or certified) practice.  As I also specialise in valuing the goodwill of practices, and have done for decades, you will be interested to know that I make no distinction between qualified and non-CCAB practices - as long as the quality of the clients and the client-work done is similar, they fetch the same price!

My recommendation is to go for it if it meets your other expectations.

 

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