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ACCA, IFA or AAT practicing certificate

ACCA, IFA or AAT practicing certificate

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Probably a question that has been raised before, but it looks like I may struggle to get an ACCA practicing certificate. Not because of the 20 years experience in practice, and 10 as a fellow member, but because I didn't decide 3 years ago I wanted a PC and ask my boss to sign off 6 monthly reports! Has anyone got round this? And if not, would people recommend an IFA PC or an AAT accountants license? Thanks. Rachel 

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By Mr_awol
30th Jun 2020 22:40

If you’re not going to be auditing, I’d say ACCA practicing certificate or AAT licence makes no real difference. Both will enable you to carry our independent examinations and sign accountants certificates for banks etc.

You might find there are implications for your ACCA membership if you don’t choose ‘their’ certificate though, so check with them.

IFA - I’ve got to be honest I’m not entirely sure what they can or can’t do. If you go down that route you might find it has implications on BOTH your ACCA and AAT memberships, so check with them

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Replying to Mr_awol:
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By Anonymous.
01st Jul 2020 00:50

Mr_awol wrote:

You might find there are implications for your ACCA membership if you don’t choose ‘their’ certificate though, so check with them.

Agreed. Don't think you could use your ACCA membership without an ACCA PC.

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Replying to Mr_awol:
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By Rachel82
01st Jul 2020 05:59

Thanks for your reply. Yes absolutely, you can't keep your ACCA membership if you don't have an ACCA practicing certificate. My trouble is getting one. Despite 20 years relevant experience in practice, and 10 years as a fellow ACCA member, it looks like i can't get a PC for 3 years as you can't retrospectively complete the PCEF which needs to be done every 6 months and signed by your employer. I was wondering if anyone had successfully found a way round this. And if not, I could resign from ACCA and either apply for an AAT license or an IFA membership and PC, so i was wondering if people could recommend which would be the best option. Many thanks

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Replying to Rachel82:
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By Mr_awol
01st Jul 2020 08:18

Out of your options (as previously stated - as long as you don’t want to provide audit services) I would probably resign ACCA and get an AAT licence.

Obviously before doing so it is worth having a look at the licence application etc to make sure there aren’t any similar blocks to your application there. I imagine you can get someone who knows your work to sign it off on the basis of previous experience but am not entirely sure

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By JazzySasha
01st Jul 2020 07:39

Just a thought.....there is another option - join ICAEW via their Pathways to Membership scheme and get a PC with them.

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Replying to JazzySasha:
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By Rachel82
01st Jul 2020 08:11

Interesting, thanks for the info, I shall do some research.

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By Rweaver
01st Jul 2020 08:17

Are you still with your employer?

I obtained my PC under the ‘old’ PCTR (rather than PCEF) but I was able to complete it retrospectively - it’s simply not ‘recommended’.

Unless the PCEF has changed the requirement, it was the case that it was only TWO years that had to be documented on the PCTR - this being post membership experience. The third year’s experience requirement was taken to be the year prior to obtaining membership (which was documented when applying 20 years ago in your case). This did not need documenting on the PCTR.

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Replying to Rweaver:
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By Rachel82
01st Jul 2020 08:26

That's great thanks, I shall get some more information from ACCA. It does seem so strange that you can't do it retrospectively.

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Replying to Rachel82:
Stepurhan
By stepurhan
01st Jul 2020 09:14

A while ago now but I also completed my application retrospectively.

The main reason it is discouraged is accurately remembering things you did up to 3 years ago is difficult. You need to say what you have done in each 6 month period that is relevant to the PCTR requirements. I used timesheet records to note what clients I was working on in each 6 month period to prod my memory for that.

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Replying to stepurhan:
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By Rachel82
01st Jul 2020 09:46

Thanks, that's great, it's looking more promising! Did you date the 6 monthly reviews as if they were dated at the time?

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By RaxJ
01st Jul 2020 19:58

Stick with ACCA

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