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ACCA Practice Licence

I am a little short of post membership experience requirement.

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Hi all

i worked for a big4 accounting firm and qualified my ACCA with them. In all I spent around 5 years with the firm, however, I left the firm 1 year 9 months after I became ACCA member.

i now have an opportunity to set up a practice but 3 months shortage of post membership experience is the hinderance towards getting the practice licence from ACCA.

Can anyone quote an instance where ACCA might have waived off such a requirement or accommodated someone with such a shortage, given I have spent more than enough time in the practice anyway.

I am looking to get an accountancy practice licence and have future plans to get involved in auditing as well but at the moment tied up due to 3 months shortage of experience.

Any suggestions/solutions would be greatly appreciated.

Replies (8)

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By zarar
03rd Nov 2019 16:14

You need to speak to the ACCA but I suspect you will have to go back and work for an approved practice before you can get your practicing certificate

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By emilyi
03rd Nov 2019 22:23

Having been through the process myself they are very strict. You may also find that some sections of your PCTR are not detailed enough for their liking and you may need to have them rewritten and re-signed.
I advise getting it checked over by the authorisation team as you may find you actually need more than the 3 months.
I had to get a further 6 months experience because I was unable to get a chunk of experience re-signed as my signatory had moved away and I couldn’t get in touch. And I had more than enough experience too. But it still has to be painstakingly detailed and signed off.
The authorisation team are so helpful though, you should definitely get in touch with them.

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Replying to emilyi:
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By MrAuditor
03rd Nov 2019 22:58

Thank you! So basically another 3 months (at least) with a firm is what I need.
May I know who your signatory was as in were they were a partner in the firm because when I contacted my firm, they told me that my counselling manager or a qualified senior would sign the work experience.
Do ACCA accept the forms signed off by such a signatory?

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Replying to emilyi:
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By rockallj
07th Nov 2019 10:57

emilyi wrote:

Having been through the process myself they are very strict. You may also find that some sections of your PCTR are not detailed enough for their liking and you may need to have them rewritten and re-signed.
I advise getting it checked over by the authorisation team as you may find you actually need more than the 3 months.
I had to get a further 6 months experience because I was unable to get a chunk of experience re-signed as my signatory had moved away and I couldn’t get in touch. And I had more than enough experience too. But it still has to be painstakingly detailed and signed off.
The authorisation team are so helpful though, you should definitely get in touch with them.

ACCA Are extremely strict. If you do not comply with their exacting requirements, experience and dont have your full detailed record signed off with preferably ACCA manager (but ICAEW etc will "do"), you will fail to qualify.

In this day and age of more flexible learning, it is crazy that you have to sign off your experience along the old fashioned "articled route", when I thought ACCA was inteneded for those who wanted a chartered qualification obtained more flexibly than the very staid and traditional university/articles path.

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By ireallyshouldknowthisbut
04th Nov 2019 09:21

Have you spoken to the ACCA?

I am in the ICAEW but got my practicing cert based on not *just* ICAEW approved firm training hours, but total experience, albeit that was 15+ years ago.

that is to say, what did you do after you left the approved firm? ie did you work in industry for a couple of years? That may of course then throw up other issues about how up to date you are etc....

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By MrAuditor
04th Nov 2019 10:12

i did contact them through email. They said i have to complete the time period needed although I meet the minimum number of hours requirement.
All I want is an accountancy licence to exploit the opportunity I currently have. I can then collaborate with an audit firm to work towards my auditing licence covering the latest pronouncements etc.

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All Paul Accountants in Leeds
By paulinleeds
12th Nov 2019 12:09

ACCA have to be strict.

Three years experience is just that an 'experience' of working in a practice.

Personally, I think 3 years of full / PQE does not really equip you to run an accountancy practice.

The professional bodies must keep up the standards . We do not want people who have 'just' passed exams being let loose on the public.

Passing exams and doing practice work in reality are totally different.

So, 3 years is a minimum and should not be shaved away.

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By djokhoo
13th Nov 2019 21:17

Dear Sir,
There is no need to rush the practice certificate. I suggest you complete the relevant experience, then apply for the licence. It would make sense to continue with an audit firm and get the audit experience and cover the relevant period needed to secure the audit certificate. Then after some time you can engage your own practice.
It is always difficult to start a practice and then later on go and work for someone else. Get it done while you are young.
Good luck to you.

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