Becoming a member in practice

Becoming a member in practice

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I've started the application to get my practising certficate with the ACCA. It's asking lots of questions about my practice, types of clients etc. I have grown my small practice while working full time in industry which I know is a big no no but how do I go about answering these questions? Do I just steer towards my industry experience? I know I've been a naughty boy so don't need to be told so. 

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David Winch
By David Winch
04th Jun 2024 20:55

Up to now you have been in practice (albeit in a relatively small way). If the nature of that work was such that you required a practising certificate then you have been in breach of ACCA rules by not having one. If you have been in practice without professional indemnity insurance then that is likely another breach of the rules. The likelihood is that doing that self-employed work you would be required by the MLR 2017 to have AML supervision, so presumably you have also been in breach of the MLR 2017.
But what you are now planning is to give dishonest replies to questions from the ACCA. The ACCA take dishonesty in dealing with them very seriously. If you get found out as having lied to them you are on the road to losing your ACCA membership and with it the possibility of acting as a self-employed accountant in future. So this would be a major escalation of your 'naughty' behaviour and the professional risks for you.
Think carefully!
David

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Replying to davidwinch:
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By Londonacc
04th Jun 2024 21:07

Thanks for your response. I have PI insurance and I am supervised for AML but I will think carefully before proceeding as you advise.

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Replying to Londonacc:
David Winch
By David Winch
04th Jun 2024 21:15

OK. The ACCA rules about when a practising certificate is required are not as clear as those of, for example, ICAEW. So if your only problem is that you have no practising certificate that might be viewed as just a mistake on your part. Certainly a disciplinary matter but not in the most serious category.
David

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By FactChecker
04th Jun 2024 21:21

"I have grown my small practice while working full time in industry which I know is a big no no"
... to the best of my knowledge, it's not the "while working full time in industry" that's the no-no (subject to what your industry employer might have to say on the matter) - it's the fact (if I've understood correctly) that you've been operating as a practice (i.e. not merely as an employee within a practice) that's the no-no (with ACCA as you don't have a PC).

As David has pointed out you've already painted yourself into a corner with them ... and, whilst I cannot give 'advice', the deeper you dig (to mix my analogies) the worse it will be when they find out - which they will.
Whether justified or not, the one thing that ACCA treat as almost a capital offence is lying to them - so 'don't let truth be a stranger' may be an applicable aphorism.

EDIT: I see that my slow typing has allowed further updates (of a positive nature) .. so good luck.

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By ireallyshouldknowthisbut
05th Jun 2024 15:33

Dont lie.

That is a line a Chartered Accountant cannot cross, or you will be stuck on a spike.

I do wonder if you are fit be a Chartered Accountant if you know it was against the rules and did it anyway. This is a very serious question, which will be taken seriously. The ACCA let you do bookkeeping so it might jsut be some "mission creep" prehaps?

Your best option is probably to confess, get a XXXXing and a fine, and then they will probably give you the cert.

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Replying to ireallyshouldknowthisbut:
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By I'msorryIhaven'taclue
05th Jun 2024 17:29

Alternatively, gift your clients to a friendly practice and answer the ACCA's questions in the present tense (always assuming they're so worded)?

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