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ICAEW Registration/Non Registration

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Looking for advice on what I should do next steps. I acheived the ACA exam qualification in October 2017 whilst at a practice but never subsequently applied to become a member of ICAEW as I intended on leaving practice straight away. I did leave practice and until was working in a management consultancy capacity in industry. I've recently just taken a role back in practice as an audit manager. 

Whilst in industry I ended up doing some tax returns for friends and family and that took me over the self employment registration limit. Meaning I registered as self employed and also under AML supervision with HMRC, all 'clients' were aware that I was an exam qualified accountant albeit without any professional membership of such. Firstly was the treatment to register with HMRC correct as I'm technically not a member of ICAEW? I was a student member but that has now since ceased and I never applied to become a full member? I am nervous that I could fall under disciplinary somehow with ICAEW.

Secondly, the current RI in my audit firm is looking to retire within the next year, the idea of me stepping up to become the RI has been discussed. Upon inspection this will clearly involve becoming an ICAEW member and gaining the necessary audit qualification and practicing certificate. I have two questions that sprout off from this;

  1. If I became a member, I wouldn't be able to obtain a practicing certificate for 2 years. Is there any flex on this? As I am coming up to 2 years PQ and have remained up to date with CPD etc? In an ideal world I would love to apply as a late applicant and gain a practicing certificate at the same time.  I presume I would have to be a member for 2 years and that I couldn't obtain a practicing certificate immedicately
  2. If I applied and became a full member, I would then be practicing without a certificate on my own, very small self employed business. Would I have to give this up? Seems odd that they would penalise me.

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By paul.benny
19th Jun 2019 10:55

The only way to get an authoritative answer to (1) is to ask the institute directly. You could always ask using a pseudonym or on behalf of a 'friend'.

(2) Simple version - if your fees are >£100 per assignment, you almost certainly do need a practising certificate. Full Institute guidance here:
https://www.icaew.com/technical/practice-resources/regulations-standards...

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By Accountant A
19th Jun 2019 11:03

Quote:

If I applied and became a full member, I would then be practicing without a certificate on my own, very small self employed business. Would I have to give this up? Seems odd that they would penalise me.

How is it penalising you to hold you to the same standards as everyone else?

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By Accountant A
19th Jun 2019 11:37

Oh, and as with the recent similar ACCA member query, there's explicit guidance on the Institute website.

Am I the only person on here who uses Google??

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By ireallyshouldknowthisbut
19th Jun 2019 14:17

Speak to the ICAEW, they are really quite helpful on stuff like this. Their "ethics helpline" is probably the one to hit as they dont I think have any duty to report if you dob yourself in accidentally!

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