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Ltd Company employing ACCA Members

Ltd Company employing ACCA Members

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I qualified as a member of ACCA two years ago.  I was under the assumption, more fool me, that gaining an ACCA Practicing Certificate (PC) would be one of the more manageable tasks I have had to complete during my time as a member.  As many of you will know, I am about to be wrong.

It seems that due to the fact that my 2 years of post qualified experience hasn't been with an approved ACCA employer (my boss is qualified IFA) I will be unable to gain a PC.  I have been in practice for 8 years and 6 of those years before qualifying were all with an approved ACCA employer.  This doesn't seem to count for anything when applying for a PC.

I like the fact that ACCA is a well known organisation within our sector and I believe it reflects well on me when people see the tag after my name on emails (when I'm using my employers email.) 

Now, as I am unable to set up on my own with a PC due to my 'lack' of the 'correct experience' needed, I have been told by some that an option could be to set up a limited company.  I understand that the Company cannot be marketed as an ACCA member as it will not hold a PC.  I plan on being joint shareholder and director with my partner.  However am I able to market the Company as an accountancy practice whose finance workforce is solely made up of ACCA qualified accountants?

I am happy to keep with ACCA, although if there was an option to hold my registration and gain a PC from somewhere else then I'd consider it.  I appreciate that this has probably being asked countless times however I can't seem to find any ruling or guidance on here or ACCA.

Any advice or pointers in the right direction would be very much appreciated.

Replies (7)

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By Gouldn2me
01st Feb 2013 15:08

Ozzi,

I am not ACCA, but I believe that being the "principle" of an accounting service company may draw the ire of the ACCA, given you will be signing off the accounts and your ACCA membership rules may not allow you to do so without a practising cert.

Best of luck either way.

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By Ozzi
01st Feb 2013 15:16

I wouldn't be signing them off specifically, it'd be the Company surely?

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By zarathustra
01st Feb 2013 15:41

Cant be an owner or director

If its like the ICAEW you cant be a director, or I believe shareholder of a company offering accounting services to the public unless you hold a PC.

Why didn't you check this up before leaaving the certified practice?

 

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By Steve McQueen
01st Feb 2013 19:15

As others have said
You can't remain an acca member and be either a shareholder or director of a company supplying accountancy services without having a practicing certificate.

If you intend to set up you will need to resign from the acca to avoid getting yourself in a whole load of legal grief with them

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By Ozzi
03rd Feb 2013 19:46

Redundancy

I was made redundant from my previous employer, and given that we are not in the greatest shape in terms of job availability I took what was available.  I'm very happy there too, my boss has been self employed for over 30 years yet just because ACCA don't deem IFA a worthy qualification, he is unable to sign my training records off.

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By gerrysims
04th Feb 2013 08:45

ACCA training office

Anecdotally I know of an office of an ICAEW firm which is run by an IFA who is also an ICAEW affiliate but I believe they are an ACCA training office. I have no idea how they did it but it may be worth checking with ACCA to see if your current employer can do this. It's not an instant solution but in 2 years you could have clocked up your entitlement. If he wants to do it of course !

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By Ozzi
04th Feb 2013 08:54

Good option

Thanks Gerry,

Coincidentally I did look up the possibility of my employer becoming an ACCA approved employer.  I would have thought the employer is required to be ACCA qualified but I cannot see anything on their site to suggest that.  It would be worth looking into this as my boss eventually hopes for his son to take over the practice and given that this scenario would also apply to him, it may well be in his interest to apply..

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