Private practice

System

I am a FMAAT and have inherited a practive from my late father. It is being run at the moment by two ACCA members whilst I am attempting to pass my ACCA exams.<BR><BR>However, it is getting to that stage where I am getting older and I am thinking that a 2 year waiting period for an ACCA practising certificate is too long.<BR><BR>I may well apply to get an AAT practice certificate.<BR><BR>All the clients would have no worries with this as they have known me for a number of years.<BR><BR>What would anyone else regard as any pitfalls.

System

Private practice

How easy is it going to be to get a practicing certificate? I assume your ACCA members will be able to sign you off but will you get all the required experience for it i.e. auditing? I'm not sure how easy that's going to be now the auditing limit has been raised. Obviously you will know this better than me.<BR><BR>Annette

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Private practice

I should be able to get an ACCA practising certificate as i could apply for a general one without auditing, however as I said it's a 2 year wait.<BR><BR>With the AAT i already have the sufficient experience to get one now. Been working for nearly 20 years and doing just about everything necessary in practice for 5 years.

System

Private practice

I'm glad I asked then as I work in practice but my boss is QBE so can't get signed off by him. However the auditing thing worried me but as I am only on stage 2 I thought I would worry about that when I get to it (not one of our clients require audits).<BR><BR>Thanks<BR>Annette

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Private practice

Well i have one audit client but it's done elsewhere.<BR><BR>Really am wondering whether to stick with the ACCA as the time it is taking is against me.<BR><BR>I've got to go to the AAT branch thingy next week so i'll take sounding therre.

System

Private practice

Hi<BR><BR>Be aware that the ACCA has tight regulations on public practice work for full members without a practising certifiacte and for student members.<BR><BR>While in ACCA membership (full or student grades) you are not permitted to do more than general book-keeping, VAT, Payroll etc. You also wouldn't be able to sign off anything in an offcial capacity (be it audit work or other formal documents) or 'hold yourself out' to being a member of the ACCA. The same ACCA regulations also apply to being a principle in a practice. You'll also need to work in an ACCA approved practice for at lest 3 years, two of which must be after admission to membership to gain the ACCA's certificate.<BR><BR>You'd probaly be best to contact the ACCA for full info, apparently breaking these regulations is the most common cause for disciplining student members.<BR><BR>You shouldnt have any problems gaining an AAT certificate, though it may affect the work you want to do in the future.<BR><BR>Neil

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Private practice

Oh yes, i know the ACCA regs and it is an approved training practice and they've approved the current situation.<BR><BR>Am thinking with regards the AAT that all the current clients would not have a problem with it and u have to do 60 hours of CPS over two years to keep current.<BR><BR>As for future work, that is the only downside I can see. <BR><BR>And of course it would mean resigning from the ACCA.

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Private practice

Another option if you wnat to continue with your studies is CIMA. Although most people consider it for industry, you do get CIMA qualifieds in practise. You wouldnt be able to do audit work with it but CIMA's regs dont seem as restrictive for members and students wanting to do practise work as self employd/employer. CIMA doesn't require you to work in an approved practice for the public practice certfcate and you would get some exmeptions for your ACCA papers.

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Private practice

So I could do CIMA accountancy whilst being practice as an AAT. May well look into that.

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Private practice

Hi<BR><BR>As I understand it, yes you could. CIMA (I believe) have the same rule of you not being allowed to state you 'relationship' with CIMA until you have the practice certificate, but there doesn't seem to be the work restricitions.<BR><BR>Neil

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Private practice

but with ACCA you can't even stay as a student and operate as self employed

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Private practice

Well you could operate as self employed but obviously not a full range of services. The only downside to CIMA is that it wont qualify you to do audit work, Im not sure of the qualification 'situation' on providng finacial/investment advice.

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Private practice

But as a student they won't let you even produce accounts

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Private practice

I know, basically anything behondtrial balance is a no-no, which is rather pointless in an accounts practice. I can understand it to a point, particulalry in relation to student members, but it makes a bit of a mockery (sp?) for full members-like the ACCA qualification means nothing in its own right unless you work in industry.

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Private practice

And of course if you have an MAAT or FMAAT you can do everything except auditing anyway.<BR><BR>Better to allow you to practise and say nothing on your stationery that you are a student of the ACCA, though of course ACCA have to approve.