ACCA Practicing Certificate - Forfeit exemptions - Advice needed

Mmarky12311y ago

Hi, I recently have passed my exams and become a member of ACCA. I was exempted from papers F1, F2 & F3, however if I ever wanted to obtain a Practicing Certificate ACCA advised me that I would have to forfeit my exemptions because my qualification was over 10yr old, which I was happy to accept. However now my circumstances have changed and I would like to forfeit my exemption and go for a practising certificate. Do I just enter for the exams or is there a procedure I have to go through, or contact ACCA first etc etc?? Any advice would be greatly appreciated, especially if you have been in this position yourself. Many Thanks Marky

AFalkemist FCA (Jamaica), FCCA, CPA, CGA, MSc, BSc11y ago#1

Check again. I am not aware of any need to forfeit exemptions as a member. Make sure you got the right information as many persons in my country have gotten exemptions from papers and have practicing certificates issued by ACCA.

Mmarky12311y ago#2

Hi again, Thanks for the info. I did actually contact ACCA last week and they have clarified things. I can actually apply for a general practicing certificate now. They said the forfeit of exam exemptions only applies if you are wanting a practice certificate and if you were wanting to carry out audit work, and the exemptions apparently have to be forfeited at the start of your training. At least thats how I understood it! So for my circumstances this is great - I am not wanting to carry out audit work so it looks like I can apply anyime (subject to the other conditions/experience etc).

Mmarky12310y ago#3

Hi again, I have come across a stumbling block. Apparently, even though I have worked for the same accountancy practice for over 20 years I have to gain 36 months practical experience - of which 24 months must be post membership! And fill in a dirty great experience records and have it signed off by a partner! Is the PCTR fairly easy to complete? Anyone offer any advice? Seems a little unfair. You have to have experience to become a member (PER) and then when you do you have to have experience to practise! Some students (especially those not in work) could potentially be waiting years to become a member and practise after qualifying. I am losing patience fast with ACCA and wonder if it has all been worth it.