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Hi,
First of all, would like to thank OpenTuition because the resources available helped me so much in passing SBR, SBL and AAA, I have one exam left which is ATX in a few weeks.
I’ve been trying to get my head around the whole Practice Certificate and being ‘made out’ to be an ACCA Chartered Certified Accountant, I’ve went through a lot of forums and answers, read ACCA’s official documentation about the PC but I’m still not getting a clear picture.
If I was to pass my final exam and become an ACCA Member, does this mean I would now be classified as an ACCA Chartered Certified Accountant? Or am I just a member of the association?
If I am able to call myself a Chartered Certified Accountant? Does that not contradict a lot of the information where it says you can’t make yourself out to be one.
I understand that it all relates to ‘public practice’, but we don’t live in a world where employers understand the nuances of the matter.
If a company was looking for a ‘Chartered Certified Accountant’ to join them as a Finance Director, and I present myself forward as one, am I breaking ACCA rules?
How do you go about explaining an employer that you are a chartered accountant but you can’t sign off the accounts and they still need to pay thousands to an accountancy firm? Because my current employers don’t seem to understand that concept.
ICAEW seem to have a lot more clarity in their information but even then, I still can’t seem to get my head around the fundemental concept.
Do I need to have a practice certificate to ‘REALLY’ be a chartered accountant?
The accounting industry as a whole in my opinion is an absolute mess, you can not be a member of an organisation and yet still sit there and produce a set of accounts and sign them off.
But if you’ve sat through all the exams, 3 years of practical experience and basically do the accountants job for them (all they do is literally copy and paste the work you do and slap it on to a companies house template) and yet you have to jump through hoops for a PC.
Thank you
You appear to be in the UK – where the nuances should be understood by employers.
When you pass exams you are an affiliate.
You become a member and can put “ACCA” after your name and call yourself “chartered accountant” when you are admitted to membership – this means pass exams, complete EPSM and meet the PER requirements … oh and apply for membership.
None of the above has anything to do with practicing certificates.
Practicing certificates are another “layer” on top of the above – aimed at meeting the public interest when auditors sign auditor’s reports, etc.
A finance director of a company is an accountant in business – not in practice – and does not sign auditor’s reports, so does not require a practicing certificate.
It’s a shame that you have such a clouded view of a profession that you should be proud to be part of.
I have a qualified/members forum here for those who have already passed their exams https://opentuition.com/forum/qualified-members-forum
I wouldn’t say its a clouded view – it’s just a more skeptical view based on real life.
And yep, I’m from the UK, and like I said, based on real life experiences, many employers, or potential ‘clients’ have no idea and I wish this was recognised more often, they just hear the phrase ‘chartered accountant’ and immediately think you can do anything.
‘You become a member and can put “ACCA” after your name and call yourself “chartered accountant” when you are admitted to membership’ –
This is the crux of the matter, I can call myself a ‘chartered accountant’ but at the same time I’m being told that I’m not allowed to make myself out as a chartered accountant or ACCA.
And let’s say I’m on the board and a director of a limited company, would I be allowed to be on the list of individuals who take responsibility for signing off the accounts – or because I would be an ACCA member I wouldn’t be allowed to take ‘responsibility’.
Re your question – are you “allowed” – there is no “allowing” – if you are a statutory director you have lots of obligations – and being collectively responsible for the FS is just one of them.
Financial statements are approved by the board (in a board meeting) and signed on behalf of the board – this can be a director of a company secretary. Although a company secretary – like an auditor – generally requires qualifications – most companies are not required to have one.
You could look at some published financial statements – Shell’s and Roll-sRoyce’s Consolidated Financial Statements are sgned by the “Chief Financial Officer”. Although CFOs will often be qualified, there is no requirement in law for any director of a company to hold professional qualfications.
I don’t understand your statement “I can call myself a ‘chartered accountant’ but at the same time I’m being told that I’m not allowed to make myself out as a chartered accountant or ACCA.”
You can’t yet because you’re not qualified – and when you are qualified (as in having passed all exams), you will still need to apply for membership – as I already said.
As it states here https://www.prospects.ac.uk/job-profiles/chartered-certified-accountant
“Qualifications
The term ‘chartered certified’ is legally protected and to become a chartered certified accountant you must have successfully completed the ACCA Qualification and become an ACCA member. You’ll also need three years’ relevant work experience, which can be done while you’re studying for the qualification.”I am now an ACCA member.
There are some individuals on various other forums saying that you need a Practising Certficiate in order to call yourself a Chartered Certified Accountant.
I’m struggling to find a clear answer.
My first post above on 19th April answers your Q. When admitted as a full member you can call yourself a chartered accountant…. no practising certificate is required.
I am a chartered accountant, I have the letters ACA and FCCA, I have never held any additional certificate.
I am an ACCA Member. However, I now understand I need to have a practicing licence to provide accounting services to friends and family, even if unregulated.
Am I still able to do this without a practising certificate?
It’s frustrating because from what I know, if I wasn’t qualified, I could open up a firm without a licence. But because I’m an ACCA member I have extra restrictions in doing so.
Why would anyone other than family or friends go to an accountant who doesn’t hold a PC? Would YOU trust them? If without a PC, they won’t be required to have professional insurance? If you need a plumber or an electrician, do you not consult check-a-trade or similar? Would you have a surveyor or architect responsible for building your forever home who isn’t certified?
Here’s an article with some useful links for others coming across this thread and thinking about starting a practice https://www.accaglobal.com/uk/en/member/sectors/smp/creating-tomorrows-practice-today/starting-your-own-accountancy-practice-part1.html
Yes I would trust them if they knew what they were doing. I have been working for 10 years, and just recently became a member. Now I am expected to do another 2 years post qualifying – but I work in industry, not practice, so it will be very difficult to get the practicing licence experience signed off anyway.
Apparently its easier to get a practising licence from AAT or ICAEW. This may be the route I have to go down which is a shame because I worked so hard for my ACCA exams and to get the experience signed off. But now I have to look toa nother governing body for a practising licence.
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