Buying a Practice

Chevy RV

Hello Everybody,

I must be mad because I am interested in buying a practice in Munster not withstanding the current decline in fee income.

My problem is that I do not work in one and none are advertised on the market. How are they sold ?

Can any of you offer advice on how to source one in the Munster area ?


Thanks for any pointers.


Regards,


Chevy RV

superhooper

I'd suggest accountancy mag -Accountancy Ireland etc. Can't ever recall people advertising to sell a practice or book of clients but I have seen plenty advertising to buy. Sunday Business Post might be worth a shot.

Evertonia

Do you need to have a practicing certificate to buy a practice?

Running Bing

AFAIK its the practising cert that allows you to sign off on audits so it would be pretty pointless having a practice if you could'nt do audits.

Anybody know who issues the practicing certs?

Evertonia

The ICAI and ACCA issue practicing Certs in Ireland. You have to be a qualified accountant and completed the auditing module together with 3 years auditing experience ( 2 years post qualified) to apply for practicing cert.

JoeTurner

superhooper wrote: »

I'd suggest accountancy mag -Accountancy Ireland etc.

There's always a few small ads in the back of the mag each month with people looking to buy a practice / block of fees.

You can buy issues via www.icai.ie

Re: practising certs - you also need an Audit Certificate to sign off on audits. A practising cert allows you to undertake public practice (accounts prep, payroll, tax etc.) but you need further authorisation i.e. an audit certificate to sign off on audits. You (or the person in the firm signing the audit reports) need to have spent 2 years in practice after qualifying as a chartered accountant to qualify for an audit certificate

Hope this helps

Joe

Running Bing

Evertonia wrote: »

The ICAI and ACCA issue practicing Certs in Ireland. You have to be a qualified accountant and completed the auditing module together with 3 years auditing experience ( 2 years post qualified) to apply for practicing cert.

And when you apply once you have the experience do you get it or do they use other criteria?

What I mean is are they rationed or do they give them pretty easily?

Evertonia

The auditing experience has to be in a certified training training practice. i.e. industry experience does not count. Once you have obtained experience you do a test/exam (think scenario based, not sure) to verify your competence and auditing/accounting knowledge!