ACCA for Self Employed

TylerIE

Just an odd question, Iv did a search on the forums and cant find anything similar previous so apologies If Iv missed it.

If one is a self employed / company director can they use that role for their Practical Experience? Has anybody any experience of doing this? Who could be your workplace mentor? Could your business accountant fill this role? The PER booklet implies this is ok but just wondering if anybody has any experience?

However if one was to look for a Practicing Certificate at a later stage, I take it at that point they would be required to work full time for someone else?

smcgiff

lst wrote: »

Just an odd question, Iv did a search on the forums and cant find anything similar previous so apologies If Iv missed it.

If one is a self employed / company director can they use that role for their Practical Experience? Has anybody any experience of doing this? Who could be your workplace mentor? Could your business accountant fill this role? The PER booklet implies this is ok but just wondering if anybody has any experience?

However if one was to look for a Practicing Certificate at a later stage, I take it at that point they would be required to work full time for someone else?

The accountant you use can normally be used - assuming your accounting role is sufficiently complex enough to cover the required experience.

For the practicing cert you would need (for acca) to be registered by and supervised by acca.

TylerIE

Dont answer if Im getting annoying but would it be that ACCA is the most flexible in terms of getting the initial qualification? Have you (or anyone else) had any particular experiences with it?

For the practicing Cert does being registered mean that its essential that you are an employee of an approved teaching firm or?

smcgiff

lst wrote: »

Dont answer if Im getting annoying but would it be that ACCA is the most flexible in terms of getting the initial qualification? Have you (or anyone else) had any particular experiences with it?

For the practicing Cert does being registered mean that its essential that you are an employee of an approved teaching firm or?

ACCA, CPA and CIMA would have been a lot more flexible the the ACA (Now CAI), but since the CAI have introduced the Elevation Programme it is now very similar to the other bodies.

Re approved employer - There are different levels of approved employer depending on how flexible an employer is, but as long as you follow the rules (look up the ACCA website) there's no problem getting registered. That you are the owner shouldn't make a difference.

Good luck

Btw, I don't agree with ACCA's policy of approved employer's - I think it's their way of growing the brand rather than as a system for checking employees. I could get my current employer to be an approved employer and wait the two years to get my practicing cert. More likely if I want to go down that route (and I might) I'd most likely join CPA.

dbran

TylerIE wrote: »

Just an odd question, Iv did a search on the forums and cant find anything similar previous so apologies If Iv missed it.

If one is a self employed / company director can they use that role for their Practical Experience? Has anybody any experience of doing this? Who could be your workplace mentor? Could your business accountant fill this role? The PER booklet implies this is ok but just wondering if anybody has any experience?

However if one was to look for a Practicing Certificate at a later stage, I take it at that point they would be required to work full time for someone else?

I would not have thought that this would be allowed and if so it could only account for a very small part of the time required to satisfy the relative PER.

You need to be under the supervision of a qualified principle. I would not think this would count as you are paying him to provide you with a service. Even on ethical grounds this would not make sense.

Kind Regards


Dbran

smcgiff

dbran wrote: »

I would not think this would count as you are paying him to provide you with a service. Even on ethical grounds this would not make sense.


Dbran

Not sure of the logic here - Should we rely on reports from accountants as they are prepared based on the receipt of a fee?

TylerIE

dbran wrote: »

I would not have thought that this would be allowed and if so it could only account for a very small part of the time required to satisfy the relative PER.

You need to be under the supervision of a qualified principle. I would not think this would count as you are paying him to provide you with a service. Even on ethical grounds this would not make sense.

Thanks for the reply.

The ACCA (page 9) state that if your in a small organisation it can be your external accountant as a last resort, provided there is no conflict of interest.

I too was surprised, hence why Id posted...

dbran

Hi

I would have thought that there would definately be a conflict of interest.

If you were just an employee of the company then perhaps there wold be some scope to sign off a proportion of the work that the accountant had sufficient knowledge of.

But as you are the MD of the company I would not think it would fly to be honest. You really need to work under the supervision of another qualified accountant for the required time.

Kind Regards

dbran

misspiggy40

Have a look at this webcast

http://ireland.accaglobal.com/allnews/national/ireland/ObtainPracticeCert

Around page 55/56/57...can't quite remeber, it explains the experience you need.

Then download the PCTR forms and see what you think.

It specifically says that your mentor does not have to be an accountant. And that the other person signing off must be a qualified accountant but not neccessarily ACCA.

Have a look and post back. Am finished exams and awaiting membership so looking at this myself now and would like to hear your opinion.

Good luck.;)

misspiggy40

Sorry, I see you are refering to Pre Qual experience and the above refers to post qual.

TylerIE

misspiggy40 wrote: »

Sorry, I see you are refering to Pre Qual experience and the above refers to post qual.

No thanks a million for that. I was initially just concerned with Pre-qual, as I assumed if it was an impossibility that Post qual definitely wouldnt work.