With the new Statement on members engaging in public practice coming into force from 1 January 2024, if you have a portfolio career you'll need to look closely at the different roles you hold and assess whether each one requires you to have a practising certificate. The scenario below should help.
Scenario 1: Portfolio career
Question
I am a member and act as an unpaid trustee for a local charity. I write technical papers on financial reporting and accountancy matters for various training organisations. I am also a subcontractor to a local firm of accountants to whom I provide various accountancy services and I carry out cold file reviews for audit registered accountants. Do I need a PC?
Answer
You look to have what is described as a ‘portfolio career’. Each role should be assessed against the guidance in the statement. You will need a PC if you are acting as a public practitioner in any of your roles. We shall take each of your roles in turn:
- An unpaid trustee for a local charity - you do not need a PC if you undertake this role gratuitously or receive no more than a token non-monetary reward or benefit.
- Published author of technical accountancy papers – if the technical papers are generic (i.e., not client specific advice) you do not need a PC for this role, you are not in public practice.
- Acting as a subcontractor to a public practitioner - you do not need a PC provided that you are not ‘held out’ as a principal and the firm supervises and controls your work and accepts responsibility for it.
- Carrying out audit cold file reviews for other accountants – you need a PC for this role. Providing compliance services (including file reviews) to firms of accountants is included in Annex 1 of the ICAEW Statement, so you are considered to be in public practice.
Need help deciding?
Contact the Ethics Advisory Team
Practising certificates
Find out if you need a practising certificate and how to apply for one.
