A Practising Certificate (PC) is required when a member engages in practice. Practice is the provision of services - including accounting and related services - to people other than the member's employer.
A member engages in practice when he or she provides, or holds him or herself out to provide, such services to the public either personally or through a firm.
Examples of some of the more common reasons for requiring a Practising Certificate include:
- Becoming a principal in an accountancy firm
- Independently offering accountancy or related services to the public
- Being an insolvency permit licence holder or
- An employee responsible individual under the Audit Regulations.
A Principal is defined as:
- An individual in sole practice (where the firm is a sole practice)
- A person who is a partner (including both salaried and equity partners) (where the firm is a partnership)
- A member of a limited liability partnership (where the firm is an LLP)
- A director (where the firm is a company) or
- An individual who is held out as being a company director, partner or member.
For more information on whether a practising certificate (PC) is required, please see our guide:
When is a practising certificate required?Practising Certificates are valid for the calendar year or the balance of the calendar year for which they are issued, and remains valid until you cease practice. For the Practising Certificate to remain valid, you will be required to submit your members Annual Renewal and pay the relevant annual Practising Certificate fee each year.
The Practising Certificate does not of itself convey the right to practice in the reserved areas of insolvency or audit.
Once a member has obtained a practising certificate, they must comply with the Public Practice Regulations.
