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Council statement definitions

Definitions relating to the Council Statement on Public Practice regulations.

A

accountancy services

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accountancy services

The preparation of financial records, returns, statements or information; or

  • the provision of consultancy or advice concerning accounting, auditing, insolvency or taxation matters; or
  • the provision of a service that requires a specific licence that the Institute can provide (even if the licence is not obtained from the Institute); or
  • the representation of a client to/before third parties in matters concerning accounting, auditing, insolvency or taxation.

B

C

client

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client

A body or person to whom an accountancy service is provided, except if the accountancy service is provided to another entity in the same group.

D

E

entity

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entity

A sole practice, partnership, limited liability partnership, company, other corporate body or any other entity used to provide accountancy services.

F

G

group

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group

A parent undertaking and its subsidiary undertakings where the undertaking is a body corporate, partnership or an unincorporated association.

H

I

J

K

L

M

N

O

P

principal

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principal

An individual in sole practice, a person who is a partner (including both salaried and equity partners), a member of a limited liability partnership, a director or a trustee regardless of the role of the member as a principal in that entity or any individual who is held out as being a principal.

public practitioner

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public practitioner

An entity which provides accountancy services to clients in anticipation of reward where:

a substantial part of the activities of that entity is the provision of such services; and

if the entity is part of a group, a substantial part of the activities of the group is the provision of such services.

Q

R

S

substantial part

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substantial part

More than 10% of the total annual turnover of the entity or the group.

T

U

V-Z

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