Practising certificates
Before you engage in public practice, you need to hold a practising certificate (PC) and comply with our Professional Indemnity Insurance and Practice Assurance Regulations.
PII - exclusive for members
SBJ Professional have created an enhanced professional indemnity facility exclusively for ICAEW members.
Typically members engage in public practice when they become a principal in an accountancy firm or when they independently offer accountancy services to the public (within the European Union).
However, it is important to note that there are other situations where a PC is required, for example as an ICAEW insolvency licence holder, and as an employee responsible individual under the audit regulations.
From 1 January 2008
The ICAEW Council has approved a new statement on public practice and the process for applying for a PC has been made more straightforward. These new arrangements are effective from 1 January 2008.
If you are applying for a PC to be effective on or after 1 January 2008, you should use the new application form and pay the fee for 2008.
Practising without a PC can result in disciplinary action
Practice Assurance, our compulsory practice review scheme, applies to all members who hold a PC and PC holders are required to comply with the Practice Assurance Regulations (Members' Handbook, Section 6.5).
When you apply for a PC, you must be able to demonstrate recent, relevant post qualification work experience in the areas in which you intend to practise, ethical awareness, CPD and PII compliance.