Setting up a practice

The checklist below sets out the key matters you need to consider when setting up in practice. There are also links to relevant information if you intend to undertake regulated audit work, offer investment business advice or take insolvency appointments.

Getting started

• Consult the Council statement on public practice (See Members' Handbook, Section 6.1)
• Get a practising certificate
• Get professional indemnity insurance
• Have a look at the helpsheets that are available
• See Practice helpsheets on
  • Complying with the requirements of the Data Protection Act (The accountancy profession and the Data Protection Act 1998 - PAS1/HS17 helpsheet)
  • Understanding the key issues associated with fee protection insurance (Fee protection insurance - PAS1/HS20 helpsheet)
• Register with the office of the Information Commissioner

Do you intend to undertake regulated audit work?

• Get the audit qualification
• Apply
  • to become a registered auditor
  • to nominate a responsible individual
• Comply with the Audit Regulations and Guidance

Do you intend to offer investment business advice?

• For non-mainstream activities, apply for a designated professional body (DPB) licence
• Comply with the DPB Handbook
• For mainstream activities, apply for to the Financial Services Authority (FSA) for authorisation
• Comply with the FSA Handbook

Do you intend to take insolvency appointments?

• Apply for an insolvency licence
• Comply with the Insolvency Licensing Regulations
• Consult the guide for newly qualified insolvency practitioners