When you are starting up in practice it is important that you are aware of the options you have to consider.
Are you ready to go into public practice?
Consider what practice structure is right for you.
Management considerations when first setting up your practice.
Factors to consider when choosing IT infrastructure and systems for your practice.
For commercial success, carefully consider client management, risk management, practice marketing and how you bill your clients.
Take time during the early months of setting up in practice to set a review date and consider whether you're heading in the right direction.
One year on - how to plan the next 12 months for your new practice.
Practice support services available to ICAEW members and member firms.
Engaging in public practice
Before you engage in public practice in the UK or the rest of the EEA, you need to hold an ICAEW practising certificate and comply with our Professional Indemnity Insurance and Practice Assurance Regulations.
Our Practice Assurance (PA) scheme provides ICAEW member firms and practising certificate holders with a framework of principles-based quality assurance standards to operate to. It outlines procedures to follow with your clients, and how to maintain the highest quality of work and ensure compliance with relevant laws and regulations, eg, those relating to anti-money laundering and protection of client data.
Professional indemnity insurance (PII), is compulsory for all ICAEW members who have a practising certificate and engage in public practice. PII is a requirement of a number of regulations.
Revised guidance on 'engaging in public practice' comes into effect from 1 January 2017. On this page, you will find a links to key information to help you familiarise yourself with the changes.
A guide to the fundamental elements of the Practice Assurance scheme – a useful overview as you set up a new firm or as a reminder for existing Practice Assurance firms.
What constitutes engaging in public practice.
These concern when a director can engage in public practice.
Structuring a practice
A corporate practice can be a Limited Company or Limited Liability Partnership.
This helpsheet outlines the conditions and restrictions governing the use of the title ‘chartered accountants’ by firms.
Benefits of affiliate status, application forms, regulations and affiliate fees.
Continue running a practice in the event of death or incapacity.