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Setting up in practice

When you are starting up in practice it is important that you are aware of the legal and regulatory requirements. Our Setting up in practice pages will help you answer some of the questions you may have.

The key to running both a successful accountancy practice and making it profitable is to run it as a business.

In this section

Are you ready to go into public practice?

Practising certificates

Before you engage in public practice, you need to hold an ICAEW practising certificate (PC) and comply with our Professional Indemnity Insurance and Practice Assurance Regulations. From 1 January 2024 the practising certificate guidelines are changing. Find out who is affected and what is changing.

The ICAEW Practice Assurance scheme

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)

Professional indemnity insurance (PII) is compulsory for all ICAEW members who have a practising certificate and engage in public practice. PII is a requirement for a number of regulations.