As a fairly new ICB Practice Licence holder and sole trader in my early 60's it occurred to me that the question of my mortality or ability to continue in the event of illness could be more uppermost in a prospective client's mind than it would be if I were younger.
I have never been asked the question "What happens to my books (and my business) if for whatever reason you could not continue as my bookkeeper?".
But it's a valid question to which I would have no answer so I did some digging and came up with his from one of the main accountants' associations:
"..... requires all practitioners and regulated firms to make arrangements so that the professional needs of their clients will be dealt with if the practitioner dies or becomes incapacitated through illness. It is mandatory that a written agreement be made, and this may be inspected by ....
A sole practitioner must enter into an agreement with a practising accountant or a firm (whether incorporated or in the form of a partnership) of practising accountants whose practice is based in the same country. (Practitioners can appoint more than one continuity provider.) Practitioners must ensure that their continuity nominees hold the same levels of authorisations as they do....."
etc etc it goes on for 9 pages!
Has anyone experience of this?
What's the ICB's advice?
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