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Limited company

  • 25 posts
  • # 54610

I have been approached by a potential client who runs a small limited company.  I am currently qualified to Asspciate level, are there any circumstances under which I could prepare final accounts for her or am I obliged to stop at the Trial Balance stage?

  • Companion Fellow PM.Dip
  • Practice Licence
  • 1137 posts
  • # 54611

Hi Phil 

There is a very good flowchart from Ami at the ICB about what you are allowed to do as an associated.  

The answer I am afraid is no as you have not reached that qualification.   I am presuming you have a practice certificate , if you take this work on under the ICB banner then you will be invalidating your Professional Insurance and that is not worth the risk as once you do that , they can refuse you in the future.

You may have other qualifications with others bodies that cover this, am not sure as you have not said.

 Do you have a local member that you trust and  could pass it to after you do to the trial balance, you could cover yourself my making sure there is say a finders fee for the other member if the client went to them for everything.   I would hope that another member would respect you and not try to poach your client.  

 

  • Companion Fellow PM.Dip
  • Practice Licence
  • 1137 posts
  • # 54629

Hi Phil

I have posted on the Scottish Group about having  a middle area group.   I was wondering what you think.

  • 21 posts
  • # 54801

Hi,
I am also an associate member, when I started traing I was under the impression that this level would allow me to do the books of sole traders and small ltd companies. Since being qualified I was told that I was only qualified to do sole traders, now I read your post and i'm left confused! So am I able to have small ltd companies as clients as long as I don't do the final accounts??

  • 698 posts
  • # 54862

Hi Mandi

As an Associate member you can do bookkeeping for limited companies only up to trial balance.

Once you opass level III exams you can then produce draft accounts for limited companies.

If in doubt check out the flow chart.

Kind regards
Stuart

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