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need some accontancy advife - am i. allowed to do this?

(5 Posts)
incognitoaccountant Tue 27-Sep-11 12:59:51

Am an ACA trained accountant but not worked in practice for over three years. A friend of a friend is treasurer for a school PTA and they need accounts doing. Am I allowed to do them - as far as I can tell it is simply preparation (definitely no need for an audit) and for the past few years the accounts haven't needed to be submitted to the charity commission.

Would i need a practising certificate or I am just a)le to do it? Am a bit nervous but think I would like to do it. Just don't want to find I should have indemnity insurance (this is likely to be a one off) or something else.

incognitoaccountant Tue 27-Sep-11 14:04:04

Bump for any freelance accountants out there smile

mranchovy Wed 28-Sep-11 10:30:41

I am ACMA but I think all the institutes have the same rule: no pay = no practicing certificate. If this is the case (check with ICAEW), whether you have PII is up to you, but it would be cheaper and simpler to have an agreement in place that excludes liability (or caps it at £1).

Do they need an independent examination (income or expenditure over £25k)? This is surprisingly onerous to do properly, I do it for my DD's school PTA but I wouldn't do it for nothing for a FOAF.

incognitoaccountant Thu 29-Sep-11 11:14:02

Thank you very much - I was actually going to be paid for doing this so think that would definitely have not been a good idea. Have turned it down anyway - they are now saying that the husband (accountant) of the treasurer is going to do the accounts and they will need an independent examination as the PTA has a swimming pool and so expenditure at least is around the £25k mark.

Feel glad I am not doing it tbh as feel it had the potential to take up a lot of time for not much gain (and the lack of practising certificate)

mranchovy Thu 29-Sep-11 13:29:14

Good grief, do the committee of the PTA (let alone the members) understand the liabilities associated with operating something like a swimming pool as an unincorporated association?

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