I am new to the forum, and I wonderered if anyone can help? I have recently passed my Level 11 manual and computerised exams with ICB and have the status AICB Cert PM Dip. I have recently just acquired my first client who is a sole trader, I have also been offered the bookkeeping and payroll with another client working one day per week, but this client is a limited company, I would appreciate if anyone could advise me if I am qualified to work for a limited company, do I need to pass Level 111 first before I can start to work for this client?, is anybody out there with similar qualifications to me working for limited companies? I am currently studying Level 111 manaul and computersied, I am working through the Kaplan text books I purcahsed from ICB.
I'm sure that James will correct me if I am wrong in this reply but to my understanding at AICB you can do bookkeeping to trial balance for a limited company but not prepare the accounts (for which you will need Level III).
At AICB you can however prepare the final accounts for a sole trader.
Good luck with the level III Alex, good choice of study material.
all the best,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Thank you for your reply, all I would be doing for this client is completing the work to the year end for and then the accountant will take over to complete the tax returns etc. I would appreciate if James from the ICB would confirm this, to put my mind at rest.
There is a page on the ICB website that details what you are allowed to do at each level. There was a debate over what "prepare draft final accounts" meant (for level III) and they were going to clarify but I don't remember reading the clarification. You'll likely have to wait until Monday for James to officially confirm things but I agree with Shaun that you're allowed to do the work up until the trial balance stage.
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Never buy black socks from a normal shop. They shaft you every time.
I am currently AICB and taking the computerised exams next and I already do work for two Limited companies. I only do the bookkeeping up to Trial Balance. I do the payroll for both too however and am currently looking at doing the Payroll Diploma as I have been told that my Practice Licence won't cover me for payroll. I did my other training with Ideal Schools but am looking at doing the payroll with Training Link. Who did you do yours with?
I am doing my Level 111 studies with Ideal Schools, I have one more assignment to complete then I can take the exam, I have purchased some past papers from ICB and after reading them I do not feel confident enough to pass, I think I will have revise the manual again. I think Level 111 is a lt harder than Level 11. Why did you change to Training Link?
I am currently AICB and taking the computerised exams next and I already do work for two Limited companies. I only do the bookkeeping up to Trial Balance. I do the payroll for both too however and am currently looking at doing the Payroll Diploma as I have been told that my Practice Licence won't cover me for payroll. I did my other training with Ideal Schools but am looking at doing the payroll with Training Link. Who did you do yours with?
Pauline
What does this mean in reality? That the ICB will not allow to do the payroll or that because your practise license won't cover you then you are not insured to do that work as your insurance only covers what your practise licence covers. So you could do the work - you just wouldn't be insured and if you made an error you could be sued personally and your insurance would be worthless?
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Never buy black socks from a normal shop. They shaft you every time.
Brian @ Ideal Schools here. I'm sorry to read that you're thinking of moving your studies away from Ideal. I've read previous comment that our Payroll course is expensive, but when you consider that is includes a fully licenced copy of Sage 50 Payroll, which you can continue to use for your own business use, then the price doesn't seem so bad. Also, if the cost is an issue, are you aware that, as a former/current student, you are entitled to a 10% discount on the fees?
If you'd like to pose any questions re further study please don't hesitate to contact our offices.
Once you've passed your assignments, had feedback on on your past paper, and also completed the online practice paper (which we'll pay for), then you'll be fully ready. Also remember that Ideal tutors have available to help you with anything you are struggling with, so please get in touch.
Most importantly, don't panic. Our pass rates are really high for this level and we're sure you'll get through the exam ok.
You guys are right, AICB coveres you for Sole Traders accounts, or for Limited Companies to Trial Balance.
Offering services without ICB accreditation causes confusion and is best avoided
ICB Rules, like the other bodies (although probably more relaxed), state that if the service is within the scope of the ICB it cannot be mentioned alongside mentioning the ICB, using the crest or using letters after your name. However, it is frowned apon anyway.
What do I mean by services within the scope of the ICB, well it includes bookkeeping, payroll, self assessment etc, but not corporation tax, secretarial services (answering phones etc), yoga classes etc
However, you would still be expected to act as a professional and within the law at all times regardless of what service you were offering.
Draft Final Accounts are accounts before the director has signed them. So terminology confusion between education and industry I think, as only a director can sign the accounts anyway.
When they are signed (and agreed) they would be Final Accounts ready for submitting. Submitting final accounts is outside the scope of the ICB, so Certified Bookkeepers (MICB) could submit them, but make sure you know what you are doing first as it can be costly to make a mistake.
Sorry, this post ran away from me somewhat. I found Level III a considerable step up from Level II as well. One thing I would say is if you don't feel you are ready don't rush into taking the exam. It's too expensive to fail ! (Speaking from experience here!!)
I haven't yet decided on who to take the Payroll course with. I was reasonably happy with Ideal Schools but have read (on this forum I think) that somebody couldn't understand their payroll course and I must admit that on a couple of occasions I have had difficulty understanding certain parts of the course that haven't been put very well and sometimes the printing has left a lot to be desired.
Brian - I haven't decided who to go with yet, but I don't find the payroll course that expensive. I know that I get a fully licensed copy of Sage payroll but I normally work with clients' software so probably wouldn't really need it.
Peasie - I assume it means that I won't be covered by my insurance if anything went wrong. As I was already doing the payroll when I started my membership with ICB I couldn't very well just stop doing it....my clients would probably have got rid of me! lol
I've seen one or two of these posts as well, but we've never had a failure in this exam which would hint that the materials are fine. As with all our courses, if you receive the materials and you feel they are not what you are looking for or expected, then you can return them within a 3 weeks period and receive a refund of fees paid, but I'm sure that wouldn't happen. If you'd like to email me at the office I'll reply and attach a sample lesson from the course for you to review.
You guys are right, AICB coveres you for Sole Traders accounts, or for Limited Companies to Trial Balance.
Offering services without ICB accreditation causes confusion and is best avoided
ICB Rules, like the other bodies (although probably more relaxed), state that if the service is within the scope of the ICB it cannot be mentioned alongside mentioning the ICB, using the crest or using letters after your name. However, it is frowned apon anyway.
What do I mean by services within the scope of the ICB, well it includes bookkeeping, payroll, self assessment etc, but not corporation tax, secretarial services (answering phones etc), yoga classes etc
However, you would still be expected to act as a professional and within the law at all times regardless of what service you were offering.
James,
Are you saying it is frowned upon when ICB members use the crest or the letters by their names even when it concerns matters within the scope of ICB?
If you are not mistaken, then the information on the ICB website is misleading.
No it is frowned on to practice outside your qualifications. You must not refer to the ICB in any way if you are doing this, including using the crest or letters after your name.
As the example given below, if someone joins the ICB who is already in business, they obviously cannot give up their clients, but at the same time they cannot use the ICB crest which might mislead the clients as to which services are covered under the ICB umbrella.
But of course the ICB is much more lenient than the ACCA who, under regulation 8 would not allow an accountant who was practicing as qualified by experience to continue to offer anything other than basic services to clients if they became a student member of the ACCA. And under no circumstances can a student let anyone know that they have any association with the ACCA.
The ACCA rules are cruel and draconian but they're what we signed up for and I don't reccon that they'll be a changin any time soon.
A long while ago a very close chartered accountant friend of mine told (warned) me that accoutnancy is basically an old boys club. Never really understood what she meant by that until I found how difficult it is to get acceptance in the club by passing those final experience requirement hurdles.
The ICAEW is even more difficult than the ACCA to get a training contract but at least they're up front about things and you can't even get your foot in the door as a student unless you have already got a suitable position.
I'm watching with interest at the moment what happens with this sites suggestion about working towards opening up experience opportunities. It would be excellent if there was some way of gaining the experience requirement as part of the training but to my mind that's not going to happen as it's seldom the case that trainers are qualified accountants so they would not be in a position to supervise students.
All the best and talk later,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
