Practice review service
The Practice Review Service offers a wide range of confidential reviews, which will not only help your firm establish and maintain quality control procedures but monitor their effectiveness too.
The service is fully flexible, whether it's a short consultation on a specific matter or a full review of your practice that is required.
Our expert team offer a wealth of knowledge and experience and, importantly, an independent and objective point of view. Competitive rates make the Service a cost-effective option for ensuring your firm's compliance with the ever-changing professional regulations. Using the Service provides the additional bonus of allowing you to free up valuable chargeable time, while benchmarking your practice.Our services cover many areas of practice, particularly audit compliance, and are highlighted below.
The Practice Review Service is offered at a competitive rate of £90 per hour plus expenses plus VAT. Travel time will not be charged. A 10% discount is available to CA Practitioner Service members.
The Next Step
If you are interested in discussing how the Practice Review Service can help your firm please contact Linda Laurie on +44 (0) 131 347 0249 or email firstname.lastname@example.org
To find out more about the benefits of being a CA Practitioner Service member and for details of how to join, contact Linda Laurie on +44 (0) 131 347 0249 or email email@example.com
Audit compliance reviews
All audit registered firms are required to demonstrate their compliance with Audit Regulations on an annual basis by carrying out an Audit Compliance Review. The Practice Review Service can help minimise your compliance burden by carrying this out on your behalf.
Our Audit Compliance Review covers everything from the quality of your firm's audit procedures to CPD compliance. As part of this service you'll receive a comprehensive report with detailed recommendations for your records.
Audit cold file reviews
Whether your firm prepares paper audit files or have moved to automated audit procedures, the Practice Review Service can carry out cold reviews of your audit files. Our comprehensive checklist and report will highlight any major areas of weakness or non-compliance with professional requirements. We also offer feedback sessions for your audit personnel, allowing them to hear first-hand the results of reviews and to ask questions as to how improvements can be made.
Our expert team have experience in a wide range of sectors including regulated areas such as charities and credit unions. We can carry out reviews annually as part of an Audit Compliance Review, or throughout the year if it's more convenient. Regular reviews can help prepare you for a visit from the ICAS Audit Monitoring team and, if required, allow your firm to take timely corrective action.
Using our independent and objective experts can provide you with the added assurance that your procedures are in line with professional requirements and help you if they need to be improved. We can also assist you after an audit monitoring visit by advising you how to implement the required improvements and assisting with any submissions to the Audit Registration Committee.
Our general reviews can focus on one particular issue or cover a number of areas - it is up to you. They can take the form of informal telephone consultations, or a visit to your firm to undertake a full review and formal report. We can provide guidance on a number of areas including:
- compliance with Institute bye-laws, rules and guidance eg money laundering;
- skills and competence eg recruitment, appraisals, training and IES 8;
- general management practices eg workflow arrangements;
- analysis of specific work areas within the practice eg accounts preparation, taxation, projections, management accounts, payroll and book-keeping services; and
- preparation for a visit by the ICAS Quality Review team - highlighting areas where improvement is needed and advising on corrective action, or if you have recently been visited, reviewing, recommending and formulating an appropriate plan of action.