Annual reports and practice monitoring
At the end of each visit, the firm is provided with a report that includes the findings from the visit.
Every year ICAS will summarise the main findings with the aim of sharing experience and educating the members on the key issues identified, with the aim of further upholding standards.
Findings arise when rules or regulations have not been adhered to or where there are fundamental or consistent breaches of best practice.
What are the most common Findings?
A summary list is given below of the Findings that occur regularly. This list is not exhaustive.
Find out more about Breaches of Money Laundering Regulations
Find out more about Breaches of Designated Professional Bodies (DPB) rules
Find out more about Independence/Code of Ethics
Lack of evidence to support opinions given, financial statements and tax returns
Find out more about Inadequate CPD or documenting thereof