Member firms are required to comply with the four principles-based standards, and are monitored through an annual return and a review visit from the Quality Assurance Department.
Monitoring visits
The Quality Assurance Department conducts monitoring visits to firms that fall within the scope of the Practice Assurance (PA) scheme. QAD's PA monitoring reviews exclude work carried out by third parties used by our member firms in outsourcing arrangements. Depending on the size of your firm, Practice Assurance may take the form of a visit, attendance at a surgery or a review by phone. We will write to tell you which type of visit we propose.
Most of the firms we visit are selected on a random basis, approximately once every six years. Some visits, however, may result from a review of the firm’s annual return or because other information (such as any recent complaints) has come to our attention. The visit will include a review of how the firm meets the principles-based PA standards.
QAD enters its second cycle of reviews
QAD has been carrying out Practice Assurance reviews for six years and is making some changes to the way it reviews firms. We’ve already introduced telephone and surgery visits for smaller firms, but in 2012 we plan to launch masterclasses and desk-top reviews.
Masterclasses
QAD reviewers will present at nine masterclasses around the country.
-
-
-
-
-
-
-
-
-
-
- 28/11/12
- Bournemouth/Salisbury
- 45
We will invite firms to free masterclasses between their scheduled reviews. Our reviewers will provide practical guidance on key areas covered by the Practice Assurance standards, such as the anti-money laundering regulations, ethical issues and the quality of statutory accounts. They will also be available to answer questions about individual practices.
Desk-top reviews
We’ve also introduced desk-top reviews to help us stay in touch with firms between visits and instead of an on-site visit for some smaller practices.
We will send firms an information questionnaire and ask them to complete and return the form. QAD reviewers will examine the responses together with information from the public domain, taking account of the firm’s visit history. They will follow up directly with the firm if they need further information.
Annual return and guidance notes
Member firms are required to complete an annual return.
- All firms complete modules A, D and confirmations.
- Firms registered for audit also complete modules B and E.
- Licensed DPB firms also complete module F.
There is a separate annual return for ICAEW licensed insolvency practitioners. Key words and phrases used in the annual return are defined in the guidance notes.
If we identify issues when processing returns, we will contact firms and offer practical help and support to resolve them rather than waiting until they are discovered during the course of a visit.
If you have any questions about your annual return, please call the QAD helpline +44 (0)1908 546 335 or email: qadadmin@icaew.com.
From time to time we update the guidance notes to clarify matters where questions have arisen in the past.