The Quality Assurance Department (QAD) conducts insolvency monitoring visits to practitioners.
QAD conducts insolvency monitoring visits to appointment takers licensed by ICAEW.
Most of the insolvency practitioners we visit are selected on a random basis but some visits may arise from a review of the firm's insolvency annual return or because other information (such as a recent complaint) has come to our attention.
We operate a three-year monitoring cycle for those IPs who aren’t in large multi-IP firms with dedicated compliance teams. The move to more frequent visits has led to an increase in the number of reviews that were concluded without any need for follow-up or regulatory action.
For those in larger multi-IP firms, we visit the firm each year and review individual IPs over a six-year cycle.
We ask every IP to give us feedback on their monitoring visit and an outsourced third party collects and processes the information anonymously.
The annual return is an integral part of ICAEW’s regulatory relationship with firms. As part of our commitment to continuous improvement, we’ve developed an online annual return that we'll be launching later this year.