We can tailor the service to suit your requirements, but essentially there are two components:
Cold file review
We will examine an audit file and identify the changes necessary to the file if it had been performed under clarified ISAs. We will provide a report that will summarise the changes needed to comply with clarified ISAs and to improve audit efficiency.
One-to-one coaching
We will talk you through how clarified ISAs would be applied to the file. We will also provide feedback on how to improve audit efficiency. This will provide you with the expertise required to apply them to rest of your client base. You will also receive a document summarising the key findings.
This service is available throughout the UK.
Clarified ISA Coaching is provided by experienced staff formerly with QAD. They see hundreds of case files each year and have expert knowledge of clarified ISAs. They are exempt from the duty to report misconduct and will not share information with QAD or any other ICAEW department.
No other initiative designed to support practitioners’ transition to the new regulations can offer this level of expertise.
Graham Bale
Graham was audit and technical partner in a national firm before joining the (then) JMU. In balancing the technical demands and fee concerns of clients with the firm’s commercial targets, he was always aware of the need for cost-effective audits.
Graham has participated in a number of projects at ICAEW. These include assisting the Croatian authorities to launch their first professional examinations for accountants and leading the team which developed the Practice Assurance visit process.
Graham says, ‘In these uncertain times, many firms are struggling to protect their existing client base. Understandably, they are concerned about the impact regulatory changes could have on their profit margins. This initiative will help firms to grasp the opportunity to look critically at their approach to audit work, and enable ICAEW to help firms to avoid the problems encountered when the original ISAs were introduced’.
John O’Donnell
John trained with a provincial firm and worked in local practice where he was involved with local and national clients.
He became a senior reviewer and manager in QAD where he visited many firms and was involved with a number of projects, including the planning and implementation of Practice Assurance. He has given presentations on Practice Assurance to members across the country as well as being involved in an ICAEW audit workshop in Bulgaria to help the profession there develop audit monitoring.
He has also visited firms in Jersey, Guernsey and the Isle of Man and was heavily involved with investment business in the UK.
John feels that firms often want more advice than QAD is able to give in the time available. He says that ‘the PSS service is particularly useful to firms in helping them reconcile compliance requirements with the need for profitability. This has never been more relevant than in the current economic climate.’
Catherine Woodthorpe
Catherine started her career with Kidsons Impey where she was involved on the audit of businesses of varying sizes – from small owner-managed companies to listed plcs. She spent a number of years running a branch of a medium-sized firm of chartered accountants based in Kent where the majority of her clients were SMEs. Catherine has also written a number of books and articles aimed at the SME sector.
Catherine joined ICAEW in 2006 as a QAD reviewer, responsible for carrying out audit and Practice Assurance visits to a wide variety of firms. She says, ‘The firms I visit have often wanted more guidance than I have the time to give them as a QAD reviewer. I’m delighted to finally be able to provide the support they need’.