Our Practice Assurance (PA) scheme provides ICAEW member firms and practising certificate holders with a framework of principles-based quality assurance standards to operate to. It outlines the procedures to follow with new clients, how to maintain the highest quality of work and ensure compliance with relevant laws and regulations, eg, those relating to anti-money laundering and protection of client data.
The PA scheme combines the Practice Assurance Regulations (which sets out how the PA scheme operates) and the Practice Assurance Standards. Additional regulations apply if these ICAEW members and firms carry out work in regulated areas such as audit and insolvency.
A very experienced team of ICAEW reviewers monitors the 12,000 firms that operate within the PA scheme. The focus of these Practice Assurance monitoring reviews is to make sure the correct policies and procedures are in place to comply with the PA scheme. These reviews are not technical reviews of the work of our firms and members.
The following resources are designed to help ICAEW member firms and practising certificate holders develop appropriate policies and procedures to comply with the PA scheme. They are grouped according to firm size and therefore to the complexity of the procedures a firm is likely to put in place to comply with the Practice Assurance scheme.