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Quality Assurance Monitoring: view from the firms

As a world-leading improvement regulator, we supervise and monitor over 12,000 ICAEW firms and insolvency practitioners (IPs), holding them, and all ICAEW members and students, to the highest standards of professional competency and conduct.

Monitoring is carried out by the Quality Assurance Department (QAD), which is part of the Professional Standards Department (PSD). PSD is responsible for carrying out ICAEW's regulatory and conduct roles. These roles are separated from ICAEW’s other activities through internal governance so that we can monitor, support or take steps to ensure change if standards are not met. Monitoring reviews ensure and reassure firms/IPs they are meeting the expected requirements of the standards, regulations and the ICAEW Code of Ethics. In turn, we take action where the requirements are not met.

Firms and IPs are asked to complete an anonymous survey after each monitoring review. They are asked to provide feedback on the review process; the quality of interaction and the support provided.

These survey responses are collated and analysed by an independent research agency and we receive a quarterly overview report which we use to support the continuous improvement of our monitoring processes and procedures.

QAD monitoring infographic for Q2 2023

Quality Assurance Monitoring

In the second quarter of 2023, the results remain positive and the response rate is up to a rate similar to 2019, before COVID. We’re pleased to see how many firms are engaging with the survey, and we encourage you to continue to provide us this valuable feedback so that we can continuously improve our processes.

One firm shared, “I cannot thank the reviewer enough for the way she approached everything. She was thoroughly professional and efficient, had clearly done her homework before and during the review, but was empathetic.”

Monitoring visits are an important part of our commitment to fulfil ICAEW’s statutory responsibilities and commitments to oversight regulators. So far, we have reviewed more than 1,000 firms. In 2022, we undertook a total of 2,520 visits.