A rigorous approach to risk management is essential to running a successful and sustainable practice.
Firms face a wide range of risks including quality control, regulatory compliance, security of physical assets, fraud and other business crime, IT security and business continuity in the event of a natural disaster or the death or incapacity of a sole Principal.
Practice Assurance compliance review and checklist
The Practice Assurance compliance review and checklist provides a commentary on a wide range of issues raised by the Practice Assurance Standards – Laws Regulations and Professional Standards, Client Acceptance and Disengagement, Competence, Quality Control. The helpsheet includes a checklist to help practitioners with a systematic and critical review of their firm's compliance with aspects of Practice Assurance.
Practice insurances provides a tool for reviewing your practice insurance requirements and establishing a comprehensive record of the cover held.
Fee protection insurance
This helpsheet reviews the main issues concerning Fee Protection Insurance and provides information about a number of schemes that are currently available.
A suite of products catering for your business requirements.
Managing professional liability of accountants - illustrative wordings
This helpsheet provides illustrative wordings in a limited number of cases for consideration by members in practice seeking to manage their risk of potential liability because of an act or omission resulting in financial loss.
Auditor liability limitation agreements
Auditor liability limitation agreements explains the background to and purpose of auditor liability limitation agreements (LLAs) and what procedures need to be followed.
CPD and training
All firms need to ensure that their principals, staff and subcontractors are competent to carry out their work.