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Practice Assurance resources

Learn from the experts: best practice guidance and advice from Practice Assurance monitoring reviews

Key

Most of the content on this Practice Assurance page relates to firms of every size, but where a section relates only to a specific size, you will find one of these icons:

Shining  New firms

Person  Sole practitioners and smaller firms

People  Larger firms  

Practice Assurance monitoring reviews

Practice Assurance Monitoring 2019

Download our latest report
A summary of best practice suggestions and essential actions for your firm, using key findings from Practice Assurance reviews.

Practice Assurance compliance review checklist

Our Practice Assurance compliance review checklist provides a commentary on various issues raised by the standards and a checklist for a systematic, critical review of your firm's compliance with all aspects of Practice Assurance. Although there's no specific requirement to use a checklist, it will support your compliance review and offer guidance on issues that often cause concern.

Practice Assurance reviews of larger firms People

A comparison of the practice processes and procedures for the unregulated work of large firms (with a turnover of over £10m).

Managing risk in larger firms People

Based on their experience reviewing over 2,000 firms each year, the Quality Assurance (QAD) team offer advice on best practice in terms of managing risk.

Statutory accounts issues we find

During monitoring visits, we often find issues with either the format or presentation of statutory accounts. We also find that firms sometimes struggle to work out if their clients qualify for audit exemption and which accounting standards they should use under new UK GAAP.

Clients’ money

If you hold clients’ money, you need to comply with the Clients’ Money Regulations. These require, among other things, that this money is held in a separate bank account designated as a client account. If the money is above a certain amount, it may need to be held in a specific interest-bearing designated account with the name of the client. These client bank accounts need to have trust status. This is clarified in the regulations.

Money laundering

Anti-money laundering regulations require a firm to retain the evidence of client identity, obtained when the client relationship first commenced, for a period of five years from the date the relationship ends. We have put together guidance on anti-money laundering law and practice. 

PII

Professional indemnity insurance (PII), is compulsory for all ICAEW members who have a practising certificate and engage in public practice.

Code of Ethics

ICAEW's Code of Ethics (the Code) applies to all members, students, affiliates, employees of member firms and, where applicable, member firms, in all of their professional and business activities, whether remunerated or voluntary.

Regulations

Information and guidance on the regulations that relate to ICAEW members, affiliates, students and firms.