Im just curious to know what your experiences were when you received your quality check from your Institute.
Ive been in practice for 18mths and am waiting now for the letter to come through....
What did they look at
What did they pick up on?
Were they helpful or threatening?
I have a constant crisis of confidence about whether or not I am doing it all correctly...Im trying my best I think the sooner I get my check the better now..
Thanks
Replies (6)
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ICAEW took about 8 months to contact me - they run new practice events and then I had a follow up phone call with them. All very painless to be honest. Good luck!
Documentation
Assuming that it is a Quality Assurance visit from the ICAEW or similar, they will review a sample of client files covering companies, sole traders/partnerships and income tax return cases. What they are looking for is documentation including:
copies of client IDsigned engagement letterplanning of accounts jobsaccounts agree with lead schedulescompany accounts disclosure checklistfinal review of accountsclient's approval of accounts and tax returns
Seeing that you have evidence of a methodical procedure is probably more important than getting the numbers right!
We have always found the inspectors very helpful.
Telephone 'visits'
Sometimes the ICAEW conduct their inspections by telephone. They can soon get an idea as to whether you are a clueless idiot who is a danger to the public or a sensible and knowledgeable practitioner trying to do his best (but perhaps not a super-human error free accountant).
If the latter they will offer support and useful things to think about.
So don't worry unnecessarily.
David
Just had mine - very useful
Not sure which institute you're a member of.
I had my practice assurance review this week via telephone.
Very painless and actually gave some great advice on areas for practice development which I hadn't considered.
I would echo the points above, if you know what you're doing and there's evidence of it, you'll be fine.
If it is ICAEW you should definitely watch the webinar.
I have had two visits to date.
Both chaps were very helpful and both visits were very worthwhile.
Prior to the second visit, ICAEW asked if they could do a "telephone visit" and then send some of my client files down to them to look through. (I am in Skye!)
I told them that I do not let client files off my premises as a matter of policy and they would have to send someone up. They were quite happy with that and the chap who came up was charming.
I thought their request smacked off HMRC asking for all books & records to be sent to them so that they could take ages poring over them and finding ridiculous points to raise. Going through records at an accountants office concentrates the Inspector's mind wonderfully, whether he be from HMRC or ICAEW!