Procedures - aimed at sole trader accountancy practices

Procedures - aimed at sole trader accountancy...

Didn't find your answer?

HI,

I operate on my own and follow many procedures in line with my Institute, however, these are not always written down. Do other sole traders, entirely on their own have everything written down and follow checklists etc?

Also,do you keep a separate Money Laundering file for each client, or does this form part of your Permanent file?

Thanks again,

Lorraine

Replies (2)

Please login or register to join the discussion.

avatar
By lja20
14th Nov 2011 13:34

not overly formalised

Hi Lorraine

I am a small sole practitioner who is a member of ICAEW.  I don't have many formalised checklists, the 'procedures' I ensure are in place for my clients is money laundering checks plus receipt of signed engagement letter.

My money laundering checks consist of a copy of the passport plus returned engagement letter which has been posted to the clients address.  I don't do much more than this but I also only take on referrals (I don't advertise), I suspect I would do more checks if I was taking the 'man off the street'.

For each new client, I use the risk assessment as per ICAEW but see this is a box ticking exercise really, as most of my clients are straightforward and therefore low risk.

Engagement letters and MLR are filed together, I just update an excel spreadsheet 'client master' that holds important info for each client eg date of engagement letter, year end, UTRs, Companies House info etc, so if looking for a quick reference it is all in one place.

I am in my third year, and as of yet have been contacted by ICAEW but would hope my procedures are sufficient for the size of my business.  I don't feel I need to formalise my checklists - again would be different if I had employees but with just me - seems no point!.

Hope this helps!

Jo

 

 

 

Thanks (0)
avatar
By Steve McQueen
14th Nov 2011 16:06

Read the e-myth...

...and learn why you should always write stuff down.

Thanks (0)