QAD Inspection
We have just had a visit from ICAEW and we are shocked at some of the pathetic issues the woman has pulled us up on. Things like audit papers not initialled properly and no lead schedule for shares etc.
Not only that they have told us that we are to have mandatory file inspections for a year!! We invest in all the best checklists and programmes and do everything we are so called enforced to do but they've come back and said our planning is insufficient, lacks clarity and is not in accordance with ISA. Naturally we are appealing.
Has anyone else had dealings with these before? How did you handle them?
Sympathy
I can only offer sympathy - I have similar issues with the ACCA who tell me they fail over 50% of their visits - which to me is a ridiculous ratio suggesting the standards being worked to are out of touch with the needs / practice at street level.
My solution, as I am only 3 or 4 years away from selling up and starting over is to simply throw the towel in on audit - don't like doing so, but the stipulations as to file review and bearing the costs of early revisit are not economic for the number of audits undertaken.
Talking to the ACCA is nigh on impossible, and progressively each person who has visited us from the ACCA or who we have had the mispleasure of dealing with has been more arogant. Mind you, when the Chief Exec decideds she is too busy to go to a Commons Select Committee to give evidence and sends a deputy, what tone does that set for the organisaiton as a whole. (end of rant)
e mail me with your details
accountants613@googlemail.com