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First ICAEW QAD review coming up; any hints?

First ICAEW QAD review coming up; any hints?

We have our first ICAEW QAD review (by phone) scheduled for January.

We are only a small practice; myself and 3 part time staff with a fee income just below £100,000.

I am reasonably confident that our MLR procedures, training programs, Letters of Engagemnt and PII cover are up to speed (we don't handle client monies) but just wonder if they can be a bit tricky and what questions I should look out for and prepare for in advance?

 

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06th Nov 2017 07:37

Add data licence and email disclaimer footer to the list.

They're looking for procedures not quality of work.

They'll give you a list of stuff they want to see which will tell you what they're after.

It's a couple of days wasted but I didn't have any problems at the visit.

Thanks (1)
to lionofludesch
06th Nov 2017 07:54

We are told that this is a phone visit. So they won't be seeing anything - just talking.

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to johngroganjga
06th Nov 2017 12:11

Well, I certainly had to send some stuff in to them, John.

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By lja20
06th Nov 2017 09:26

I had this - telephone interview - about 3 years ago. It was very straightforward, they will want a set of statutory accounts to review, the rest is a discussion about your policies and process, obviously key is MLR approach and engagement letters etc. The only 'feedback' was the need to have an email disclaimer - which I have now updated. It was all very straightforward.

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By Matrix
06th Nov 2017 09:35

Yes mine was straightforward too. Just one small change for AML procedures and I had to confirm I had done it afterwards. I used the opportunity to ask a few questions so I found it helpful too (although their claim that you could charge clients for all the new FRS changes shows they do not live in the real world).

I do not recall them asking anything about CPD per the other thread and they also said we were likely to have another phone review in 5 to 10 years but not a home visit.

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06th Nov 2017 13:22

Thanks for the feedback; guess its human nature just to worry a bit about being checked up on!

Looks like we should be fine; we have quite a detailed email disclaimer as standard on our emails and I feel relatively comfortable about the other compliance stuff and our procedures are pretty good and fully documented.

Decided to get the whole team (4 of us!!) do the AMLCC training and online tests again as a belt and braces this morning!!

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