Upholding standards is one of the Institute's main missions and ICAS Quality Review is devoted to achieving this mission.
The ICAS Quality Review program has been designed to support the work of our practising certificate holders by reassuring the public and other regulators that the highest standards and best practice are being encouraged and, where appropriate, enforced.
The Quality Review function monitors all areas of accountancy practice, except for audit monitoring and insolvency monitoring which are dealt with by different teams in the Quality Assurance section.
What are its goals?
Quality Review was introduced in January 2000 following a vote by members of ICAS. The goals of Quality Review are:
The Institute's Council and Regulation & Compliance Board recognise the continuing need for ICAS to regulate its members: its good reputation is at least in part due to ICAS' willingness to enforce the professional standards it has created. Of huge importance to members is the continuing quality and integrity of the CA brand. The prestige of the brand rests on:
the competence of individual members
the competence of CA firms
the perception of the CA brand as reflected by ICAS itself
the integrity and standing of the profession.
ICAS has a key role to play in each of these elements. ICAS' commitment to ensuring that the profession develops in a manner which addresses the public interest and reflects the needs of society does much to build the value of the CA brand.
Who is required to receive a Quality Review visit?
Quality Review was established in 2000 and there have been two five year visit cycles. The second cycle of Quality Review was completed on 30 June 2010. The third cycle commenced on 1 July 2010.
All ICAS members holding a practising certificate (PC) will receive a Quality Review visit in each visit cycle. Rather than visit PC holders individually it is more efficient to visit a firm/practising unit at a time. Therefore the Quality Review visit is conducted to each firm and covers all PC holders at that practising unit.
For CA members in practice with members of other accountancy bodies, there are reciprocity arrangements in place and, in most cases, only one body will visit the firm.
What is covered on a Quality Review visit?
Quality Review is not a statutory function and therefore the visits are designed to be consultative and helpful as opposed to prescriptive, the aim being to help firms to ensure that they are complying with relevant legislation, ICAS bye-laws and best practice. The team will help firms to examine their procedures and to identify any weaknesses that may expose the firm to the risk of complaints or loss of clients, in addition to any areas where the firm could be more efficient and so improve its service to clients.
Feedback following the visits indicates that firms have found the opportunity to review their own procedures in preparation for the visit useful and have appreciated the advice given to them during and after the visit.
A Quality Review visit will typically focus on the following areas:-
An overview of office procedures
Compliance with legislation and ICAS regulations (primarily Money Laundering, Client Monies and CPD procedures)
Follow up on weaknesses noted at previous visits
Identification of routines which have not been fully effective
Focus on risks eg vetting potential clients, dealing with difficult clients, former principals
Compliance with best practice
Acting as a sounding board
The intention is that as well as ensuring compliance with best practice, we are able to give added value to the firms.
Our approach has been amended for the third cycle.