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Practice Assurance

Practice Assurance. What does it mean for me?. Practice Assurance – what does it mean for me?. What is this webinar for?. To set the Practice Assurance standards in context To provide information on: what often trips firms up sources of assistance. Practice Assurance standards.

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Practice Assurance

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  1. Practice Assurance What does it mean for me?

  2. Practice Assurance – what does it mean for me?

  3. What is this webinar for? • To set the Practice Assurance standards in context • To provide information on: • what often trips firms up • sources of assistance

  4. Practice Assurance standards • Standard 1: Laws, regulations and professional standards • Standard 2: Client acceptance and disengagement • Standard 3: Competence • Standard 4: Quality control

  5. Help from ICAEW • Setting up a practice • Practice resources • Practice regulations • Ethics helpline • Technical helpline • Library and information service • Practice Support Services • Faculties and SIGs • And much more • T +44 (0)1908 248 250

  6. Practice Assurance standard 1 Laws, regulations and professional conduct

  7. PII • Required • Minimum levels • higher of 2.5 times fee income and £100,000 • maximum enforceable limit of £1.5 million • Consider client base • Approved insurers • Subcontractors • Connected entities • Notifications • icaew.com/pii

  8. Clients’ money • What is it? • money passing through a bank account on behalf of a client • Separate account • ‘client’ in title • designated accounts • Bank confirmation letter • Taking fees • Reconciliations • Annual review – helpsheet 7 • Alternate • icaew.com/clientmoney

  9. Anti-money laundering • Proceeds of Crime Act 2002 • Money Laundering Regulations 2007 • how you identify money laundering • information • reporting • tipping-off • Training • Annual compliance review • Helpline +44 (0)1908 248 250 • icaew.com/moneylaundering

  10. Other laws and regulations • Data Protection Act – www.ico.org.uk • Bribery Act • EU Services Directive • Fee protection insurance • ICAEW records • regulatory.support@icaew.com • members.records@icaew.com

  11. Even more laws and regulations • Working Time Directive • Minimum wage • Health and safety • Fire regulations

  12. Practice promotion • How do I market my practice? • Legal, decent, honest, truthful • Approval service • Helpsheet • ICAEW Directory of Firms • ICAEW Business Advice Service (BAS) • Resources for my practice – practice development

  13. Letterheads • What about my letterhead? • Helpsheet 6: Practice names and letterheads • Use of the description ‘chartered accountants’ • Free checking service – ethics@icaew.com

  14. icaew.com/logo Individual member logo Member firm logo

  15. Accounts disclosure • Computerised or not? • Checklists or model accounts? • The view of the world • Keeping up to date

  16. Practice Assurance standard 2 Engagement and disengagement

  17. Engagement • New clients – risk assessment • Professional enquiries • Engagement letters • basis of fees • complaints procedure • Losing clients • disengagement letters

  18. Practice Assurance standard 3 Individual competence

  19. CPD • Requirements • relevant to client and practice base • recorded in Reflect, Act, Impact and finally • Declaration • Can be done online at icaew.com/cpd and icaew.com/profile

  20. Where can I get my CPD? • ICAEW • regional contacts and events • website • library • faculties and SIGs • External providers

  21. Library • Enquiry services • Book loans • Journals • Business and industry guides • Company profiles and reports • icaew.com/library • Business centre

  22. Faculties • Audit and Assurance • Corporate Finance • Finance and Management • Financial Reporting • Financial Services • IT • Tax

  23. Insolvency and restructuring Non-executive directors Public sector Solicitors Tourism & hospitality Valuation Special interest groups (SIGs) • Charity and voluntary sector • Entertainment and media • Farming & rural business • Forensic and expert witness • Healthcare • Interim management

  24. Practice Assurance standard 4 Quality control and monitoring

  25. Organisation and control • Supervision • Procedures manuals • Recording of work • Giving opinions • Complaints • Annual Practice Assurance compliance review • icaew.com/practiceassurance

  26. Recruitment • Contracts • Web access • Link to procedures manuals • Exit interviews

  27. Advisory Services Information Centre • Regulatory information • Membership information • Student support • T +44(0)1908 248 250

  28. Technical team • Instant problem-solving • Helpsheets and FAQs • Interpretation of legislation, regulations, guidance • icaew.com/advisoryservices

  29. Technical enquiries service • Chartered accountants • Accounting • Company law • Auditing • IFRS

  30. The QAD monitoring process • Types of review • on site • surgery • telephone • new firms webinar • desktop reviews • Masterclasses

  31. What do we cover on a visit • Laws, regulations and standards • Client acceptance and disengagement • Competence • Quality control • icaew.com/practiceassurance

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