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Practice Assurance Compliance Review

For accountancy firms regulated by ICAEW, the Practice Assurance Standards are principals-based regulations which are designed to assist firms to improve their overall operational performance by adopting appropriate systems and processes. A Practice Assurance compliance review addresses your firm's compliance with each of the four Practice Assurance standards which comprise:

• Laws, regulations and professional standards
• Client acceptance and disengagement
• Quality control

During a practice compliance review, we will review the procedures you have in place throughout your office and identify areas that could be improved to help your practice run more efficiently. A typical review includes preliminary discussions with you to determine the scope and focus of the review and to assess your general office procedures. We will perform a detailed review of your firm's accounts, tax and payroll department systems and procedures and report our findings together with key recommendations on the areas that require improvement.

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ICAEW Practice Assurance Monitoring 2023

The ICAEW has published its Practice Assurance Monitoring Report 2023 , which summarises the results of its 1,509 practice assurance reviews in 2022.

In 2022 the ICAEW’s areas of focus for these reviews were:

• Professional indemnity insurance;
• Complaints; and
• Client satisfaction.

In this blog, we take a look at a selection of the key findings from these areas of focus, and common issues identified.

Overall outcomes

Compliance with the practice assurance standards is critical for ICAEW firms. Of the on-site reviews, only 18% of firms reviewed in 2022 passed their reviews with no matters requiring attention. Most had some matters for attention, and 7% of reviewed firms were reported to the practice assurance committee in for more significant non-compliance.

Professional indemnity insurance

Whilst most firms appeared to be compliant with the PII regulations, the findings give a reminder to take particular care in ensuring compliance with the ICAEW PII regulations minimum policy wording, or that the policy included an appropriate ‘difference in conditions’ clause. 5% of firms were not compliant in this area.

Of the 1,509 firms reviewed in 2022, whilst 97% met the requirement to communicate details of the client’s right to complain to the ICAEW, to the client in writing, only 62% actually had a documented complaints procedure in place. All firms are advised to document their complaints procedure, although the documentation may be commensurate with the size and complexity of the firm.

Client satisfaction

Only 52% of firms had a method for obtaining feedback from clients, and only 35% requested feedback from all clients. It’s important to find out what clients think about the services provided and to address problems early on, so firms are advised to seek feedback from their clients on a regular basis.

Other findings

The reviews conducted in 2022 found many other areas where there were common issues. The top four of these were the following (all of which also featured in the top four last year too):

Money Laundering Regulations

Client money regulations, icaew records and annual return, basis of fees and complaints, and engagement letters, how mercia can help.

Mercia’s Practice Assurance – Regulatory Feedback training course will cover these areas and more and is available as a Mercia Live course on 3 November and on demand from 20 November 2023.

Mercia also offers a range of other training courses, support products including manuals to aid compliance with the regulations and offers a comprehensive technical query service for advice on your specific circumstances.

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ICAEW PRACTICE ASSURANCE COMMITTEE REGULATIONS

15 Sep 2023

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Leading West Sussex Chartered Accountants, James Todd & Co, Open New Offices, Expanding Services and Expertise

West Sussex-based Chartered Accountancy firm , James Todd & Co, has relocated to accommodate a rapidly expanding workforce of tax, finance and sector specialists. The practice, with over three decades of expertise, has moved to Drayton House, which has a larger office space and brings together business finance experts from former separate locations in Lavant and Northgate, Chichester.

The firm offers comprehensive business accounting support and consultancy services, including statutory audit, management accounting, taxation advice, business formation services, cloud-based accounting and its Goals to Growth mentoring programme for ambitious businesses.

The strategic relocation to Drayton House is a significant milestone for James Todd & Co and is part of the firm's long-term plan to accommodate business expansion while enhancing service delivery. The new, larger premises will not only provide a more spacious and modern working environment for the staff but will also allow the firm to better support its growing client base across the UK.

Michelle Buzzard FCA, Partner at James Todd & Co expressed her enthusiasm about the move, stating, “We are delighted to welcome clients to Drayton House, where we have combined our team from across our previously separate offices. This ensures that our clients and businesses across the Southeast and beyond can access a wide range of expertise and advice in one space - with the customary professionalism and jargon-free advice they expect.

Our teams include highly experienced advisers working in sectors with unique challenges and opportunities, including property and construction, health and social care, food & hospitality, charities and not-for-profit, and technology. They work closely with our tax consultants and business mentors to offer an end-to-end service for all financial and business planning requirements.

This move comes after several years of expansion as we respond to evolving needs and the pressures businesses face. We recently extended our in-house statutory audit team to offer additional capacity and now have a fantastic team of over 40 staff, including our six directors.

Existing and new business clients alike are welcome to visit us at Drayton House to see our new offices or to schedule catch-up meetings with their usual adviser or accountancy contact at any time.”

Drayton House is a beautiful office complex close to all major transport networks, including the A259 and A27, just nine minutes by car from Chichester city centre. The refurbished period property includes plenty of on-site parking for visiting clients, and a generous courtyard entrance.

Oliver Read FCCA ACA, Audit & Assurance Director at James Todd & Co, also commented on the expansion, "As we grow, our commitment to supporting larger businesses in the UK with comprehensive accounting and financial support remains unwavering. The new premises in Drayton will allow us to deliver even more effective and efficient solutions to our clients, including catering for the substantial increase in demand for statutory audit services"

The move to Drayton House marks a new chapter in James Todd & Co's history, reflecting the firm's ongoing success and its future aspirations. Clients, partners, and staff can look forward to benefiting from the opportunities that this new space will bring.

About James Todd & Co.

James Todd & Co is a well-established practice of Chartered Accountants and Registered Auditors. It is a member of the Institute of Chartered Accountants in England and Wales (ICAEW) and the ICAEW’s Practice Assurance Scheme.

The practice remains committed to innovative approaches and provides independent recommendations around tech solutions, such as cloud-enabled accounting software, to ensure business clients stay current and access tools that reduce cost while introducing time-savings and improvements in productivity.

As the practice has grown, it remains known for its friendly, personal approach to delivering financial advice, accounting services, and tax advisory support without technical jargon or terminologies that create barriers to understanding for businesses.

Based just outside Chichester at its newly announced location, the practice offers prospective clients a Complimentary Financial Review. This consultation includes an appraisal of the business's financial position and overarching aims to enable the accountancy team to suggest services that will add value or refer clients with specific requirements to the most appropriate member of its multi-skilled team.

For more information about James Todd & Co. and its services, please visit www.jamestoddandco.co.uk.

Read more about James Todd & Co - West Sussex Accountancy Firm, James Todd & Co, Expands Statutory Audit Division

Media Contact:

Angie Daniels James Todd & Co. Drayton House, Chichester, West Sussex www.jamestoddandco.co.uk

About James Todd & Co

James Todd & Co have been providing accounting services for more than 30 years across Chichester, Fareham, and Lavant for Sussex and Hampshire businesses. Their clients trust them to provide bookkeeping, financial auditing and compliance, management accounting and financial advisory services.

Source Company: https://www.jamestoddandco.co.uk/

Source published by Submit Press Release >> Leading West Sussex Chartered Accountants, James Todd & Co, Open New Offices, Expanding Services and Expertise

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ACA – what next?

SPONSORED CONTENT: Congratulations on your ACA results! Now you have qualified you have most likely found yourself at a crossroads - this is the time for you to evaluate your career choices which can often be difficult for newly qualified accountants

There are many options available to you and no-one can tell you with certainty the right step to take; it’s up to you to use your judgement and make the decision that’s best for your future career. So what are your options once you qualify?

We will explore:

• Specialisms
• Career Development

There are a number of options from which you will make your decision - you may either progress within your own firm, move to another firm of a different size, or make the move into Commerce & Industry. Some newly qualified accountants will decide to move from practice into industry, which can be a very diverse career path offering a new challenge. The C&I list is vast, ranging from FTSE 100 companies to start-ups, and each option comes with its own pros and cons. Often, people see C&I as an attractive career path as opposed to practice, however this is often because they may not enjoy the nature of audit. It is important to consider that roles in practice are changing and becoming more advisory focused with the use of new technology and artificial intelligence. In practice, you can expect a fast-paced culture allowing you to maintain client interaction and potentially develop into an advisory role. Decide on where you gain most job satisfaction - is it in the variety of work and clients, or do you want to directly contribute to a firm’s strategy? Firms of varying size all have their own individual merits. For example, working at one of the Big 4 or a larger practice not only offers global reach but can provide alternative career paths through secondments. If you work for a small firm, you may consider moving to a larger practice which would give you more exposure to a wider variety of clients as well as the chance to get involved in roles outside of audit - whether this may be corporate finance or working with stakeholders - which is an excellent opportunity for career development. Alternately, choosing a smaller firm is the right path for some people. If you are in a bigger firm and not getting the experience or responsibilities you want, you have the option of moving to a smaller firm where you would get more managerial experience and the opportunity to progress to Partner more quickly. This is a route which would also allow you to have a direct input on strategy and growth due to the likelihood of a close Partner group. Whichever route you decide to take within practice, whether you choose a small independent firm or aim to work for one of the Big Four, be sure you want to pursue a career in practice and plan a route that ultimately leads towards your career goals.

2. Specialisms

Obtaining your ACA qualification opens up exciting potential career paths - at the beginning decide if you want to specialise immediately or create a broader experience base to progress from later. Either way, make sure to grab opportunities to gain exposure to specialisms and different service lines early on! After all, expanding your knowledge and skill set can only further your career later on. Often, coming from an audit background means your most likely role within C&I would be very technical and usually based upon financial accounting. Whereas the progression on offer within practice often allows you to manage more people and move into a more client-facing, advisory position. Accounting is an option which gives you the opportunity to use the skills gained in your current role and is a good way to gain technical experience at specialised firms early on in your career. Audit is often used as a stepping stone into the wider business for many accountants, and with a career in audit you can also benefit from internal secondment opportunities within different parts of a business, such as Corporate Finance, ultimately expanding your skill set to the benefit of your future career. It can seem like an overwhelming task to decide so early on the right route for you to take, but getting advice from industry experts could help you make an informed decision!

3. Career development

Whichever route you decide to take, make the most of any training and development facilities available to you. Many firms place importance on career development, offering yearly appraisals, learning and development departments for high-quality training and counselling managers. Accountancy practices are often eager to help staff reach their full potential, so make sure you have clear goals, objectives and a strategy laid out in your appraisals. Ongoing training and building up of experience are keys to success in every field. Use the early years of your career to differentiate yourself from your peers with diverse experience through secondments and if Partnership is your long-term goal, ensure you engage in Business Development early on. Stand out from your peers, and people will notice you and support your career ambitions! Passing your ACA opens up so many avenues, from becoming a specialist in a particular field, to working with large corporate companies or even launching your own enterprise. 83% of all FTSE 100 firms have at least one ICAEW Chartered Accountant on the board, which showcases the wealth of opportunities that ACA careers offer. Most importantly, you have the opportunity to shape your career to suit your own interests and aspirations. Ultimately, your decision will come down to culture, progression opportunities and professional development. As long as you keep these things in mind while considering your options once you have qualified, you will be well-equipped to make the best decision for your future career in finance. If you would like more information on this article, or to speak to our finance recruitment experts about your next step, contact Tom on 020 7269 6349 or [email protected] .

Originally published in Economia on 24 April 2019.

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• ICAEW pushes for charity audit threshold consultation

Author: ICAEW Insights

Published: 28 Mar 2024

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ICAEW is urging the government to push forward on a proposed consultation that could see the audit thresholds for charities increased and reduce the administrative burden for hundreds of organisations in the third sector.

Charity audit thresholds were last updated nine years ago, following a consultation in 2015. Currently, audits are required by charities with a gross annual income exceeding £1m, or gross annual income exceeding £250,000 and year end aggregate value of assets exceeding £3.26m. 

In a letter to Rt Hon Stuart Andrew MP, Minister for Civil Society , ICAEW Chief Executive Michael Izza said recent inflation was dragging many smaller charities towards current audit thresholds, an effect he described as “disproportionate” especially given the other financial pressures they faced. “ICAEW would like to see this consultation taken forward before the end of this Parliament,” Izza said.

Growing demand and sustained financial challenges are leading half of charities to say they are at full capacity and cannot help anyone else, according to research from the Charities Aid Foundation (CAF) published in January, with one in seven saying they are having to turn away people in need.

Nearly two-thirds of charities say they are having to do more with less compared to a year ago, two-fifths are using their reserves to meet operational costs and a similar amount (38%) are asking funders for help with increased costs, the CAF research found. 

ICAEW also believes that a consultation on the audit threshold would support the need for proportionate and effective regulation in line with the Charity Commission’s recently published strategy for 2024-2029. 

Izza also warned in the letter of a potential shortfall of suitably qualified charity auditors as a factor worthy of consideration. “The audit profession is facing increased demands in other sectors (including the audits of public interest entities and local authorities) and the requirements of regulators and standards setters have grown more exacting in recent years. 

“It cannot be assumed that market pressures alone will lead to an increase in the supply of suitably skilled auditors in the charity sector or materially reduced audits costs for charities in the short term.”

Most charities in England and Wales fall way below the current charity audit thresholds; according to the Charity Commission, out of a total of about 170,000 charities, around 156,000 had annual income below £500,000 and around 5,000 were in the £500,000-£1m income band. 

Nevertheless, around 5,700 charities fall into the £1m-£5m band. ICAEW argues that if the current thresholds were to be increased by inflation on a compounded basis from 2015, a significant percentage of these – several hundred charities at least – would be removed from the requirement to have an audit. 

While some of these might decide to continue on a voluntary basis, for the others the resultant reduction in audit fees incurred and time spent in preparing for and participating in an audit would be welcome and the outcome would be more proportionate for the sector. 

The accounts of charities with income between £25k and £1m are subject to an independent examination – another, less rigorous, form of independent scrutiny that can be performed by people who are not qualified auditors. Professional fees for performing independent examinations are typically substantially lower than fees for auditing comparable charities, as is the amount of time required by charity staff to prepare for and participate in the relevant process. 

Izza said ICAEW would welcome the opportunity to comment on more imaginative or radical approaches for reform and ways to simplify and “future-proof” regulation of this nature.

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