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Practice Support

Annual Compliance Review

Your Annual Compliance Health-Check

Does your institute require you to conduct an annual review of compliance with regulations and to provide details of this on your annual return? If so, failure to provide a satisfactory return could lead to follow-up correspondence, or, in some cases, your practice being targeted for a monitoring visit. This is something no practice wants, given the sleepless nights and stresses that accompany an upcoming quality monitoring visit – and the potential consequences of a poor review.

Even if your institute doesn’t have a formal annual review process, it still makes sense to adopt a proactive approach, with a regular, independent assessment of compliance across your practice. Given that regulations evolve, new people join the practice, and even the most experienced partners become rusty, maintaining compliance is an ongoing process.

Many clients regard our compliance health-check as their annual NCT – a sensible protection against the damaging consequences of being found non-compliant

To schedule your Annual Compliance Review, email us or call us today on 053-9100000. We look forward to working with your practice.

How We Can Help

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At OmniPro, we deliver a rigorous Annual Compliance Review, tailored to your practice. Our reviewers have worked with hundreds of firms, carrying out thousands of reviews for CAI, ACCA and CPA regulated practices, and our team is led by accountants who have previously worked with the institutes’ own review panels, so they have an insider view of the critical issues.

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Our compliance health check includes a whole firm review and a cold file review. The deliverables for your practice will include a full de-brief meeting with the partners, followed by a written report and an action plan to address any areas of weakness identified. This report can be used to complete your institute’s annual return, where required.

While our focus is on compliance, our reviews frequently identifies opportunities to increase efficiency across the practice, and many clients use our findings to determine priorities for ongoing staff training and development.

Why It Makes Sense to Be Proactive

Irish accountants have faced an unprecedented deluge of changes in company law in recent years, together with new financial reporting and auditing standards. Under the watch of the Irish Auditing and Accounting Supervisory Authority (IAASA), the institutes are now stepping up their monitoring of these standards and other targeted areas.

Receiving a poor result from a monitoring visit can have damaging consequences for your practice, ranging from increased frequency of monitoring visits and potential for external hot file review, annual compliance and anti-money-laundering reviews – to restrictions on client type and the acceptance of new audit appointments – right through to the removal or suspension of an audit licence.

For one day

onsite review

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the price starts at

Your Practice Made Perfect

What you get is the peace of mind of having your practice reviewed by an independent set of eyes. Many of our clients regard it as their annual NCT – a sensible protection against the potentially significant consequences of being found non-compliant.

By taking a proactive approach, you can take the pain out of preparing your annual return, and when your monitoring notification letter inevitably arrives, you can be confident that you are well prepared.

The OmniPro Annual Compliance Review: In Detail

The OmniPro annual compliance health check includes a whole firm review and a cold file review. Our visit will commence with a face-to-face meeting with the partners, enabling us to conduct a high-level assessment of your practice.

Whole-firm review

The first part the process, the whole-firm review, will include reviews of the following:

  • The firm’s quality control manual for compliance with ISQC 1 to include compliance with EQCR and monitoring provisions
  • Procedures to ensure the independence, fitness and properness of all staff
  • The CPD record for all audit partners, with a specific focus on compliance with IES 8 (Revised)
  • The firm’s professional indemnity insurance
  • The firm’s stationery for compliance with institute rules
  • External agreements in place with sub-contractors and consultants, where relevant
  • Procedures where clients’ money is held by the firm
  • Compliance with ethical standards and demonstration of appropriate safeguards where risks are noted
  • Procedures to ensure ISA compliance on all audit files
  • Compliance with anti-money laundering legislation and the practical implementation of procedures
  • Up-to-date correspondence with the regulating institute

Cold file review

The second part of our review process is a cold file review of one or more of your completed audit files.

  • This will encompass a full review of the statutory financial statements to assess compliance with reporting standards and legislation. It will also include a detailed audit file review to assess the firm’s compliance with auditing standards.
  • Our visit concludes with a full de-briefing for the partners. You’ll also receive a written report, complete with a tailored action plan. Always on your side, we’ll focus on practical improvements and recommendations to make your practice more efficient and fully compliant.

To schedule your Annual Compliance Review, email us or call us today on 053-9100000. We look forward to working with your practice.

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