Compliance Review
Meet your annual monitoring requirements, with a health-check from our expert review team and an action plan to address any issues identified. Choose the most suitable option below for more information:
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.
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.
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.