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.
OmniPro’s bespoke, six-page company constitution comes as standard, providing far more in-built guidance, protection and flexibility than the generic one-page constitution offered by many providers.
Our fast and cost-effective service guarantees a 24-hour turnaround from only €189 per formation, including VAT, CRO fees and courier, for accounting, legal and business advisors.
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.