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:
Insolvency Services Compliance Review
Are You Prepared for an Insolvency Services Compliance Review?
If your firm holds an Insolvency Practising Certificate, you may be required to have your compliance independently assessed on an annual basis – a process known as an Insolvency Services Compliance Review . Moreover, you need to be prepared to face a possible insolvency services quality monitoring visit from your regulating institute.
The timing of these visits is determined by a risk-based approach, centred on a range of factors such as the information supplied in your initial application for an Insolvency Practising Certificate, any subsequent annual returns and the results of any past monitoring visits.
Thus, failing to provide adequate assurance of compliance on your annual return may see you being prioritised for a quality monitoring visit.
Elevate your compliance and stay ahead of the curve with our expert team of insolvency service professionals. Don’t wait for a possible visit, take control of your procedures and get in touch with us today.
How We Can Help With an Insolvency Services Compliance Review
Our Insolvency Services Compliance Review is designed as a health check to assess your compliance with institute and statutory regulations and help you address any areas of weakness identified.
Our review will conclude with a closing meeting to review any findings and discuss recommendations. We will follow this up with a documented ICR form for your files and an action plan addressing any remedial action required.
Our report can be used to meet your institute’s annual return requirements, demonstrating your proactive approach. More importantly, when a monitoring visit notification letter arrives, you can greet the review with confidence.
On completion, we will provide you with a full written report setting out the key areas that need to be addressed before the audit report is signed.
The review commences with an opening meeting to help us understand your practice and any issues or risks that you face. We will then move on to our main focus – the review of a sample of insolvency files, selected on the basis of the types of appointments held; the allocation of cases among your staff; the age profile of your cases; high-risk or high-profile cases; and reporting to the ODCE. Usually a minimum of one of each type of insolvency procedure will be selected on any visit.
Other areas we will assess include your internal controls and systems; compliance with the Anti-Money-Laundering regulations and your CPD records.
OmniPro’s Insolvency Services Quality Monitoring - In Detail
Replicating an institute monitoring visit, our review will cover
- Take-on procedures
- Statutory requirements, including statutory returns, returns to the Revenue of Commissioners and reporting to ODCE
- Compliance with Statements of Insolvency Practice (SIPs)
- Case progression, including asset realisation, remuneration, insurance and distributions
- Client monies/estate funds
- Case closure
The audit work conducted will be reviewed to assess
- The nature, appropriateness and adequacy of audit planning, verification and other audit tests carried out
- The documentation of audit work undertaken
- The appropriateness of audit evidence retained on file
- The documentation of conclusions drawn and their basis for supporting the resultant audit opinion
- Communication with those charged with governance
- Adherence to relevant auditing standards
- Use of audit programmes
- File structure and audit trail