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Practice Support

Pre-Quality Monitoring Visit Compliance Review

Preparing for a Monitoring Visit from Your Institute

Our pre-monitoring compliance review team truly understands the anxiety that accompanies a monitoring notification letter from your institute’s quality review team and the sleepless nights you face in the weeks coming up to their visit.

This stress is hardly surprising given the importance of the quality monitoring review. The consequences of a poor result can range from increased monitoring visits and external hot file, 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.

Led by accountants who have previously worked with the institutes’ own review panels, our team has worked with hundreds of firms, carrying out thousands of reviews

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

How We Can Help

OmniPro has developed a Pre-Quality Monitoring Compliance Review designed to help you prepare for an imminent quality monitoring visit from your institute.

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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. We have worked with hundreds of firms, carrying out thousands of reviews for CAI, ACCA, CPA, ICAEW and ICAS regulated practices, and we take great pride in helping our clients get great results from their monitoring visits.

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Our Pre-Quality Monitoring Compliance Review includes a whole firm health-check and a cold file review to ensure compliance with financial reporting regulations, auditing standards, your firm’s own internal procedures and your governing institute’s rules and bylaws.

The day will end with a full de-brief with the partners, followed by a written report highlighting any areas of weakness and providing a practical action plan to bring your firm into compliance in advance of the monitoring visit.

Benefit From Our Experience

You benefit from the peace of mind of having your practice reviewed by an independent set of eyes. In a sense, this is a ‘dry run’ of your actual monitoring visit, so any compliance issues are flagged in advance, and we advise you on how to address them. By taking a proactive approach, you can be confident that when your monitoring notification arrives, you are well prepared, and there will be no unpleasant surprises.

The OmniPro Pre-Monitoring Compliance Review – In Detail

The OmniPro pre-monitoring 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 of 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.

The price starts at €1,400 (ex-VAT) for a one-day, onsite review.

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

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