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ICAI - Practice Review

  • 21-07-2009 11:39am
    #1
    Peppa
    Registered Users, Registered Users 2 Posts: 134 ✭✭


    Hi, anyone had a practice review with the ICAI lately? Just wondering what to expect and what to look out for..........:rolleyes:


Comments

  • #2
    Legend100
    Registered Users, Registered Users 2 Posts: 736 ✭✭✭Legend100


    my firm had one last year, its not too bad, just really cheking to see if every thing is ticking over properly. They did comment that many firms do not (and most definitely should) have letters of engagements in place for all clients. That was the main thing I can remember from it.

    Oh and if your firm is involved in investment business also, they'll look at that specifically and will look quite vigorously to see that all information required is in place


  • #3
    Peppa
    Registered Users, Registered Users 2 Posts: 134 ✭✭Peppa


    Thanks for that Legend.


  • #4
    viztopia
    Closed Accounts Posts: 770 ✭✭✭viztopia


    we had one this time last year and to be honest i felt it very stressful but quite a relief after it as we flew through it. i have to say we got through it good only becasue we had things in order. Lucky enough we had got an outside company to perform our annual return and a practice review and the institute look very favorable on this. Even if you have a date for an institute review it may still be worth your while speaking to Des O Neill in www.omnipro.ie if you have anything on your mind. Very helpful. PM me if you have any further questions


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