Accountants Monitoring Visit

walshm101 · 09-10-2019 4:43pm #1

Hi.... I just received a Notification that my Accountancy Institute will carry out a Practice Review on me, this is my first review so I was looking for advise from any other Accountants that had a monitoring visit lately and any tips.
Thanks

duffysfarm · 10-10-2019 4:06pm

are you a sole practitioner? look at your institute bye laws and see if you had to have any files reviewed by some one else.
be very careful of money laundering regulations.
maybe get onto omnipro - google this name. they assist accountants with reviews. may be worth paying for this just to give you piece of mind.
do you have many limited company accounts? they will know how many you have by looking at the cro website and with some of the software providers such as vision net they can see who submitted what so dont try and hide any clients from them.
pm me if you want any more help. it is not a nice feeling knowing they are coming!
one last thing - when are they coming ? if they were coming now before the tax deadline date i would not be very impressed with them!

walshm101 · 10-10-2019 4:38pm

Thanks Duffysfarm.....

Only just really started out in the last few years so this is the first visit and as you say yes no likes to hear they are coming.....

I have 2 Audit Clients that I took on and this is why I am getting a visit i think...so i am presuming they will focus on the audit files, i have only about 10 audit exempt companies and then I do other clients like farmers, shops, auctioneers, solicitors etc.
In your experience do they really just focus on audit.

I am okay on AML files i think...fingers crossed

Coming after the Tax deadline so not so bad but trying to make time to go through everything at the moment starting to get stressed so looking for advise on where the main areas they focus on are....i know probably everyone would like to know that lol...

Thanks for coming back to me

duffysfarm · 10-10-2019 9:00pm

they will definatley look at one of the audit files. more than likely a solicitor also and if you have a charity then one of them also.

double check to see if you had to have a cold or hot file review

give omnipro a call at least. they will go though the basics with you over the phone i would say so it will put your mind at ease.

J.Ryan · 11-10-2019 6:50pm

Have a conversation with one of the firms like Omnipro (there are others, but I don't know them), they will charge you, but, its money well spent.

Each institute has slightly different rules and looks for different things, they are experienced with all the reviewers of all the institutes.

you state you only have 2 audit clients, they will look at both files and more than likely the Auctioner or Solicitor as both of these are higher risk than an audit exempt company, make sure you have a work program followed on all these clients.

Also have a look at your practice documents, CPD records and fit and proper person declarations for staff.

walshm101 · 14-10-2019 5:10pm

Thanks for your reply J.Ryan will check into omnipro...thanks again

dbran · 17-10-2019 3:59pm

Hi Walsh

I had a monitoring visit a few weeks ago which I hopefully passed.

PM me about any questions you might have if you want and what she looked for.

Regards

dbran

walshm101 · 25-10-2019 10:05am

Thanks dbran, I sent you a pm

duffysfarm · 25-01-2020 11:25am

Anyone on here ever have a cpa review?

Accountants Monitoring Visit

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