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You are here: Compliance  >  Accounts File Reviews

Accounts File Reviews

It’s best practice for your firm to prepare and retain accounts files that accurately support accounts prepared on behalf of clients and demonstrate any quality control procedures carried out (for example, review notes and disclosure checklists). Such matters are also covered by the ICAEW’s Practice Assurance Standards and the ACCA’s Quality Checked scheme.

We can provide a range of accounts reviews to help you implement and/or improve upon best practice procedures and ensure you remain up to date with accounting standards, whilst identifying efficiency savings, helping you to cut down on unnecessary costs and time, thereby increasing your profitability!

During an accounts review, our consultants will review a number of files to assess compliance with the Practice Assurance Standards and Quality Checked Scheme and make any recommendations that may be of benefit to the firm.

We can review the statutory accounts and the general accounts preparation function, looking for any areas of improvement. In addition, we can look at the basic accounts information, including the client's chart of accounts and management accounting information to identify whether the client has the right information to make commercial decisions.

Frequently, clients tend to combine an accounts file review, with general tax file reviews, to ensure the tax work is supported by the accounts function, whilst trying to identify any areas for improvement. 

Accounts efficiency reviews

As with audit work, the majority of our visits show scope for efficiency savings in accounts production work, thereby helping to improve your recovery and increase your profitability.

Our accounts efficiency reviews look for ways to cut costs without cutting the quality of the work being undertaken, by analysing a number of accounts preparation files to identify the scope for efficiency savings.

The efficiency review starts from first principles, namely "how should this job be approached?" and compares this approach with that actually adopted. It looks at the approach adopted, the time spent on sections and the extent of work undertaken. It also reviews the information requested from, and provided by, the client. 

Live accounts planning reviews

During an accounts planning review, our technical consultants work with the individuals involved in the accounts planning process to help develop a planned approach to an accounts assignment. The skills learnt by the team can then be implemented on all future assignments, resulting in significant efficiency savings. 

 

Call 0845 450 5555* for more details and to arrange a review.