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You are here: Compliance  >  Insolvency Compliance Reviews

Insolvency Compliance Reviews

Insolvency practitioners are required to undertake an insolvency compliance review every year - the ICAEW recently fined numerous practitioners for not carrying out the necessary reviews.

An external compliance review can offer considerable benefits over and above an internal review:

1) We are bound by the confidentiality rules of the ICAEW. If using another insolvency practitioner to review your files, you expose yourself to the risk of losing your contacts.

2) Our reviews are completely independent and are subject to review by the regulators during your monitoring visit. As such, we are aware of exactly what’s required in order for you to remain compliant.

3) We can benchmark your procedures against other firms’, enabling you to find out how your procedures compare with the industry standard.

4) We will work with you to develop a specific Compliance Review Programme for your firm - During our first visit we will work together to develop a compliance review programme covering a 5 year period. The plan will specify the areas our review will cover each year so that all areas are covered over the review cycle. In practice it is not necessary to cover all categories of professional practice each year. The plan will be updated each year to take account of changes in your practice and current regulatory requirements.

This approach demonstrates to the monitoring units that you are taking compliance seriously and that you have a proper structured plan targeting high risk and contentious areas while ensuring that all areas of professional practice are covered over the review cycle.

5) We can help identify areas where your time and costs can be reduced. If you conduct a review in-house, you’re effectively auditing the procedures and templates you created and the work you have done. You could be missing out on new ideas to improve the efficiency of your procedures.

6) Our insolvency consultants have vast experience with providing business recovery and insolvency advice to small and medium sized accountancy practices or insolvency departments.

Book your insolvency review today

Following our meetings with the Insolvency Monitoring Units of the professional bodies, we have reviewed our compliance review service and we now recommend that our minimum visit should be 2 days on site.

For prices and to book a review, please call our friendly team on 0845 450 5555*.

Following your review, you will also be provided with a full written report, detailing our findings as well as any action points and/or recommendations arising from the review.

 

In-house insolvency training

Following your review, we can also provide a training session based on the results of our findings, helping to increase your firm’s productivity and profitability further!

Call 0845 450 5555 for more details and to arrange an insolvency compliance review.