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.
How much does an insolvency compliance review cost?
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.
Our insolvency compliance reviews cost from £2200* per day and include a FREE comprehensive written report following the review, detailing our findings and any recommendations. Prices exclude travelling and accommodation costs, where applicable. Should you require on-site training, please contact us to discuss your exact requirements so that we can provide a more accurate quote for you
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.
*Prices quoted are valid until 31 December 2013 and exclude VAT and expenses. Price quoted is for a “standard” visit. The cost of some reviews may be higher. Call us on 0845 450 5555 to discuss your requirements.