The purpose of these notes are to explain what happens during a Practice Monitoring review. We recognises that the accountancy and business profession is under unprecedented scrutiny and as such we are balancing the goals of supporting our members whilst also working in the public interest. To deliver these goals, we must uphold standards and this is the main focus of ICAS Practice Monitoring.
The ICAS Practice Monitoring regime is designed support the work of its Practising Certificate holders by reassuring the public and other regulators that Firms are complying with regulatory requirements.
What is Practice Monitoring?
Practice Monitoring is essentially a quality assurance programme for practising CAs and their Affiliates.
The Public Practice Regulations of ICAS set out what ICAS Practice Monitoring is and the areas of work that it covers. Essentially, any ICAS members holding a Practising Certificate are subject to a Practice Monitoring review. It also covers the work of other people who have agreed to be subject to Practice Monitoring (typically Affiliate members of ICAS). Practice Monitoring will cover the regulatory and compliance processes of a Firm which includes one or more such individuals.
There are some exemptions from Practice Monitoring, typically when the member or firm are subject to a comparable quality assurance programme conducted by another accountancy body where ICAS has reciprocal arrangements.
