Chartered Accountants Regulatory Board CCAB Training Providers Event 17 November 2008 Reviews Required by QAC Heather Briers Director Chartered Accountants Regulatory Board
Mission and Values Our Purpose To regulate members of the Institute of Chartered Accountants in Ireland, independently, openly and in the public interest Our Mission To deliver a regulatory system of the highest quality thereby enhancing the confidence of all stakeholders
Committee Organisation Chartered Accountants Regulatory Board Policy Co-Ordinating Compliance Professional Standards Committee Ethics Committee Governance, Risk and Audit Committee Planning, Budget and Performance Committee Quality Assurance Committee Insolvency Licensing Committee Review Committee Complaints Committee Disciplinary Tribunal UK Joint Recognised Professional Bodies Joint Insolvency Committee CCAB Ethics Group Appeal Committee Joint Chartered Accountants Committees Joint Audit Committee Joint Investment Business Committee Joint Professional Indemnity Insurance Committee Chartered Accountants Compensation Scheme Board
Quality Assurance High Level Objective 4: Quality Assurance We will ensure Chartered Accountants provide services of the highest quality, competently, honestly and with integrity by operating a risk based approach to monitoring through the annual assessment of information and periodic on-site inspections. We will do so by the following means: • • Conduct regular proactive inspections to firms where a member of the Institute holds a Practising Certificate Assessment of annual returns submitted by firms and Members in Practice
QAC Structure 16 members - lay and members of ICAI The lay members come from relevant backgrounds Solicitor; Money Laundering Expert; Investment Business Specialist; and Revenue Inspector The members come from different sizes of firms Sole practitioners; 2/4 partner firms; Second tier firms; and Big 4
QAC Goals • To improve the standards and quality • To ensure compliance going forward • To ensure adequate procedures • To ensure that practitioners have the appropriate competence
QAC Responsibilities • Granting and removing authorisations, registrations and licences • Ensuring ongoing compliance with the Regulations by: - Reviewing the outcome of visits and compliance reviews - Ensuring the relevant Annual Returns are made to CARB
Committee Sanctions • • Remove any licence etc Suspend any licence etc Restrict any licence etc Impose conditions on the firm or any individual Require a monitoring visit Offer a regulatory penalty Make a referral to the Complaints Committee
Restrictions and Suspensions Restrictions include: • Restricting the type of audit client, eg, no new regulated client • No new investment business clients • Not providing compliance review for others. Suspension means: • The firm will not be allowed to take on any new Audit or IB clients • Hot File Reviews will be required • The firm is under ongoing supervision and monitoring
Hot file review • • • Review carried out before audit report signed Carried out by unconnected CARB RA or approved training organisation To inform QAC if firm has complied with relevant laws and standards Actual results NOT submitted to QAC Reviewer submits a prescribed report to the Committee Firm must receive Committee approval before signing the audit opinion
Hot File Review Report • • • Client company name Confirmation review conducted in accordance with firm and QAC instructions Statement that the reviewing entity has not performed a second audit Statement that the report for QAC use only Details of remedial action required by the firm before the reviewer could issue the report
Conditions • Can be placed on the firm or individual • Audit registration conditional on: – – • the firm to get assistance from the PAS an individual or group of individuals obtaining training an individual or group of individuals require training in a specific audit topic the introduction of new procedures manual or disclosure checklist Reviewed by Committee following: – Follow up visit – Submission of an external ACR
Audit Compliance Review • Standard template or approved report format • Whole firm and cold file reviews • Cold file reviews – Type of client may be set by QAC – Files must be selected independently by the external reviewer – Conducted after the audit report signed • Firm must provide the reviewer with a copy of their visit report
Audit Compliance Review • Report must confirm (or otherwise) compliance with: – ISA’s – Statutory disclosure requirements provisions – The ICAI Audit Regulations and Guidance • Report must include an: – overall conclusion on the quality of performance – assessment of the remedial action taken since the QA visit • Firm must provide an action plan of remedial action to address breaches
Issues • • Incorrect (or insufficient number) files reviewed Files pre selected by the firm Breaches V Matters for Improvement unclear Report deficiencies including: – Lack of overall assessment – No reference to improvements from QR visit • • • Changes in previously approved report format Report not signed off by the external reviewer Action plan not completed by the firm
Chartered Accountants Regulatory Board Thank you Heather Briers Director Chartered Accountants Regulatory Board heather. briers@carb. ie
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