Your Insolvency Monitoring Review
Monitoring is an essential part of ICAEW’s role as a Recognised Professional Body (RPB). It’s used to ensure the insolvency practitioners (IPs) we license, remain fit and proper to hold their insolvency licence. And as an improvement regulator, we aim for our monitoring work to be constructive. We monitor all our appointment-taking IPs. If you work in a larger firm that has consolidated its licensing with ICAEW or in a firm where we license several IPs, we will discuss with you the most efficient way to structure our monitoring work.
All of our Quality Assurance Department (QAD) reviewers have had extensive experience of insolvency casework, and several are licensed IPs, so are able to provide support and share best practice.
During your review we will assess the procedures, processes and controls used to administer your insolvency cases. We will also review your most recent insolvency compliance reviews and a sample of your insolvency appointments.
We have a cycle-based approach for reviews, operating annual, three-yearly and six-yearly cycles. These are driven by the nature of the firm that IPs work in. We are required to review individual IPs at least once every six years. We also take a risk-based approach and may select IPs for more frequent monitoring reviews, depending on factors, such as:
- regulatory intelligence we receive
- increases in or significant caseloads
- previous regulatory history.
If your firm is an ICAEW firm or has a contract with ICAEW for anti-money laundering (AML) supervision, we may carry out a Practice Assurance (PA) visit to your firm at the same time as your insolvency monitoring visit. Please refer to our leaflet Your Practice Assurance onsite review for more information.
Scheduling the review
A reviewer will contact you by phone to agree a date for your monitoring review. This will generally be around six weeks before the proposed review start date. After that call, you will receive confirmation of the review dates and will be asked to provide some prereview information.
Preparing for the review
Please provide all the requested prereview information by the deadline. Further information is in our leaflet: Your Insolvency Monitoring Review.
In the case of unforeseen circumstances in the days leading up to your visit, please email qadvisits@icaew.com, and we can agree an appropriate solution.
What you can expect from our visit
For guidance to support the work of ICAEW licensed IPs and their staff in conducting insolvency compliance reviews, including frequently asked questions, helpsheets, forms and checklists, along with a case analysis proforma that is available to download, further information can be found on our webpage, Your insolvency compliance review.
Annual return
Insolvency monitoring process
The Memorandum of Understanding and the Principles for Monitoring agreed between the Insolvency Service and the recognised professional bodies (RPBs) underpin the insolvency licensing and monitoring regime.
The Memorandum of Understanding establishes the requirement for RPBs to monitor their insolvency licence holders, and the Principles for Monitoring set out criteria which the RPBs need to consider in their monitoring processes.
Insolvency monitoring results
View our infographic to see the results of ICAEW’s insolvency monitoring and actions taken by our regulatory and conduct committees.
Your Insolvency Monitoring Review
Information on what to expect at your insolvency monitoring review.
Download the leaflet