As a world-leading improvement regulator, we supervise and monitor over 12,000 ICAEW firms and insolvency practitioners (IPs), holding them, and all ICAEW members and students, to the high standards of competency and conduct in the profession. Find out what our firms thought of the monitoring review process from our latest survey.
Monitoring is carried out by the Quality Assurance Department (QAD), which is part of the Professional Standards Department (PSD). PSD is responsible for carrying out ICAEW's regulatory and conduct roles. These roles are separated from ICAEW’s other activities through internal governance so that we can monitor, support or take steps to ensure change if standards are not met.
After each monitoring review, firms and IPs are asked to complete an anonymous survey, providing feedback on the review process, the quality of interaction and the support provided. The infographic illustrates the results of the responses.
These survey responses are collated and analysed by an independent research agency and we receive a quarterly and annual overview report which we use to support the continuous improvement of our monitoring processes and procedures.
Monitoring reviews ensure and reassure firms/IPs they are meeting the expected requirements of the standards, regulations and the ICAEW Code of Ethics. In turn, we take action where the requirements are not met.
Latest Quality Assurance monitoring feedback
Q3 2024’s results are the first after revising the feedback survey tool earlier this summer. We started the survey nearly 20 years ago and the survey has largely remained unchanged. While the results have been consistently very strong, we felt a shorter instrument would encourage more engagement.
The revised survey still retains the key aspects of the feedback (management of the process and interaction with QAD). However we now ask 12 questions that are easy to complete on any device and this quarter, there was a significant increase in the response rate – just under 49%. We also amended the satisfaction scale and shortened it to ‘satisfied’ in addition to ‘very satisfied/dissatisfied’ – this is the 4-point Likert scale. We are pleased that satisfaction remains very high:
- 96% are satisfied with the management of the process; and
- 94% are satisfied with the quality of interaction with staff.
Overall, Q3’s feedback continues to demonstrate to us how firms value our reviewers and the work they do as evidenced in the quotes we include here.
I would like to thank the reviewer and ICAEW for the assistance and guidance provided. We feel we are in a better place as a direct consequence of the review and accompanying guidance and assistance.
The reviewer had a very positive attitude which was evident throughout the review process from the planning to the conclusion. Their attitude and approach were instrumental in ensuring the review not only determined the quality of our compliance with the required standards and regulations but also provided constructive input on areas where we can maintain and improve the quality of our work more efficiently.
Monitoring visits are an important part of our commitment to fulfil ICAEW's statutory responsibilities and commitments to oversight regulators. Survey feedback from visits is important to us in our mission to continuously improve our processes and role as an improvement regulator. In Q3 2024, we undertook a total of 310 visits.
Archive
View previous survey results.
