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
For the year 2024, we are delighted to report that the satisfaction from firms with the management of the process (97%) and quality of interaction with Quality Assurance staff (95%) remained very high. A tremendous reflection on the whole team.
In terms of reviewer performance, yet again the feedback from firms is extremely positive across the five criteria of technical competence, good business understanding, constructive, patient and courteous. Perhaps best summed up by one of the quotes highlighted below.
Whole thing [from] start to finish was well handled, challenging in the right places and yet supportive/understanding of our client work.
Excellent review process. Felt collaborative and like it was aimed at driving improvement as much as reviewing past work.
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.
Archive
View previous survey results.
