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.
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
In Q1 2024, the feedback from firms remains positive across the five criteria of technical competence, good business understanding, and constructive, patient and courteous interactions, summed up by one of our firms:
This was the firm’s first QAD review, and I was extremely nervous, but the reviewer made the whole review process straightforward…they answered our questions and provided proactive and constructive feedback, which we have taken fully on board and improved our processes and quality systems further.
Archive
View previous survey results.