Quality assurance monitoring reports

One key resource we offer are the annual monitoring reports.

The ICAEW Professional Standards Department carries out over 3,000 monitoring reviews every year with firms that are regulated by ICAEW. This monitoring role is carried out by a highly experienced team of reviewers to ensure ICAEW firms continue to maintain the expected highest professional standards and conduct.

Annually, our reviewers analyse the results of these monitoring reviews and compile reports on the regulated areas; audit, insolvency, AML and also Practice Assurance.

These reports summarise the areas that we find firms struggle to comply with and offer guidance on how to remedy these issues. The reports also provide a list of resources offered by ICAEW and other key information that will help ICAEW-regulated firms and insolvency practitioners to avoid these more common issues.

• The Practice Assurance Monitoring Report
• The AML Supervision Report
• The Audit Monitoring Report

• DPB Monitoring Infographic
• Insolvency Monitoring Infographic
• Probate Monitoring Infographic

Our role as a world-leading improvement regulator

We protect the public interest by making sure ICAEW’s firms, members, students and affiliates maintain the highest standards of professional competency and conduct.

ICAEW’s regulatory and disciplinary roles are separated from ICAEW’s other activities so that we can monitor, support or take steps to ensure change if standards are not met. These roles are carried out by the Professional Standards Department and overseen by the independent ICAEW Regulatory Board (IRB).

• Our regulatory and conduct role as an improvement regulator

Our role is to:

• authorise ICAEW firms, members and affiliates to undertake work regulated by law: audit, local audit, investment business, insolvency and probate;
• support the highest professional standards in general accountancy practice through our Practice Assurance scheme;
• provide robust anti-money laundering supervision and monitoring;
• monitor ICAEW firms and insolvency practitioners to ensure they operate correctly and to the highest standards;
• investigate complaints and hold ICAEW firms and members to account where they fall short of standards;
• respond and comment on proposed changes to the law and regulation; and
• educate through guidance and advice to help stakeholders comply with laws, regulations and professional standards.