Advice on a Practice Assurance review - Has anybody had one - If so please advise

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Buhir_the_Bookkeeper
Buhir_the_Bookkeeper Registered Posts: 36 Regular contributor ⭐
in Chat and off-topic discussion
Hi All.

The AAT has just sent me a letter requesting to audit my Accountancy practice sending the ICAEW to check I am following all AAT License Regulations as per regulation 11. A Practice assurance review.

I have been in practice for 10 years now and tried my best to be up to date with everything.

Can anyone advise has anyone had one of these before and what types of things were reviewed and checked? How did you find it

With thanks.
Buhir@Total Books_The_Friendly_Accountants

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  • MarieNoelle
    MarieNoelle Registered, Moderator Posts: 1,368
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    Hi @Buhir_the_Bookkeeper

    I had one within a few months of practicing - it was all done as a telephone interview. I was sent some questions to prepare in advance and was asked to send my latest LOE and stat accounts.
    The interview centred around AML procedures and IT communication processes and safety. We also discuss very briefly CPD. It was a good opportunity to ask questions, for example I always find AAT guidance a bit too heavy and thorough for a micro practice like mine, so wanted reassurance on what was acceptable.

    This was a few years ago now so there might be more emphasis on GDPR and internet security.

    If you follow the AAT guidance you should take this as an opportunity to improve your processes.

    Good luck :)

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