The first quality assurance visits to CIPFA members who provide accountancy services to third parties have been a success. Now, the institute is looking to improve these further
The CIPFA Practice Assurance Scheme, launched in 2008, has been designed to regulate self-employed CIPFA members who provide accountancy services to third parties. Approximately 350 members registered in 2008.
The first quality assurance visits of these members in practice have been taking place this year. The initial feedback from the quality assurance assessors, provided by the Institute of Chartered Accountants in England and Wales, has been positive. Our members are meeting the Standard of Professional Practice and are making every effort to comply with the requirements in this document.
Many members in practice who have received an ICAEW quality assurance visit have commented how useful it has been with respect to their business operations. Some have commented that the review has ‘sharpened up’ how they conduct their affairs.
Now that the scheme is fully established and operational, we have decided to review it to ensure that it meets our members’ requirements. The review has been approved by both the Members and Students Development Board and the Practice Assurance Committee.
Although we received feedback when designing the scheme, our detailed knowledge of members in practice at the start of the process was not comprehensive.
Since implementation, we have been in contact with scheme members on a regular basis and have a better understanding of their circumstances and business operations — both from the information provided to us as part of their annual return and via telephone and e-mail.
We have used this information to design a questionnaire that has been circulated to all members in practice in 2008 and 2009 and will be used to inform the review.
The review also seeks ideas for additional support for members, including the introduction of networks and support groups, both in person and online. In addition to the review, we have also been looking at other ways to support members in practice. Two additional benefits will shortly be available.
The first is a new member in practice logo. This was originally scheduled for circulation earlier this year, but we delayed its launch to April so that the logo could be circulated using our new corporate branding. This will allow members in practice to use the up-to-date logo on their websites, business cards and letterheads.
We are also close to finalising our agreement with the ICAEW on the use of Practice Assurance help sheets. These will support members in their practice operations and offer advice and assistance on a number of practice-related areas including practice management and engagement letters.
As both the logo and helpsheets will be available only to our members in practice, we have set up a secure part of the CIPFA Learning Centre that can be accessed only by holders of a valid practising certificate.
Although we have made every effort to contact members who should have registered with the scheme, there is a small number of members whose employment status records are incomplete. These members will shortly be receiving a reminder letter and form to be completed and returned to the institute.
Members are reminded that the onus is on them to determine whether they require a practising certificate. If they are found to be providing accountancy services as defined in the Council Statement on Public Practice without holding a valid practising certificate they could be subject to disciplinary proceedings.
Although this action would be taken as a last resort, we must ensure that our members comply with the institute charter and bylaws. So if you are in any doubt of the scheme’s relevance to your activities, please contact us to discuss this.
Rhiannon Soper is technical manager, professional standards and regulations, at CIPFA. If you would like to complete the survey and contribute to the scheme review, please contact us via [email protected]
