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ACCA Monitoring Review

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  • 27-07-2013 6:45pm
    #1
    MarGar
    Registered Users Posts: 17 ✭


    Hi Guys,

    We are having an ACCA monitoring review soon and we are just wondering does anyone know if they look at the prior year files or just the current year files?

    Any other tips/hints/advice would be very much appreciated.




    Cheers
    Tagged:


Comments

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    #2
    Alan Shore
    Registered Users Posts: 735 ✭✭✭Alan Shore


    Talk to your local practices.

    Make sure all your files are spot on, everything backed up, all documentation signed. If there is a reporting requirement make sure it's done and response in the file.

    Monitoring visits are very tough. In general they don't look at prior years files.

    The file on the company turning over €100k is as important as the one turning over €20m.

    Good Luck.


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    #3
    viztopia
    Closed Accounts Posts: 770 ✭✭✭viztopia


    Try speaking to des o neill in www.omnipro.ie


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    #4
    dbran
    Moderators, Business & Finance Moderators Posts: 2,094 Mod ✭✭✭✭dbran


    Hi

    ACCA must be doing the rounds of Ireland. Just got the dreaded phonecall from them yesterday.

    I understand that they have changed/softened their attitude in that they base it on an average of the files rather then the worst file as previous.

    Still a massive distraction between now and then.

    dbran


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    #5
    dbran
    Moderators, Business & Finance Moderators Posts: 2,094 Mod ✭✭✭✭dbran


    Hi

    Had my visit yesterday and I am pleased to say I passed comfortably. Not as bad as I thought it was going to be and the guy seemed quite reasonable.

    He reviewed three files which he chose himself but he told me beforehand the ones he was likely to pick.

    I just made sure that for every file that I signed off as auditor in the last two years that there was at least

    1) Letter of engagement
    2) Letter of representation
    3) Audit finding letter
    4) Audit planning letter
    5) Bank letter
    6) Checked that all the lead schedules were up to date and agreed to the accounts and the audit conclusions were sound ie if it was any way unclear added a note.

    He also reviewed the PI that it was sufficient and the continuity agreement.

    Naturally you need to have done the audit work already but I think if you have done your work/file anyway properly to begin with you should have no problems.

    Hope this helps

    dbran


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    #6
    careylm
    Registered Users Posts: 2 ✭careylm


    Did he not check CPD and Trainee Records, only the three files was very reasonable


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    #7
    Loughc
    Moderators, Business & Finance Moderators, Recreation & Hobbies Moderators Posts: 24,820 Mod ✭✭✭✭Loughc


    Hi Careylm,

    Welcome to the Accountancy Forum.

    Please don't drag up old threads.

    Please firmilar yourself with the Forum Charter as you had also Advertised in this forum, if you continue to violate the charter you will be banned from this forum.

    Thanks,

    LoughC


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