Providing guidance on the procedures to be followed when undertaking accountancy assignments in unregulated areas.
In all professional work there are two main risks: the risk of an error being made; and the risk of that error being overlooked. The former is impossible to eliminate – errors will always be made – but the risk of such errors occurring can be reduced by standardising systems and procedures in line with current best practice.
There are two other risks inherent in accountancy work: the risk of legal action by the client; and of regulatory action by the firm’s professional body. Both of these risks only come into play if the error eludes the control system. The General Practice Procedures Manual provides organised work methods which will help to keep those risks to a minimum level. It also recognises that the practice is a commercial enterprise, and that the standardisation of systems will improve efficiency. Wherever appropriate, relevant regulations and ethical guidance have also been taken into account.
The manual provides standardised non-audit documentation, together with practical checklists and specimen reports and letters.
The manual is suitable for both ICAEW and ACCA member firms.
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*Prices are for a firm-wide 12 month subscription, prices exclude VAT.
Manual Details
Content
The General Practice Procedures Manual provides you with extensive guidance and ready-to-use templates in a range of areas including:
- Office procedures
- Quality Assurance
- Accounts preparation
- Audit exempt companies
- Management accounts
- Corporation tax
- VAT
- Payroll
- The Clients' Money Regulations
- And much more
As well as a huge range of guidance, the manual also gives you instant access to over 200 ready-to-use templates, letters and forms, including such things as:
- Client engagement letters
- Standard terms of business
- Accounts and disclosure checklists for audit exempt companies
- Self-assessment control sheet
- Template for annual practice assurance compliance review
- Template for annual client money compliance review
- And much more
Latest Update
February 2025
The principal technical changes in this update include:
• Updates to the taxation sections relating to the mandatory payrolling of most benefits-in-kind, the replacement of tax credits with Universal Credit and updates to reflect the latest position of Pillars One and Two;
• Updates to the example accounts and accounts disclosure checklists to reflect the September 2024 editions of UK and Ireland accounting standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime;
• Updates to reflect the latest changes in company and group size thresholds and changes to the Directors' Report requirements as a result of The Companies (Accounts and Reports) (Amendment and Transitional Provision) Regulations 2024;
• Updates to reflect the 2024 FRC Ethical Standard and the 2025 ICAEW Code of Ethics;
• Updates to reflect the release of TECH 12/23 AAF Framework Document for Practitioners' Reports on Grant Claims;
• Updates to reflect the 2024 amendments to the ICAEW’s Professional Indemnity Insurance (PII) regime effective from 1 September 2024; and
• Updates to reflect the changes to the cash basis rules effective from the 2024/25 tax year.
July 2024
The principal technical changes in this update include update of disclosure checklists for recent changes in accounting standards.
May 2024
The principal technical changes in this update include:
- Updates to the payroll section within commentary to reflect that, for the 2023/24 tax year onwards, P11D and P11D(b) submissions can only be submitted and amended online and that, from April 2026, the payrolling of benefits will become mandatory and P11Ds will no longer be required;
- Updates to the payroll section within commentary to reflect HM Revenue and Customs' withdrawal of the requirement for a BACS Hash for the 2023/24 tax year onwards;
- Updates to reflect new document checking rules came into force on 13 February 2024 in respect of right to work checks for employers;
- Other general updates to the payroll section within commentary to reflect current procedures for the preparation and submission of key reporting to HM Revenue and Customs; and
- Addition of guidance in respect of the CRS requirements.
In addition, a number of other minor improvements and amendments have been made to the manual, in particular the supporting documents relating to payroll and specialist tax work programmes.
March 2024
The principal technical changes in this update include:
- Updates to the taxation section within commentary to reflect the revised VAT submission penalties regime for VAT accounting periods starting on or after 1 January 2023;
- Updates to the taxation section within commentary to reflect the revised VAT payments penalties regime for VAT accounting periods starting on or after 1 January 2023;
- Updates to the taxation section within commentary to reflect the minor amendments made to the PCRT guidance effective from 1 January 2023;
- Other general updates to the taxation section within commentary to reflect current procedures for the preparation and submission of key reporting to HM Revenue and Customs; and
- Update of disclosure checklists for recent minor changes in accounting standards.
In addition a number of other minor improvements and amendments have been made to the manual, in particular the supporting documents relating to taxation.
November 2023
The principal technical changes in this update include:
- Changes in relation to the revised ICAEW CPD requirements;
- Updates in relation to the current ACCA CPD requirements; and
- The restructure and renaming of the documents contained within section BA2 within Supporting Documents to allow for easier navigation and to allow manual users to include longer client names in 'Customiser'.
Terms & Conditions
Pricing
All prices are subject to VAT. Prices are subject to change on 1 July.
Mercia online manuals are updated regularly by our technical staff and you will be notified of any significant regulatory changes by email.
Your subscription will automatically auto-renew on anniversary date, you will be notified by email before your subscription expires and offered the option to opt out of auto-renewal.
System Requirements
- Internet access.
- Operating System: Windows, Mac IOS.
- Applications: Full version of Microsoft Office or Mac equivalent, PDF Reader.
Technical Queries
Got questions or queries that need expert advice?
Our technical query helpline can provide you with expert advice on a wide range of areas, from audit / accountancy-related matters to anti-money laundering and tax.