Practice Assurance Compliance Manual

• Guidance that sets out how the practice assurance scheme affects ICAEW member firms, what to expect from a regulatory review plus guidance on each of the four practice assurance standards. The guidance on the standards provides both reference material and practical support to help you design and maintain quality control systems within your firm and includes links to where you can find further guidance and support if needed. 
• A wide range of supporting checklists that convert best practice guidance into a format that you can use throughout your practice. These include:  
  • compliance review checklists, such as a practice assurance compliance review, whole firm tax review or a review of clients' money procedures 
  • a new client checklist 
  • a client disengagement checklist 
  • a provision of services regulations checklist 
  • staff related checklists including a recruitment checklist, induction programme and an annual declaration form covering fit and proper, independence, confidentiality and annual Anti-Money Laundering, Bribery and Criminal Finances Acts confirmations.
• A wide range of supporting documents and reference material including: 
  • engagement letters covering a wide range of general practice services
  • CPD guidance and training needs assessment form
  • other example letters such as disengagement and professional enquiry 

May 2024
The principal technical changes in this update include an update to reflect new document checking rules came into force on 13 February 2024 in respect of right to work checks for employers.

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; and
• 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.

November 2023
The principal technical changes in this update include:

• Changes in relation to the revised ICAEW CPD requirements.

November 2022
We are pleased to issue updates to your Practice Assurance Compliance Manual (dated 11/22).

The principal technical changes in this update relate to:

• restructuring, to aid navigation around the manual;
• additional content, to ensure compliance with the various legal and regulatory requirements an ICAEW registered firm would need to adhere to; and
• minor updates for consistency with the restructure, removal of information which is no longer relevant and recent changes to standards.

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

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• Operating System: Windows, Mac IOS. 
• Applications: Full version of Microsoft Office or Mac equivalent, PDF Reader.