General Practice Package

Providing guidance on the procedures to be followed when undertaking accountancy assignments in unregulated areas including those for compliance with Anti-Money Laundering obligations

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 Package 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 package is split into two manuals, one provides standardised non-audit documentation, together with practical checklists and specimen reports and letters. This is the General Practice Procedures Manual. The package also includes example policies and forms for compliance with anti-money laundering obligations and is the Money Laundering Compliance Manual.

The package is suitable for both ICAEW and ACCA member firms.


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