The Institute of Incorporated Public Accountants monitors their members in practice by administering a comprehensive Quality Assurance process. Within this process every member/ member firm in practice will be subject to a practice review at least once in a six year cycle.
Members/Member firms in practice are selected for a Quality Assurance visit based on both a random and risk basis.
The Quality Assurance process is supervised by the Institute’s Monitoring Committee, who are appointed by the Council of the Institute.
The Monitoring Committee’s main responsibilities are:
- To conduct its functions as required within Bye law 10 of the Institute’s Bye laws.
- To assist a practice in making any required improvements to their professional practice, by providing oversight and feedback from the grade awarded arising from the Quality Assurance report, in accordance with the Institutes Bye laws.
- To provide public oversight and quality assurance of Statutory Auditors and Audit Firms as required by Regulation 80 of the European Communities (Statutory Audit Directive) (Directive 2006/43/EC) Regulations 2010 for existing Statutory Auditors and Audit Firms.
- To promote best practice and the protection of the public interest within the Audit and Accounting Practices of the Institute.
- To monitor developments in standards of accounting, auditing, financial reporting, insolvency, liquidations and any and all other areas of public practice.
If a members practising certificate is required to be withdrawn or is not renewed as a result of a Quality Assurance review, the Monitoring Committee have an obligation to inform the Admissions and Practice Committee of this reason immediately.