The ICAEW's Quality Assurance Department has recently started to do desk top reviews of a number of firms.
48% do not carry out adequate client due diligence to ID clients in accordance with the law
15% had not registered with the Information Commissioner as required by law
25% hadn;t realised that the ICAEW's logo had changed and were using the wrong one on their letterhead
16% hadn't explained to their clients the basis on which they charge fees
We rigorously apply all the red tape thrown at us by our regulators but clearly an awful lot of firms do not!
48% do not carry out adequate client due diligence to ID clients in accordance with the law
15% had not registered with the Information Commissioner as required by law
25% hadn;t realised that the ICAEW's logo had changed and were using the wrong one on their letterhead
16% hadn't explained to their clients the basis on which they charge fees
We rigorously apply all the red tape thrown at us by our regulators but clearly an awful lot of firms do not!
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