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Audit reviews: the process, pitfalls and published themes – a focus on FRC Audit Quality Reviews
Julie Matheson
We are top ranked in Chambers and Partners and the Legal 500. We understand the implications that an investigation can have on you, your firm, your professional life, and your family.
Adopting a strategic approach when you have received a notice of a complaint from your regulator is vital from the outset. Doing so will allow the greatest possibility of securing a favourable outcome. Please contact us to speak to one of our specialist lawyers who will be able to guide you through the process.
We advise accountancy firms which are subject to some form of intervention by their regulator. This can be due to a routine compliance inspection, or when the regulator has instigated a formal disciplinary investigation. We provide sensible, tactical and commercial advice to resolve the regulator’s issue. We advise on proceedings brought by the following regulators:
FRC disciplinary proceedings can be daunting and complicated. Our Frequently Asked Questions on the Accountancy Scheme and the Audit Enforcement Procedure provide some guidance. Please also contact us for more tailored advice.
We have significant experience in FRC investigations, having historically advised the FRC on cases brought under its Accountancy Scheme. We now exclusively act on behalf of firms and individuals regulated by the FRC. We use our acquired knowledge to provide high quality advice on a range of issues surrounding FRC regulation, including:
Our answers to Frequently Asked Questions provide guidance on ICAEW and ACCA processes. For more detailed and tailored advice, please contact us.
The ICAEW, ACCA and ICAS’s supervision of firms can cause anxiety for accountants and auditors. For audit firms, an adverse outcome from a Quality Assurance Department (QAD) or Practice Monitoring Directorate (PMD) visit can lead to increased scrutiny of a firm’s practices. In more complex cases, it can lead to a referral through the regulator’s disciplinary process. A complaint against a firm from an aggrieved party can lead to an intensive investigation by the ICAEW, ACCA or ICAS investigation, leading to resourcing, financial and emotional pressures.
Our expert lawyers can guide the firm through the complexities of the investigation process. We can seek to avoid disciplinary action by the regulator through early intervention, or provide targeted advice to the firm to assist it in defending whatever allegations it faces. We provide advice on the following types of issues:
Under the bye-laws of the ICAEW, ACCA, ICAS, CIMA and CIPFA, regulated accountants have a duty to report other members if they believe that an act/ omission may amount to misconduct. A failure to do so may amount to misconduct in itself. You can find some guidance on a member’s duties here. Please contact us for bespoke advice if you have any further questions.
Receiving a notification of a complaint from one’s regulator, or facing an accountancy body's tribunal panel, can be stressful and distressing. Often providing a detailed and measured response to an initial letter can bring the matter to a close. However, many cases proceed through a full investigation, and a small proportion are referred for consideration at a full disciplinary committee hearing.
Taking early advice is essential. Our specialist lawyers can guide you through the process. We advise on proceedings brought by the following regulators:
FRC proceedings can be daunting and complicated. Our Frequently Asked Questions on the Accountancy Scheme and Audit Enforcement Procedure may provide some guidance. Please also contact us for more tailored advice.
We have significant experience in FRC investigations, having historically advised the FRC on cases brought under its Accountancy Scheme. We now exclusively act on behalf of firms and individuals regulated by the FRC. We use our acquired knowledge to provide high quality advice on a range of issues surrounding FRC regulation, including:
Our answers to Frequently Asked Questions provide overarching guidance on the regulatory regimes in place, and the process of a disciplinary investigation. For more detailed and tailored advice, please contact us.
We have significant experience of defending accountants, auditors and insolvency practitioners before all of the UK accountancy regulatory bodies. We provide advice on all issues from the notification of a complaint to the final Disciplinary Committee hearing. Examples of the types of issues we advise on include:
Under the bye-laws of the ICAEW, ACCA, ICAS, CIMA and CIPFA, regulated accountants have a duty to report other members if they believe that an act/ omission may amount to misconduct. A failure to do so may amount to misconduct in itself. You can find some guidance on a member’s duties here. Please contact us for bespoke advice if you have any further questions.
knowledgeable about complex financial regulatory issues"
Legal 500 UK, 2017
The "incredibly impressive" Julie Matheson receives praise from market commentators who say she is "personable, incisive and knows the factual area and legislation back to front”
Chambers UK, A Clients Guide to the UK Legal Profession, 2017
The team working on my case was first-rate: they gave lightning-fast responses and possessed unparalleled expert knowledge of my profession, its regulatory bodies and the law relating to professional discipline"
Chambers UK, A Client's Guide to the UK Legal Profession, 2017
Julie Matheson
Julie Matheson
Sophie Bolzonello
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