Frequently Asked Questions

It is a structured tool that enables a practising firm to review its quality management policies, procedures, systems, governance, engagement performance, supervision, review and documentation.

Regulation 1(1) of the Accountants (Quality Assurance Review) Regulations, Legal Notice No. 146 of 2022 provides for members of the Institute to administer a self-review on adherence to quality assurance using the self-review practice monitoring tool in the First Schedule.

The information submitted is a primary input into the Institute’s pre-review, risk assessment and practice monitoring processes. It may also inform the issuance or renewal of annual partner and firm licences and the selection of firms for review.

No. Completion of the Tool does not replace a quality assurance review by the Institute. The information may be considered together with other relevant information available to the Institute.

The practising firm should ensure that the Tool is completed accurately, honestly and in full by persons who understand the firm’s policies, procedures and practices during the period under review.

Select Not Applicable only when the question is genuinely not applicable to the firm. Do not use it to avoid answering a question that applies to the firm.

Yes. Where the space provided is insufficient, attach additional information and clearly reference the relevant section and question number. You should also retain the records and supporting documentation used to complete the Tool.

The Tool should be completed within the timeline and frequency prescribed by the Institute. Where significant changes occur in the firm’s structure, systems, processes, client portfolio or previously submitted information, update the Institute as required.

Responses should reflect the firm’s actual policies, procedures and practices during the period under review. Complete the Tool accurately, honestly and in full.