All visits are subject to an internal quality review process. The Practice Regulation Manager assesses the outcome and grade to ensure consistency. After this has occurred the findings of the review of the files and other reviews (AML, CPD, IB as applicable) shall be discussed with you and recommendations will be made where appropriate at the closing meeting. This meeting will be held remotely. The QAE will complete a “Quality Assurance Summary of Results Sheet” which will outline the high-level findings of the review. This will also include the grades awarded.
You may take a copy of this results sheet at this stage and will be invited to add any comments, in particular the purpose of the closing meeting is to:
- Confirm the factual accuracy of the matters identified;
- Note the firm’s initial responses including any proposed remedial action.
This is the opportunity for the firm to ensure the facts are accurate. If you wish to comment on the result, for example providing details of how you will address any weakness you may do so within 5 working days.
After that period of time , the comments included within the Quality Assurance Summary of Results sheet are deemed accepted by the firm.
Following this a formal report will issue to the firm including the final outcome. In addition to the individual grades awarded in AML, CPD and IB, there are four possible QA outcomes in accordance with Bye Law 7 as follows;
| Grade |
Action |
| A |
No follow up action necessary. |
| B |
Some follow-up action will be required by the Firm within a specified period to address particular areas of weakness identified or the firm may be subject to a shortened cycle in line with Bye Law 7.12.2. |
| C |
Where a significant number of areas of weakness or more serious problems are identified a full re-review (see below) may be carried out at an interval to be determined by the Quality Assurance Officer(s) (normally between 6 and 18 Months). The Director of Professional Standards or the Quality Assurance Manager or Practice Regulation Manager may deem a full re-review unnecessary and may direct a more appropriate action in accordance with Bye Law 7.17.6. |
| D |
Where serious problems are identified, the matter is referred to the Director of Professional Standards or the Quality Assurance Manager or Practice Regulation Manager who may take any action in accordance with Bye Law 7.17.6. |
| No Grade |
Where it is not possible to assess the adequacy and appropriateness of the quality of the engagement files undertaken by the firm. This may occur where no clients are held by the firm or where the firm will not engage in the quality assurance process. This may result in referral of the matter to the Director of Professional Standards or Quality Assurance Manager or Practice Regulation Manager in accordance with Bye Law 7.17.6. |