Practice Management training for audit practitioners.

1. PRACTICE MANAGEMENT
PRESENTED BY:
CHARLES EGAN
MANAGING PARTNER,
CFY PARTNERS

2. FULL MONITORING
RISK MANAGEMENT
PRACTICE DEVELOPMENT
PRACTICE
REGULATIONS
SETTING UP A
PRACTICE
KEY DISCUSSION TOPICS

3. SETTING UP A PRACTICE
 ENGAGING IN PUBLIC PRACTICE?
 DO YOU HAVE A PRACTISING CERTIFICATE?
 FIRM LICENSED BY ICAG?
 REGISTERATION UNDER ACT 151,152 OR 179
 LIMITATIONS UNDER ACT 179 REGISTRATION
 INTEND NOT TO CARRY OUT STATUTORY AUDITS BUT
ONLY OTHER SERVICES?
 ISQC 1
 INTEND TO CARRY OUT STATUTORY AUDITS AND OTHER
SERVICES?
 ISQC 1
 AUDITING SYSTEMS THAT COMPLY WITH ISAs

4. LEGAL COUNSEL’S
CONCLUSION
 There are no LLPs in Ghana;
 A partnership under Act 179
can no longer be deemed a
partnership but a company
and thus not qualified to be
an auditor of a company as
provided for in Section
134(2) of Act 179

5.  LEADERSHIP
 ETHICAL REQUIREMENTS
 ACCEPTANCE AND
CONTINUANCE
 HUMAN RESOURCES
 ENGAGEMENT
PERFORMANCE
 MONITORING
INTERNATIONAL STANDARDS ON
QUALITY CONTROL 1 (ISQC 1)

6. PRACTICE
REGULATIONS
 COMPLY WITH ANTI-MONEY
LAUNDERING REGULATION ?
 COMPLY WITH BYE-LAWS?
 COMPLY WITH AUDIT
REGULATION?
 IS YOUR FIRM LICENSED & ARE
PRACTICE CERTIFICATES IN
ORDER?
 COMPLY WITH OTHER

7. PRACTICE
DEVELOPMENT
PEOPLE ISSUES
RECRUITING;
TRAINING
(THEORY AND
PRACTICAL);
RETENTION

8. PRACTICE
DEVELOPMENT
ACQUISITION;
ENGAGEMENT;
DISENGAGEMENT
DISPUTES
CLIENT
ISSUES:

9. PRACTICE
DEVELOPMENT
FIRM ISSUES
COSTING OF
JOBS/RECOVERY
PERCENTAGES
RISK MANAGEMENT
SUCCESSION
PLANNING

10. RISK MANAGEMENT
HOT FILE REVIEWS
COLD FILE REVIEWS
ENGAGEMENT QUALITY
CONTROL REVIEWERS
ANNUAL COMPLIANCE
REVIEW (WFR & CFR)
QUALITY CONTROL

11. RISK MANAGEMENT
 REGULATORY
COMPLIANCE
 SECURITY OF
PHYSICAL ASSETS
 FRAUD AND OTHER
BUSINESS CRIME
 IT SECURITY

12. RISK MANAGEMENT
BUSINESS CONTINUITY
BUSINESS CONTINUITY
PLANS
DISASTER RECOVERY
PLANS
PROFESSIONAL
INDEMNITY

13. FULL MONITORING
REVIEW
WHOLE FIRM REVIEW (WFR)
ALL ACCOUNTANCY PRACTISING FIRMS
ENGAGEMNT LEVEL REVIEWS
(CFR)
ONLY ACCOUNTANCY
PRACTISING
FIRMS CARRYING OUT
AUDITS/ASSURANCE

14. ICAEW:
QUALITY CONTROL AND AUDIT
DESCIPLINE

15. ICAEW:
ETHICAL MATTERS

16. THANK YOU
COMMENTS???
QUESTIONS???
SUGGESTIONS?
??