Public Accountant Practice Review

The CPA firm that I am working for will be having a Practice Review of the firm somewhere in mid July. This explains why I am so busy with my work recently. The planned 1 year break from my ACCA seems to be the right move. One of my colleagues has also tendered her resignation and will be leaving the firm around the same time as the reviewers come in. Her work has been divided out among the remaining 3 of us. An admin staff has also been seconded to us to assist us in the workload as my boss can’t seem to find a suitable replacement.

My young boss is worried that the firm would not be able to pass the review, and is worried that his practising licence will be revoked. He has a point there as we are a sizeable firm with about 50 staff. Without the licence, we would lose our rice bowls.

To me, there is not much that you can worry about as I feel that if the standard operation proceedures are being followed and they are properly documented. From what I know from someone who has been through the review before, a write up will suffice if lapses are found. There is a deadline to be fulfilled for the report, for sure, but it is certainly not as bad as he fear, although the FRS and Auditing Standards have undergone tremendous changes.

Maybe you guys feel that I am taking things easy, but I guess this is the way to approach life now. A life that is too stressful will not take you far.