What are the benefits of being reviewed?

How do practices benefit from a review?

Conducting quality reviews is a necessary condition of the Institute being a ‘professional accounting body’ in the eyes of government, ASIC and the International Federation of Accountants. This means practices benefit through the recognition from professional and government bodies, for example enabling our members to become Registered Company Auditors.

As well as fulfilling our obligations as an accounting body, there are other direct benefits for our members. Many practitioners comment positively on their quality review, saying a peer review of their practice has helped them identify areas they could enhance client service or streamline their systems. Additionally, other regulatory bodies have regard to the reviews conducted by the Institute when planning their review program, such as the ATO reviews of self managed superannuation fund auditors.

How do clients benefit from a review?

Clients benefit from knowing their accountant is regularly reviewed by the Institute.

Article last updated 9 November 2010