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Quality review: reducing duplication and minimising disruption for practices
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In response to feedback from members, the Institute has looked at ways to reduce duplication of review work with other bodies. This will assist in minimising unnecessary disruption for practices. 
 
This has led to discussions with the Australian Securities & Investments Commission (ASIC) and an understanding has been reached so that: 

  • When determining the scope and timing of an inspection, ASIC will consider the Institute’s quality review findings
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  • In its quality reviews, the Institute will consider ASIC's inspection findings, and may modify the timing and scope of its reviews as a result
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  • Firms are encouraged to agree to ASIC informing the Institute that an ASIC inspection is scheduled, and to provide the Institute with a copy of the ASIC inspection report.
 
These new developments will allow the Institute to defer a quality review if ASIC is currently reviewing a practice, or is about to. Where ASIC recently completed a review, and did not find any significant issues that required rectifying, the Institute may only review the audits of other types of entities and other practice areas (such as compilation, tax, insolvency). 
 
Assunta Corbo, Manager Quality Review at the Institute, said: ‘We are delighted to have reached this understanding with ASIC. With ASIC’s co-operation, it allows the Institute to deliver a comprehensive quality review program and at the same time to pass on to members the benefit of work undertaken by ASIC’. 
 
This initiative is just one of the ways that the Institute works with government and regulators to help protect the public interest, uphold the Institute brand and maintain high standards in the profession. Further details can be read in the Annual Report on the Quality Review Program for the year ended 30 June 2008  
 
Reminder: areas under scrutiny in current quality reviews 
Members are advised to take particular note of the more common non-compliance issues identified in recent quality reviews. The Institute is closely monitoring these issues during current quality reviews. Read about these here  
 
Relevant links: 
 
 
Last updated: Thursday, 5 March 2009