How Is Your Insolvency Compliance?


How is Your Insolvency Compliance?

In previous weeks’ blogs we wrote about the recent publication of the 2019 Annual Report of the Chartered Accountants Regulatory Board (CARB). This week we look at the results of Insolvency Compliance inspections.

Of the insolvency inspections completed in the Republic of Ireland in 2019, 26% were not satisfactory. Often the issues arising are procedural and firms may be lacking a system of internal quality control reviews, especially of senior partner insolvency work.

John McCarthy Consulting Limited regularly carries out such reviews.

We prepare a written report on our assessment of the process evidenced by a sample of the Insolvency Practitioners’ files for the following:

  • Initial and Appointment procedures, whether they be for Creditors/Members Liquidations, Receiverships or Examinerships.
  • Compliance with the Anti-Money Laundering legislation
  • Internal Review Systems
  • Financial controls and Clients Money Bank Accounts
  • Compliance with the Statements of Insolvency Practice
  • Treatment of fees
  • Directors’ conduct reports to the ODCE
  • Statutory returns
  • Case progression and finally
  • The efficiency of the Case closure process.

 

The review will also include an informal comparison with the firm’s peers in the sector providing valuable feedback on the latest best practice, along with feedback from recent inspection results.

We also carry out similar reviews with valuable feedback for audit and anti-money laundering purposes.

For a full list of all our webinar recordings, please go to our webinar site here. They may be viewed at any time for 12 months after the date of purchase.

We also have a complete set of letters of representation in our publications store, updated for Coronavirus (COVID-19), and letters of engagement for immediate download here.