The Quality Review process includes a requirement for member firms to submit an Annual Return. The Annual Return is risked to assess the firm's compliance with the regulations. This is done by way of a 'Desk Top Review' which could lead to further follow up correspondence or in certain circumstances a Quality Review visit.
Form and Content of Return
The Annual Return is structured as follows:
Part 1 Confirmations and Undertakings
Part 2 Standing Data
Section A Professional Indemnity Insurance (PII)
Section B General Clients Money
Section C General Practice
Section D Audit
Section E Investment Business
Section F Designated Professional Body
All firms receive Part 1 and Part 2, sections A, B & C. Firms only receive Part 2, sections D, E and/or F if they are registered/authorised in these reserved areas.
Issue Date / As at Date
The Annual Return is issued to firms with an 'as at date' set to correspond with the month in which their professional indemnity insurance (PII) expires and should be returned to the Chartered Accountants Regulatory Board (CARB) within two months. The due date is shown on the top of Page 3 of the Return.
This will ensure that the CARB has the most up to date information possible regarding the firm's PII.