ACCA - The global body for professional accountants

2.1 Practice management

  • Manage the overall workload to ensure work flows evenly throughout the year to make best use of resources and minimise the risks that arise from working under unreasonable time pressure.
  • Allocate staff to assignments based on their ability, experience and taking account of their training needs.
  • Control work in progress to ensure client work is progressing properly in a timely manner and clients are billed promptly on completion of work.
  • Apply reasonable credit control procedures to ensure outstanding debtor balances are reviewed and action taken to follow up unpaid debts to aid efficient running of the practice.

2.2 Image and promotion

  • Maintain their premises to present a professional, businesslike image and provide a good working environment for staff.
  • Ensure any advertising and promotion is professional and effective.

2.3 New client procedures

  • Assess the risk, including ethical considerations, and reward of any new appointment.
  • Ensure adequate resources are available to meet the client's needs.

2.4 Human resources

  • Ensure that suitable staff are recruited.
  • Provide appropriate training and supervision to ensure staff are adequately trained and qualified to fulfil the tasks set for them and to help them realise their potential.
  • Ensure the integrity and the quality of their work is maintained when work is outsourced to other firms or individual subcontractors

2.5 Correspondence, interview and telephone notes

  • Maintain an adequate record of all contact between firms and their clients or third parties, to ensure vital information is not overlooked when preparing work for, or advising a client and to avoid misunderstanding between firms and clients.

2.6 Office filing

  • Maintain a filing system, either paper or electronic, which ensures ease of access for document retrieval and minimises the risk of loss of documentation.

2.7  Security of computerised data files

  • Maintain systems to allow easy access to information stored electronically and implement controls to ensure the security and integrity of this data is safeguarded.

2.8 Personal tax

  • Implement systems to ensure clients' tax liabilities are established correctly and that clients are advised of their liability and any relevant deadlines.
  • Work should be controlled to ensure deadlines are met.

2.9 Corporate tax

  • Implement systems to ensure clients' tax liabilities are established correctly and that clients are advised of their liability and any relevant deadlines.
  • Work should be controlled to ensure deadlines are met.

2.10 Accounts preparation

  • Maintain systems to ensure accounts are produced in a timely and efficient manner and ensure review procedures are in place to detect any errors in the accounts before they are issued.

2.11 Management accounts

  • Ensure users of the accounts are aware of the basis, assumption and terms under which they have been prepared. Maintain systems to ensure accounts are produced in a timely and efficient manner and ensure review procedures are in place to detect any errors in the accounts before they are issued.

2.12 Payroll and related tax compliance work

  • Implement systems to ensure clients' payrolls are calculated correctly and that client and tax deadlines are met.

2.13 VAT or sales tax compliance work

  • Implement systems to ensure that clients' sales tax, including value added tax, returns are completed correctly, liabilities are correctly calculated, deadlines are met and interest and penalties are avoided.

Last updated: 15 Feb 2012