Course Summary

Duration1 hour

PresenterColm Owens & Elaine Jackson

The Most Common File Weaknesses arising on File Reviews and Monitoring Visits

Speakers: Colm Owens & Elaine Jackson – OmniPro Practice Support

Audit firms will be subject to a monitoring visit at some stage. Knowing in advance what are the common issues in file will help those firms keep up to date.

You will obtain an understanding of the most common file weaknesses arising on file reviews and monitoring visits. This will help you to prepare for a monitoring visit and to ensure that your firms remain compliant with the various institute requirements.

In this session Colm Owens and Elaine Jackson covered the following:

  • Topic 1 – Independence & ethical issues;
  • Topic 2 – Planning issues;
  • Topic 3 – Fieldwork issues;
  • Topic 4 – Completion issues.

CPD Course Speakers:

Colm Owens: Practice Support Executive, OmniPro

As a members of our Practice Support team, Colm’s focus is on helping practices achieve on-going best practice compliance, prepare for monitoring visits and assist with post-monitoring visits follow-ups.

Colm brings a unique insight into the whole area of monitoring and compliance having spent the last 6 years as a quality reviewer with Chartered Accountants Ireland.  In that role he has visited firms of differing sizes all over the country which has given him an insight into how firms operate, the challenges facing firms and how firms are responding to current issues facing them and the profession.  He has gained up-to-date knowledge of audit, accounting, money laundering and regulatory compliance issues relevant to the profession and knowledge of current audit methodologies.

Prior to his time with Chartered Accountants Ireland, Colm’s roles included Audit Manager with Anne Brady McQuillans and Brophy Gillespie, both in Dublin, where he worked with a range of clients from small owner-managed businesses through to larger audit clients.

Elaine Jackson: Practice Support Executive, OmniPro

As a member of our Practice Support team, Elaine’s focus is on providing firm’s with assistance and training in the following areas; Anti-Money Laundering, Audit Testing and Walk Through Procedures, Audit Planning and Efficiency, OmniPro Audit Working Paper Demos, Preparing for Monitoring Visits and Post Monitoring Visit follow-ups.

Elaine has over 15 years Accountancy Practice experience which has provided her with a wealth of knowledge across all industries and sectors. Elaine is an AITI Chartered Tax Advisor, a Certified Public Accountant and holds a Diploma in Corporate Finance.

In her previous roles, Elaine has experienced a number of ACA and ACCA monitoring reviews. This experience has provided Elaine with a great understanding and appreciation for the challenges facing Accountants in practice today.