Testing the new system
The new online system for the completion of PPQA has been trialled extensively with members to ensure that it is as intuitive as possible, limiting the need for additional training. The benefit to both clients and practices will be substantial – practices will be able to track their progress and improvement from year to year and clients can have greater confidence in the professional and ethical conduct of their accountant.
No more paper war
Previously reviews have involved an unwieldy paper-based system where members have had to fill in up to 800 questions in relation to the running of their practice and their compliance with ethical and professional standards. Not only was the time cost to members significant, but the manual input of information into the database severely limited the ability to substantially interrogate the data.
The objective of the new online system is to reduce this complexity and the time required to complete a PPQA review. Initial trials have been successful – on average, the time has been reduced from five hours to one hour and 40 minutes, a significant saving for members.
Value to members
The online approach will not only improve the data being received by the IPA, but also for the member being reviewed. This data can then be used to better target training for members, identify problematic compliance issues and provide members with feedback in order to initiate self-correction. Over time, the system works as a diagnostic tool that provides valuable benchmarking information.
By making the PPQA review more user-friendly, the compliance burden on members will be reduced and quality assurance and improvement will become embedded and intuitive, as opposed to a ‘box-ticking’ exercise in compliance. The option of annually completing the online portion of the review allows for the easy tracking of progress, meaning a practice’s compliance can be quantified. Assessors will also benefit as the information will be available immediately, with improved reporting available through a secure and confidential website that can be accessed from anywhere.
World’s best practice
We believe that the new online system has the potential to be a world’s best practice online QA review process, with international relevance. While other accounting bodies have electronic reviews, our new PPQA system is unique. Since it is entirely online, interactive for both members and reviewers, this allows for far greater aggregation and interrogation of data. The process involves an online question and answer survey that may be followed up with a review. The integrity of the system is maintained by having face-to-face reviews where they are warranted in certain circumstances.
A mark of excellence
The further development of this system has been made possible thanks to the Professional Standards Councils Star Grants initiative, available to those participating in a Cover of Excellence® scheme. Star Grants are awarded to industry associations who are striving to improve adherence to Codes of Ethics/Practice, risk management, improvements to complaints and discipline, continuing occupational education and the development of self-regulation across an industry.
In conjunction with the Professional Standards Councils, the IPA is dedicated to improving standards across the accounting industry. The new online PPQA system will increase efficiency, improve review quality and reduce the time consumed by each review. Since many of our members are in public practice, it is important that accurate, professional and ethical information is provided to clients in a timely fashion. In developing and implementing the online PPQA system, the IPA has provided the means for accountants to commit to lifting professional and ethical standards, benefiting the industry and clients alike.
