Accounting Firm Support
At Fazzari + Partners LLP, we have developed a reputation for outstanding quality control and that commitment is reflected in our decision to appoint a full-time, in-house Manager of Professional Standards whose responsibilities include training, raising awareness and maintaining the firm’s high quality standards. Our clients benefit from this deliberate strategy as our reputation offers them additional credibility with banks, investors and other stakeholders.
Now, smaller accounting firms can take advantage of the lessons we’ve learned as we share best practices with the industry and offer support to other firms striving to implement quality control measures and monitoring of their own.
Fazzari + Partners LLP publishes regular newsletters containing detailed commentary and insight on the latest developments in the world of assurance and advisory services.
Practitioners benefit from the useful information and real-world examples available through the firm’s ongoing seminar series created specifically for smaller accounting firms.
All accounting firms performing assurance engagements are required to establish certain monitoring processes. Fazzari + Partners LLP has the experience and the systems in place to help other firms comply with these requirements efficiently and cost-effectively. In particular, we can assist with:
- Ongoing monitoring: Firms must assess their quality control system annually and prepare reports on their findings. While firms can undertake this process themselves, they may not have an individual on staff with the requisite qualifications or the time to complete the assessment. Fazzari + Partners LLP has the expertise and the experience to offer these services.
- Cyclical inspection of completed files: Once every three years, at least one engagement per partner must be inspected. Fazzari + Partners LLP has extensive experience reviewing engagement files. The benefits of hiring our firm to complete this cyclical inspection include:
- Ensuring your firm’s compliance with the required cyclical inspection
- Identifying file deficiencies and firm training needs
- Selecting someone to provide guidance on accounting and assurance issues
When the inspection is complete, we provide a report of our findings with recommended corrective action.
Quality Control Management
Our professionals can work with you and your firm to maintain and enhance the quality and performance of audits, reviews and other accounting engagements undertaken by the assurance and advisory groups at your firm. We can help you stay up-to-date with the ever-changing legislative, regulatory and professional standards requirements.
Once every three years, all firms must have their files reviewed to ensure that those files meet the quality control standards. Annually, all firms must undergo a review of the functional elements of the firm to ensure that they meet the standards set out in their respective quality assurance manual.
As a firm, our growth over the last thirty years has familiarized us intimately with the processes of small firms and sole practitioners. This means that whether in the capacity of a complete file monitor, ongoing policy monitor, or as a second patner review for sole practitioners, the expertise and experience of our team at Fazzari + Partners LLP qualifies us uniquely to understand the operations, systems, and infrastructure of your firm, and to provide you with the insight you need to make any necessary improvements.
Contact us to learn more about how our professionals can help you.