General Practice Package
Providing guidance on the procedures to be followed when undertaking accountancy assignments in unregulated areas including those for compliance with Anti-Money Laundering obligations
In all professional work there are two main risks: the risk of an error being made; and the risk of that error being overlooked. The former is impossible to eliminate – errors will always be made – but the risk of such errors occurring can be reduced by standardising systems and procedures in line with current best practice.
There are two other risks inherent in accountancy work: the risk of legal action by the client; and of regulatory action by the firm’s professional body. Both of these risks only come into play if the error eludes the control system. The General Practice Package provides organised work methods which will help to keep those risks to a minimum level. It also recognises that the practice is a commercial enterprise, and that the standardisation of systems will improve efficiency. Wherever appropriate, relevant regulations and ethical guidance have also been taken into account.
The package is split into two manuals, one provides standardised non-audit documentation, together with practical checklists and specimen reports and letters. This is the General Practice Procedures Manual. The package also includes example policies and forms for compliance with anti-money laundering obligations and is the Money Laundering Compliance Manual.
The package is suitable for both ICAEW and ACCA member firms.
The General Practice Package provides you with extensive guidance and ready-to-use templates in a range of areas including:
- Office procedures
- Quality Assurance
- Accounts preparation
- Audit exempt companies
- Anti money laundering
- Management accounts
- Corporation tax
- VAT
- Payroll
- The Clients' Money Regulations
- And much more
As well as a huge range of guidance, the manual also gives you instant access to over 200 ready-to-use templates, letters and forms, including such things as:
- Client engagement letters
- Standard terms of business
- Anti money laundering client due diligence forms
- Example whole firm anti - money laundering procedures and a risk assessment
- Accounts and disclosure checklists for audit exempt companies
- Self-assessment control sheet
- Template for annual practice assurance compliance review
- Template for annual client money compliance review
- And much more
October 2024
This update to the Money Laundering Compliance Manual principally incorporates:
- Updates to reflect the revised Accountancy AML Supervisors Group (AASG) Risk Outlook.
- Changes to the list of high-risk third countries.
- Additional guidance on meaningful completion of the CDD forms.
- Restructuring, to aid navigation around the manual.
July 2024
The principal technical changes in this update to the General Practice Procedures Manual include update of disclosure checklists for recent changes in accounting standards.
May 2024
The principal technical changes in this update to the General Practice Procedures Manual include:
- Updates to the payroll section within commentary to reflect that, for the 2023/24 tax year onwards, P11D and P11D(b) submissions can only be submitted and amended online and that, from April 2026, the payrolling of benefits will become mandatory and P11Ds will no longer be required;
- Updates to the payroll section within commentary to reflect HM Revenue and Customs' withdrawal of the requirement for a BACS Hash for the 2023/24 tax year onwards;
- Updates to reflect new document checking rules came into force on 13 February 2024 in respect of right to work checks for employers;
- Other general updates to the payroll section within commentary to reflect current procedures for the preparation and submission of key reporting to HM Revenue and Customs; and
- Addition of guidance in respect of the CRS requirements.
In addition, a number of other minor improvements and amendments have been made to the manual, in particular the supporting documents relating to payroll and specialist tax work programmes.
March 2024
The principal technical changes in this update to the General Practice Procedures Manual include:
- Updates to the taxation section within commentary to reflect the revised VAT submission penalties regime for VAT accounting periods starting on or after 1 January 2023;
- Updates to the taxation section within commentary to reflect the revised VAT payments penalties regime for VAT accounting periods starting on or after 1 January 2023;
- Updates to the taxation section within commentary to reflect the minor amendments made to the PCRT guidance effective from 1 January 2023;
- Other general updates to the taxation section within commentary to reflect current procedures for the preparation and submission of key reporting to HM Revenue and Customs; and
- Update of disclosure checklists for recent minor changes in accounting standards.
In addition a number of other minor improvements and amendments have been made to the manual, in particular the supporting documents relating to taxation.
January 2024
This update to the Money Laundering Compliance Manual principally incorporates:
- Changes to reflect the latest version of the CCAB Anti-Money Laundering Guidance for the Accountancy Sector (AMLGAS) issued in June 2023;
- Updates to reflect changes to the discrepancy reporting regime and the economic crime levy now being in force;
- Changes in the sanctions regime; and
- Other minor updates to AML guidance and regulation.
November 2023
This update to the General Practice Procedures Manual principally incorporates:
- Changes in relation to the revised ICAEW CPD requirements;
- Updates in relation to the current ACCA CPD requirements; and
- The restructure and renaming of the documents contained within section BA2 within Supporting Documents to allow for easier navigation and to allow manual users to include longer client names in 'Customiser'.
February 2023
This update to the General Practice Procedures Manual principally incorporates:
- further restructuring, to aid navigation around the manual
- Minor updates for consistency with other Mercia manuals
- Removal of dates which are no longer relevant
- Updates for minor changes to standards or guidance
Exciting new feature
We have also developed tailoring and customisation tools to help you filter out the irrelevant parts of the Accounts disclosure checklists through a series of questions. These are available in the 'Customise' screen within the menu on the right.
By selecting 'Yes' to the question 'Would you like to tailor your accounts disclosure checklist through a series of questions?', you will then be asked a series of questions. Answering these subsequent questions will filter down the disclosure checklist so that only the checklists / sections you require will be shown / available to download / included within the checklist downloaded.
January 2023
The principal changes in this update to the General Practice Procedures Manual relate to:
- restructuring, to aid navigation around the manual;
- improved formatting and functionality, in particular around customising the supporting documents (previously referred to as attachments); and
- minor updates for consistency with the restructure, removal of information which is no longer relevant and recent changes to standards.
September 2022
The principal changes in this update to the Money Laundering Compliance Manual relate to:
- The issue of the updated Anti-Money Laundering and counterterrorist financing Guidance for the Accounting Sector (AMLGAS) issued by the CCAB (Consultative Committee of Accountancy Bodies) in May 2022.
- Changes to the Money Laundering Regulations in respect of:
- A requirement to check and report discrepancies on the PSC register for existing clients.
- Implementation of the requirement to similarly check the trust register maintained by HMRC.
- A new requirement to check the register of overseas entities that applies to overseas entities with an interest in UK property.
- Updates to the list of high risk third countries.
- The inclusion of proliferation financing as part of the AML regime including a new requirement for firms to consider the risk that clients may be involved in proliferation financing.
- New guidance on the risks arising from a breach of sanctions and, in particular, the risks arising from the provision of accounting services to those connected with Russia.
- Issue of an updated Risk Outlook by the Accountancy AML Supervisors Group (AASG) in April 2022.
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