General Practice Procedures Manual
Providing guidance on the procedures to be followed when undertaking accountancy assignments in unregulated areas.
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 Procedures Manual 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 manual provides standardised non-audit documentation, together with practical checklists and specimen reports and letters.
The manual is suitable for both ICAEW and ACCA member firms.
The General Practice Procedures Manual 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
• 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
• 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
July 2024
The principal technical changes in this update include update of disclosure checklists for recent changes in accounting standards.
May 2024
The principal technical changes in this update 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 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.
November 2023
The principal technical changes in this update include:
- 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 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; and
- 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 technical changes in this update 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.
July 2022
This update principally incorporates:
- Minor updates for consistency with other Mercia manuals.
- Removal of dates which are no longer relevant.
- Updating documentation for minor changes to accounting standards.
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