Audits & Healthchecks

Audits

If your firm hasn’t had an independent review in the last 12 months it is something you really should consider. Particularly for larger firms, even those with an in-house compliance department, an independent audit is not only good practice but it provides reassurance that appropriate standards are being met.

ICS will spend a full day auditing the main regulatory issues within your business such as client money (if applicable), the sales process, systems and controls, complaints, etc. If there are any specific issues for review we can include these as well. We’ll speak to relevant staff, review a sample of client files and at the end of the day give you a verbal de-brief. We’ll follow this up with a full report including prioritised action points so you can quickly identify any important and urgent issues.

Healthchecks

An onsite healthcheck is less in-depth than an audit and provides more of an overview of a firm’s compliance arrangements. Healthchecks can be useful in benchmarking a firm’s general level of compliance and flagging any areas where there are obvious issues or where further scrutiny is needed. It is a shorter process than an audit and therefore a lower-cost option; healthchecks might suit smaller firms with less complex business models or lower risk profiles.