IFAC conduct hundreds of audits each year. Members may know that, but what you may not know is the amount of preparation that goes into each audit.
The annual Audit is today a sine qua non of retail financial services. You will not get approved for a licence without committing to external annual audit. IFAC help firms to manage and mitigate risks within their business.
A visit (either remotely or in person) from one of our Compliance Consultants requires thorough preparation time in addition to the allocation of resources for the meetings themselves. Unfortunately, there are occasions where we receive short notice cancellations for Audits.
We spend HOURS preparing for audits! Preparation work has already been undertaken long before we show up, and IFAC are at a deficit in terms of time and costs when these cancellations come in. We are therefore introducing a cancellation policy that has been designed to recognise the time taken by IFAC in the event of a late notice cancellation of an Audit by a firm.
With effect from 1 August 2022, meetings booked for a visit from a Compliance Consultant will carry a charge if cancelled by a Firm within the following timescales:-
This is based on calendar days rather than working days.
In the first instance, should there be a need to cancel the meeting, the firm should contact the Compliance Consultant the meeting is booked with to rearrange. Where the meeting can be rearranged within the same week as the original meeting, there will be no charge made, though please bear in mind that calendars get booked up well in advance of meeting dates. Where a meeting is cancelled due to unprecedented circumstances, these will be reviewed on a case-by-case basis.
If a charge is to be applied you will receive a notification e-mail from our Accounts team giving details of the total charge.
We very much hope that this is not a charge we have to apply, however hope that you can appreciate the need for us to implement such a policy to help protect us in the event of late notice cancellations. We will continue to prove the best possible compliance support services to all our firms. Please note that these charges will also be confirmed at the booking of your Audit visit by email.