Tony Mitchell
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19th January - Bankruptcy Tourism – Another E.U. Headache
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14th July
An Inspector Calls
17th February 2011 13:45
I am writing this blog as the regulatory inspectors are putting on their hats and coats and leaving us after their periodic visit to ensure that we are complying with all the rules and regulations that govern the work we do.
Brett and I are regulated by two different regulatory bodies. I am regulated by the Association of Chartered Certified Accountants and Brett by the Insolvency Practitioners Association. Although discussions continue as to whether there should be only one regulator instead of the current seven, at present we have to deal with two.
This time round we decided that it would be a good idea if we invited them in at the same time and on Monday morning the man from the ACCA duly arrived armed with portable computer and a long list of cases that he announced he would like to inspect. This was in addition to the list of closed cases we had already been notified would be inspected.
Files are duly delivered to the meeting room and I hold my breath for the memory stick to be handed to me with the results of the first case reviewed. The stick arrives and although confident I open it to reveal the points requiring explanation. Only a couple of minor points and so we move on through the next two days with the memory stick passing back and forth as the various cases were reviewed.
The man from the IPA has by this time also arrived, armed with his own case review list, but no memory stick – pen and paper for the IPA, once again highlighting the difference in approach between the regulatory bodies.
By the end of the third day we had covered all the cases to be reviewed and although I say so myself passed with flying colours. The men from the ACCA and IPA have to be a little more restrained but I know they were very happy with what they had found and were very complementary about how we go about our work.
So what have we learnt from the visit? Firstly the hard work the whole team puts in week in and week out to ensure that we not only do the job right but document what we are doing pays dividends when inspection time comes around. Secondly, corporate recovery practices that are doing a good job should not fear a visit from the inspectors but regard it as an opportunity to show what they can do and receive independent third party endorsement of the quality of work being done.
See you again in three years boys.
