Accounting Practices as Accountable Institutions: Building an RMCP and Applying a Risk-Based Approach
When an accounting practice is registered with the Financial Intelligence Centre (FIC), it plays a crucial role in safeguarding the financial system against money laundering, terrorist financing, and other financial crimes. This article explains the responsibilities of implementing a risk based approach with practical guidance on the specific risks accountants may encounter.
Introduction to ISQM 1: What It Is and Why It Matters
Quality management is important for today’s accounting practices. ISQM 1 provides a flexible, risk-based framework tailored to each practice's needs. This article explores ISQM 1’s key elements, its major updates from ISQC 1, and its connection to ISQM 2 and ISA 220 (Revised). With practical tips on risk assessment, monitoring, and implementation, this guide helps firms enhance their quality management practices for greater consistency and client trust.