I am just in the process of completing my Annual Practice Declaration Form for the ICB. I have been reading the ICB website, and it says that we have to carry out an annual review of all our clients, does this mean we have to complete a new Client Risk Assessment MLR1 form and a Client Due Diligence Record MLR3 for every client? I am really confused with all these forms and the procedure, any help and advice would be much appreciated.
Just been through the same and my understanding is you need to complete an MLR1 each year and an initial mlr3 which should be updated as and when needed. Plus the annual practice declaration.
Give Ray Cross at the ICB a call if you're confused. He's a really nice guy and very helpful.
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Tony
Responses are intended as outline only. Formal advice should be sort from your Institutes Technical Department or a suitably qualified Accountant.
Thanks very much for your advice, I will speak to Ray Cross at the ICB. Just another point if you could help? I have just acquired a new client, I had the initial meeting last week and I will be doing his bookkeping and payroll from 17 October 2011, do you complete the Client Risk Assessment and Client Due Diligence on the day you start work or do you wait 3-6 months until you know the client?
I'd complete the due diligence straight away. I may be wrong on this, but I think you should complete due diligence before taking the client on.
I don't know the answer about the Risk Assessment. If you're practice declaration is up then you'd have to do one and probably mark the client as High risk due to a lack of familiarity, understanding of the business.
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Tony
Responses are intended as outline only. Formal advice should be sort from your Institutes Technical Department or a suitably qualified Accountant.
