How to Conduct a Periodic Review


All Qualified Intermediaries (QIs) are required to undertake a Periodic Review. However, most small and medium sized QIs really struggle with the workload and eye-watering cost this entails.

There is an increasing trend and desire in the Tier 2 and Tier 3 communities to undertake the Periodic Reviews themselves using their internal audit functions, which the new QI agreement now makes possible. This course is specially designed to provide internal audit function training on QI Periodic Reviews, helping your firm to obtain the knowledge needed to be able to competently and independently conduct a Periodic Review

Who Should Attend?

Staff in internal audit functions within financial services institutions that have QI status

Responsible Officers


  • The regulatory and contractual context of Periodic Reviews
  • IRC Chapters 3 and 4
  • Identifying a certification period
  • Timelines for Periodic Reviews and Certifications
  • Periodic Reviews – the key faces
  • Demonstrating independence
  • Testing and recording independence
  • Demonstrating competency
  • Levels of knowledge required
  • How to schedule a Periodic Review
  • Preparation for an Internal Audit and Responsible Officers
    • Scale and scope
    • Resources for the internal auditor
    • Resources for business unit leaders
    • Availability
    • Responsible officers
    • Interviews
    • Physical evidence
    • Compliance Program Evidence
      • Policy and procedure analysis
      • Dissemination
      • Training
      • Monitoring
    • Soft review evidence
      • Levels of knowledge
Account Sampling
  • Deciding if sampling is required
  • Choosing a sampling methodology
  • Applying the Safe Harbour sampling algorithm
  • Selecting random accounts
Physical Evidence Review
  • Requesting accounts for review
  • Analysis criteria
  • States of compliance
Withholding Review
  • Analysis of accounts for correct withholding
Reporting Review
  • Analysis of accounts for reporting accuracy
  • Analysis of timeliness of reporting
Systems Adequacy Review
  • Analysis of systems associated with compliance
Control and Oversight
  • Assessment of the RO
  • Assessment of the RO’s control and oversight plan
Periodic Review Report Writing
  • Factual information
  • The executive summary
  • Highlighting compliance failures in remediation at review
  • Highlighting compliance failures during review
  • Highlighting material failures and events of default
Presentation of Results
  • How to present PR results
  • IRS access to PR Report and Reviewer(s)
  • Understanding the consequences of the Periodic Review
  • Certifications and qualified certifications
Factual Information
  • What is factual information


This course is offered on an in-house basis. Clients will be asked to provide some advance preparatory information which will then be used to customise the course materials so that the material is of more relevance to their situation.

This course can be delivered to a group of between 10 and 40 delegates over a period of either one or two days.

Two day courses cover the same content in more depth, with some additional material, exercises and workshops to help delegates absorb the content more effectively. There is also a greater amount of time allowed for questions, so delegates have the time to structure and ask questions that are relevant to their circumstances.


Please complete our booking form below and we will be in touch to discuss your requirements and to provide a quote.

Contact Us

+44 (0) 1252 413551

Tilsmere House
30 Mill Lane
GU46 7TN