The purpose of Premier Practice:
- To provide a framework to improve performance in the context of management practice as recommended by the Institute.
- To facilitate involvement in self-assessing the practice and performance of parts of an accountancy firm and/ or the firm as a whole.
- To indicate the firm’s position against the EFQM Excellence Model.
Premier Practice is used: by partners and staff in the firm seeking to improve performance.
Premier Practice was launched: in 2002 as version 3.3
Premier Practice's core framework:
- 106 quality statements with subsidiary statements that represent the practice of well managed firms of accountants.
- Workbooks, to enable individuals to note, against the 106 quality statements, their perceptions of strengths, areas for improvement, supporting evidence and a score for each quality statement.