Regulatory and Conduct work at ICAEW is separated from the Institute’s other activities and is carried out by the Professional Standards Department, overseen by the ICAEW Regulatory Board (IRB).
In addition to business as usual, during 2021/22 the IRB conducted key activities including:
- a detailed response to the government consultation on Restoring Trust in Audit and Corporate Governance
- significant progress on a new disciplinary framework, set to launch at the end of the year
- Revised the quality assurance programme for regulatory and disciplinary committees
- Refreshed strategy for legal services regulation conducted by ICAEW
- Responded to the Insolvency Service’s consultation, The Future of Insolvency Regulation.
The third of ICAEW’s educational drama films, All Too Familiar, was also launched. The film was written to raise awareness of the importance of compliance with anti-money laundering regulations, and premiered at Chartered Accountants’ Hall in March.
Philip Nicol-Gent, Chair of the IRB, said:
“In spite of continued challenges from the pandemic I pay tribute to the work of ICAEW’s Professional Standards Department over the past year.
“The IRB has been pleased to play a forward-looking strategic role, to ensure that, as an improvement regulator, ICAEW continues to strengthen trust in members and member firms, and to work in the public interest. To do so, in the past year we have focused on reforming ICAEW’s disciplinary framework, developed a refreshed strategy for legal services and responded to government consultations on audit and insolvency.
“As changes across the accountancy sector unfold, we will make sure the IRB plays a central role in shaping the landscape, and that the public interest is upheld.”
Notes to editors
1. The report is available here.
ICAEW’s regulatory and conduct roles
Our role as an improvement regulator is to strengthen trust in ICAEW Chartered Accountants and firms. We do this by enabling, evaluating and enforcing the highest standards in the profession.
ICAEW’s regulatory and conduct roles are separated from ICAEW’s other activities through internal governance so that we can monitor, support or take steps to ensure change if standards are not met. These roles are carried out by the Professional Standards Department (PSD) and overseen by the ICAEW Regulatory Board (IRB).
- authorise ICAEW firms, members and affiliates to undertake work regulated by law: audit, local audit, investment business, insolvency and probate;
- support the highest professional standards in general accountancy practice through our Practice Assurance scheme;
- provide robust anti-money laundering supervision and monitoring;
- monitor ICAEW firms and insolvency practitioners to ensure they operate correctly and to the highest standards;
- investigate complaints and hold ICAEW firms and members to account where they fall short of standards;
- respond and comment on proposed changes to the law and regulation; and
- educate through guidance and advice to help stakeholders comply with laws, regulations and professional standards.