ICAEW’s regulatory and conduct roles are separate from the Institute’s other activities. Work is carried out by the Professional Standards Department and is overseen by the ICAEW Regulatory Board (IRB).
Alongside business as usual, highlights for the year included:
- The completion of governance approvals for the introduction of new continuing professional development and disciplinary frameworks;
- Positive inspection reports from ICAEW’s current oversight regulators;
- The publication of more than 130 articles and pieces of guidance to support ICAEW-supervised firms and insolvency practitioners;
- The completion of 2,520 quality assurance reviews and fulfilment of all statutory responsibilities and commitments.
Additionally, All Too Familiar, ICAEW’s third educational drama film, won a number of industry awards during the year following its premiere in March 2022.
Philip Nicol-Gent, Chair of the IRB, said:
"2022 saw the culmination of hard work by the Professional Standards Department and the IRB on the new disciplinary framework which was approved by the Privy Council in early 2023. The new framework will enhance the regulatory toolkit ensuring that the public interest can be protected. Last year also saw the final steps being taken towards the assuming of responsibility for the revised Continuing Professional Development (CPD) Regulations; both these initiatives will have an impact on the work of Chartered Accountants and their firms and strengthen trust in them as professionals.
“As events in 2023 continue to challenge business, ICAEW firms and members will be at the forefront providing measured and independent judgement. The profession must continue to hold itself to the high standards that the public expect and the Professional Standards Department will continue to enable, evaluate and enforce these standards.”
The report is available here.
Notes to editors:
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.