The ICAEW Regulation & Conduct Board (IRCB) is responsible for ensuring ICAEW’s regulatory and disciplinary work, undertaken by the Regulation & Conduct division (R&C) is carried out in the public interest. It also provides assurance to government, oversight regulators and the public that these tasks are carried out independently and objectively.

The IRCB also oversees the performance of ICAEW’s regulatory and disciplinary committees (other than the Legal Services Committee who are overseen by ICAEW Board). These committees are not answerable to the IRCB for their decisions in individual cases.

The IRCB includes a chair and for accountancy oversight purposes, it aims to have a balance between lay and non-lay members.

A lay member is someone who is not, and has never been, a member, affiliate or employee of ICAEW or any accountancy body. For legal services oversight purposes, it has a lay majority where a lay member is someone who is not legally qualified. To enforce the principle of independence within ICAEW’s governance structure which separates regulatory and membership activities, ICAEW office holders, ICAEW Board and council members are not allowed to sit on the IRCB or regulatory and disciplinary committees.

The accountancy members of the IRCB have different backgrounds and specialisms including audit, insolvency, and tax. They provide the perspective and insight not only as members in practice but also as members working in business. Many of the lay members have significant experience in other regulated sectors. The combination of technical experts and lay representatives ensures a broad range of views and insights while keeping the public interest at the centre of the IRCB’s work.

The appointment, performance evaluations and remuneration of chairs and members of the IRCB are dealt with by the Board Nominations Committee. The appointment, performance evaluations and remuneration of chairs and members of the other regulatory and disciplinary committees is the responsibility of the Regulatory & Conduct Appointments Committee (RACAC). The RACAC reports to the IRCB and the LSC on its activities but is independent of the IRCB and LSC.

Terms of reference

The IRCB’s terms of reference set out the role and responsibilities of the IRCB and contain practical information on how the IRCB operates, for example its quorum. The terms of reference also detail the powers delegated to the IRCB and the powers the IRCB itself has delegated to other committees.