Our regulatory role

Oversight of ICAEW’s regulation and conduct role

ICAEW’s regulatory and conduct responsibilities are delivered by the Professional Standards Department (PSD). Our role is to strengthen confidence and trust in those regulated by ICAEW. We do this by Enabling, Evaluating and Enforcing the standards expected by the profession, oversight regulators and government.

This structure enables us to monitor, support and take steps to ensure change if standards are not met.

By following these 3Es, we ensure those regulated by ICAEW (ICAEW Chartered Accountants, accountancy firms, students and regulated and affiliated individuals) act in accordance with laws, regulations and expected professional standards.

All work carried out by PSD is overseen by the ICAEW Regulatory Board and oversight regulators, including the Financial Reporting Council, the Office for Professional Body Anti-Money Laundering Supervision, the Insolvency Service and the Legal Services Board.

ICAEW is*

• The largest recognised supervisory body and recognised qualifying body for statutory audit in the UK. There are 2,137 firms and 6,623 responsible individuals registered with us under the Companies Act 2006.
• The largest recognised supervisory body for local audit in England. We have 10 firms and 101 key audit partners registered under the Local Audit and Accountability Act 2014.
• How we work: Enable, Evaluate and EnforceThe largest insolvency regulator in the UK. We license over 800 insolvency practitioners (out of a total UK population of 1,542) as a recognised professional body (RPB) under the Insolvency Act 1986.
• A designated professional body under the Financial Services and Markets Act 2000 (and previously a recognised professional body under the Financial Services Act 1986). We license 1,672 firms to undertake exempt regulated activities under this Act.
•  A supervisory body recognised by HM Treasury for the purposes of the Money Laundering Regulations 2017, dealing with around 10,500 firms.
• An approved regulator and licensing authority for probate under the Legal Services Act 2007. Over 350 firms are accredited by ICAEW to carry out this reserved legal activity.

And:

• 245 firms are accredited to perform ATOL returns work under the ICAEW Licensed Practice scheme for ATOL Reporting Accountant work. This was set up in 2016 after the Civil Aviation Authority gave approval for ICAEW to license, register and monitor firms which perform ATOL returns work.
• Our Practice Assurance scheme provides ICAEW members working in practice with a framework of principles-based quality assurance standards. We monitor around 11,500 firms to ensure they comply with the Practice Assurance standards.

* Data is correct as at 31 December 2023.

How we work: Enable, Evaluate and Enforce