The UK Brexit transition period ended on 31 December 2020. New rules apply from1 January 2021. This page brings together guidance and support from ICAEW for accountants and auditors on running your practice, audit regulation and professional qualifications.
ICAEW is committed to helping members seeking professional recognition for the pursuit of regulated activities, such as statutory audit, in the European Economic Area (EEA) under the post-Brexit arrangements.
4 January 2021: The new Free Trade Agreement is a step back from the Single Market arrangements for the recognition of professional qualifications between the UK and the EU – but there is a clear way forward. Dr Martin Manuzi, ICAEW's Regional Director, Europe, summarises what the agreement means for professional recognition in the accountancy sphere and what else is relevant for ICAEW members.
4 January 2021: Following the end of the Brexit transition period, new UK Audit Regulations are now in place, effective 1 January 2021. The major changes involve the qualification of EEA auditors and firms that could affect responsible individual (RI) status and ownership tests.
4 January 2021: The joint UK and Ireland Regulations issued in January 2020 remain in effect for Irish audits. Following the end of the Brexit transition period, some changes to eligibility are due. These will take effect once the Irish government has issued the appropriate legislation.
This page presents an overview of instructions and guidance for small practices to prepare during the transition period following Brexit.
Find out more about the potential implications of Brexit on the provision of accountancy and related advisory services, as well as on accountancy training and qualifications.
ICAEW is committed to helping members seeking professional recognition for the pursuit of regulated activities, such as statutory audit, in the European Economic Area (EEA) under the post-Brexit arrangements.
ICAEW revoked its Recognised Accountancy Body (RAB) status in Ireland on 21 July 2021.
The transition period which followed the exit of the UK from the European Union ended on 31 December 2020.
This page presents an overview of instructions and guidance for small practices to prepare during the transition period following Brexit.
Auditors of UK companies (ie, companies incorporated in the UK) with listings on the Irish Stock Exchange, (such as listed debt), will be required to register with IAASA as third country auditors at the end of the transition period (31 December 2020) unless their registration continues to be accepted on the Irish audit register.
Amended requirements impacting on Public Interest Entity (PIE) audits
BEIS and the FRC have issued on 22 February 2019 five documents that set out the necessary steps all audit firms (large and small) should undertake to prepare for Brexit including no-deal outcomes.
The current regulatory framework for statutory audit underpins audit quality and ensures market integrity.
UK professional accountancy qualifications, including ICAEW’s ACA, are now fully recognised in Cyprus.
The FRC's Memorandum of Understanding with the IAASA will facilitate the Republic of Ireland's ability to register UK statutory auditors as Irish statutory auditors. The FRC also announced that audit qualifications from CPA Ireland will be able to be recognised for the purpose of becoming a UK statutory auditor.
Webinar presented by BEIS for businesses and professionals on new rules from January 2021 on providing services to EU customers, getting professional qualifications recognised, changes to audit and accountancy requirements, and changes to legal services.
A collection of country-by-country guides from the UK Government which include coverage of trade and services regulations; travel and entry requirements; and recognition of professional qualifications.