BEIS consultation
The ICAEW Regulatory Board (IRB) has submitted its response to the UK Government’s white paper on corporate governance and audit reform. While many of the proposals are welcome, the paper does not sufficiently recognise the significant level of independent oversight already exercised by the IRB over ICAEW member conduct and the disciplinary functions of ICAEW.
New CPS guidance: failure to report
The new guidance sets out that the CPS can prosecute where no suspicious activity report was made, even if it subsequently transpires that the money laundering didn’t occur. Read the guidance
In case you missed it, access the recording of our recent webinar which focused on when to submit a Defence Against Money Laundering and ‘tipping off’. Watch the webinar: AML guidance webinars: Tipping Off and DAMLs
Regulatory and disciplinary committee recruitment
We are currently recruiting for our 2022 committee vacancies. If you have previously dismissed the idea of serving on one of ICAEW’s committees, this article sets out the benefits of serving and details what some of our current committee members find rewarding about the role. Apply for the 2022 vacancies.
Probate Fees consultation
We are consulting on a proposal to increase probate fees by 5%. Access our plans, budget and respond to the consultation by 6 August.
Audit monitoring report: Your thoughts
Every year our quality assurance team looks back at the results of the last 12 months of audit monitoring reviews and identifies areas for improvement and examples of good practice to produce the annual Audit Monitoring Report. The next Audit Monitoring Report will be published in Autumn 2021. Read the latest update: Quality assurance monitoring and regulatory support during COVID-19.
To help us produce the next Audit Monitoring Report, please complete this short survey to help us understand the value of the report for your firm and how we can maximise its usefulness.
Insolvency updates
FCA takes action against debt packager firms: Following a review of the practices of debt packager firms, five firms have stopped providing regulated debt advice until further notice and the Financial Conduct Authority has used formal powers to stop another firm from providing regulated advice.
HMRC has published new guidance on changes to its liquidation process for Corporation Tax cases. Read the guidance here: Changes to HMRC’s liquidation process for Corporation Tax cases
DPB (investment business update)
Chartered Accountants Compensation Scheme (CACS) Amendments
Amended CACS Regulations took effect on 15 July 2021. View the schedule of amendments.