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ICAEW regulatory round-up: September 2022

Author: ICAEW Insights

Published: 28 Sep 2022

This month’s update from the ICAEW Professional Standards Department includes a newly issued risk alert for new audit tenders, additional guidance on the UK ban of the provision of accountancy services to Russia and another case study on how our latest training film is being used.

We speak with one of the ICAEW Regulatory Board’s newest members, Claire McManus, about why a people-focused approach is close to her heart and how the wider environment influences professional conduct. Our latest disciplinary report and our 2021/22 Practice Assurance Monitoring Report are also now available.

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Apply to serve on a regulatory or disciplinary committee

We are recruiting for various roles across our regulatory and disciplinary committees. All significant decisions on regulatory and conduct matters are made by ICAEW regulatory and disciplinary committees. These committees operate independently from ICAEW staff and comprise a parity of lay and chartered accountants with a lay chair who has a casting vote. Find out more about the expertise we are looking for, remuneration rates for accountant and lay members and how to apply.

ICAEW Regulatory Board (IRB) – vacancy for an ICAEW member

The IRB is looking to appoint an ICAEW chartered accountant member (non lay) to join the IRB. From 1 January 2023, all IRB members will be eligible to receive a fee of £385 per meeting, with pro rata payments for other commitments. Expenses are reimbursed in line with ICAEW policy.

Disciplinary update: September 2022

Read the latest disciplinary update to check neither you nor your firm are making similar mistakes.

2022 Practice Assurance Monitoring Report

Are you confident your firm is compliant? Read our latest report to understand the most common pitfalls and access resources to support compliance.

New standing data forms

Help us ensure your 2023 fee renewals are correct by telling us about changes to your firm record via our new series of forms. We have split the standing data form to make it easier for you to tell us about small changes to your firm structure. We have also updated the mergers, acquisitions and other business changes form. (Eligibility issues created by not keeping your firm record up to date are some of the most common issues we see.) The 2023 fee renewals will be emailed to the relevant regulatory contact for each regulated area. Please look out for these notices during November and December.

Fresh perspectives

The ICAEW Regulatory Board ensures ICAEW’s regulatory and disciplinary work promotes and maintains the highest professional standards. We talk to Claire McManus, one of the board’s newest members, about why a people-focused approach is close to her heart, how the wider environment influences professional conduct, and about her interest in ‘left field’ questions.

Taking risks with PII run-off is a false economy

Run-off cover for your professional indemnity insurance is critical to protect your clients, your firm and yourself. We look at why this cover is so important, and how ignoring the issue could put you at financial and compliance risk.

Working in the regulated area of audit: updates

ISQM1: three months to complete development of your system of quality management

There are about three months to go before audit firms need to comply with the International Standard on Quality Management 1 from 15 December 2022. The ICAEW Quality Assurance Department expects that all active audit firms will now, as a minimum, have a proper plan to ensure that their system of quality management will be operational from the implementation date. This update provides guidance on what is required.

Risk alert for new audit tenders

As ICAEW registered auditors will be aware, in response to changes in the audit market, the growth of challenger firms and some more complex audits moving away from the largest audit firms, we have increased our activities to monitor the audits undertaken across firms registered for audit with ICAEW. Our monitoring of auditor cessations and other recent intelligence information shows that there are significant numbers of UK companies seeking new auditors.

AML updates

Proliferation financing (PF) risk assessments

Recent changes to the Money Laundering Regulations include a new requirement to assess the risk your firm may be used to enable PF. The CCAB Guidance is being updated to include guidance on this requirement.

UK ban on the provision of accountancy services to Russia

New guidance is available from our AML supervision team on the recent legislation.

Creating a buzz around AML

In our latest article on how firms are using ICAEW’s AML educational drama All Too Familiar, we talk to a money laundering reporting officer about why the film engaged staff in a way he had found difficult to acheive with more conventional approaches to training.

Cryptoassets webinar: how to spot money laundering red flags

Listen again to our expert panel who will help you understand what is meant by cryptoassets, how crypto can be abused by criminals and what the warning signs or risk factors might be. They also discuss case studies and provide the view of a money laundering reporting officer. 

Working in the regulated area of insolvency: updates

Creditor bankruptcy and liquidation petition deposits to rise

The Insolvency Service is introducing changes to the deposits paid to initiate creditor bankruptcies and compulsory liquidations. The petition deposit, the amount that needs to be paid up-front to seek an order, will be increasing in all cases where a petition is filed at court on or after 1 November 2022.

Access the stakeholder briefing pack

Read further details on these changes

HMRC guidance: Tax clearance requests in members voluntary liquidations

HMRC has changed its process for giving tax clearance in MVL cases. From 12 September 2022 you’ll no longer need to post these requests to two separate areas of HMRC.

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