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ICAEW regulatory round-up: April 2022

Author: ICAEW Insights

Published: 27 Apr 2022

In this month’s update, a reminder to prepare for the new audit Quality Management standards, which will come into effect in December. We highlight some common inadvertent breaches seen by the Probate Committee and provide a summary of ICAEW’s response to recent proposals for a single insolvency regulator.

Our AML supervision team has flagged key resources to help you understand the impact of UK sanctions against Russia. We are also seeking your views in two consultations: proposed changes to ICAEW’s CPD Policy and the legal services strategy.

Guidance

Be prepared for Quality Management standards
Even the smallest firm needs to ensure it is prepared for compliance with the new standards from December 2022.

Audit guidance in response to Ukraine crisis
Support for ICAEW audit firms to work through the consequences of the Ukraine crisis.

Regulating firms: a game-changer for insolvency regulation
The ICAEW Regulatory Board has welcomed proposals to widen the regulatory regime for insolvency to include firms as well as individual practitioners. But the board’s response to the government’s consultation on the future of insolvency regulation also argues against the introduction of a single government regulator.

Probate – Common pitfalls
To help your firm avoid inadvertent breaches of the Probate Regulations, we have highlighted some of the common breaches we see. These issues can lead to potential regulatory action and interruption of probate services so it’s important that you take note to ensure your firm avoids these common pitfalls.

Economic crime: gatekeeper or enabler?
With fraud on the rise, we look at how ICAEW is working with other stakeholders to ensure its member firms stay at the forefront of the fight against economic crime, and avoid unwittingly becoming professional enablers.

Please plan ahead: regulatory applications and firm structure changes
ICAEW is implementing a new records management system this spring. As the new system goes live, there may be some disruption to our usual processing times, particularly during March and April. If you or your firm is considering a new regulatory application or change (eg, to the structure of your firm or to your own registration record), please contact our regulatory support team by emailing regulatorysupport@icaew.com at the earliest opportunity.

Please note, you must notify us of any changes to the structure of your firm within 10 business days of the change. More information about maintaining your firm’s record is available here.

New resources

Key resources on sanctions
Our AML supervision team have highlighted some key resources to help you understand the impact of UK sanctions against Russia.

AML webinar: How to verify your client
ICAEW’s AML supervision team uses case studies to demonstrate the stages of client verification and how these should link to your AML risk assessment.

IPs’ insolvency compliance, and SIP 11 annual review requirements
Join members of ICAEW’s Quality Assurance team to hear more about the obligation to complete insolvency compliance reviews and an annual review of financial controls.

Consultations

Have your say: consultation on proposed changes to ICAEW’s CPD Policy
We are seeking your views on proposed changes to the ICAEW Continuing Professional Development (CPD) Policy. This consultation is open from Thursday 24 March 2022 to Wednesday 18 May 2022.

Medium term legal services strategy consultation
Some minor amendments have been made to the IRB’s Legal Services Strategy and we now invite your feedback on the updated strategy before we update our Legal services business plan.

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