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 email@example.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.
The ICAEW Regulatory Board (IRB) is consulting on its proposed changes to ICAEW’s disciplinary framework.
ICAEW’s latest educational drama film, All Too Familiar, examines the role of professional scepticism in the fight against economic crime. Produced in collaboration with HMRC, the film looks at a real-life scenario of how firms and individuals may inadvertently become ‘professional enablers’ for criminals involved in everything from financial fraud to modern slavery and terrorism.
Fraudsters have been targeting COVID-19 business support schemes since their inception. And although the key programmes ended during 2021, the issue has not gone away. For accountancy firms now preparing year-end accounts, staying alert to COVID-related fraud is more important than ever.
The ICAEW Regulatory Board aims to be as open and transparent as possible. It is now publishing its meeting minutes and papers for your review.
The February disciplinary update is now available, and we recommend reading the update to familiarise yourself with the latest cases we are seeing.
Recruiting to the IRB
The ICAEW Regulatory Board (IRB) is at a critical point in its development. It recently announced the appointment of a new chair and is currently recruiting new members. We talk to serving board members and the chair of the independent Regulatory and Conduct Appointments Committee about what makes an effective board, why diversity – in all its forms – is so important, and what qualities prospective members could bring to the mix.
The ICAEW Regulatory Board (IRB) is currently recruiting new members. We talk to existing board members about their background, why they decided to serve, the benefits and challenges, and the need for a blend of skills.
Join Matt Higgins of FRP Advisory on 14 March to explore the issues IPs may have to deal with when appointed over an energy supplier.
Amid a raft of legislative and regulatory matters with which to comply, dealing with employees as a major stakeholder in many insolvencies, is a critical part of an IP’s role.
Updates for auditors
ICAEW’s audit monitoring report for 2020/21 shows most firms reached a good standard. But it also flags areas for improvement, highlights how root cause analysis can boost performance, and urges firms to tell an audit story.
Even the smallest firm needs to ensure it is prepared for compliance with the new standards from December 2022.
Firms need to allow the necessary timescales to register with a particular EU state for the first time, when securing the audit of an entity with an overseas listing. This is to ensure the application goes through in time for the reporting period.
The latest monitoring reports
We carried out 40 probate monitoring review visits throughout 2021. Read the results.
In Q4 2021, we carried out 168 monitoring review visits with ICAEW-supervised AML firms; 27% of these were categorised as high or high-medium risk of being used to enable money laundering. Find out more.
View from the firms
All firms and insolvency practitioners (IPs) are asked to complete a survey anonymously after their review. We use the findings from these surveys to support the continuous improvement of our monitoring processes and procedures. The feedback is received and compiled by an independent survey company.
The latest feedback from firms/IPs in respect of the conduct of quality assurance reviews carried out in 2021 is now available for you to view.
Hear a panel of guests dissect the latest headlines and provide expert analysis on the top stories from across the world of business, finance and accountancy.Find out more
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Read ICAEW's daily summary of accountancy news from across the mainstream media and broader financing sector.See more