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ICAEW regulatory round-up: June 2022

Author: ICAEW Insights

Published: 29 Jun 2022

This month’s update includes new guidance on compliance for sole practitioners, the June 2022 disciplinary update, the recording of the anti-money laundering client verification webinar and opinion on the government’s audit reform plans. There’s also information on our monitoring approach for new audit quality standards, and the recently published Regulatory and Conduct Annual Report 2021-2022.

Updates to regulations

Major changes to government sanctions’ enforcement powers

The Office of Financial Sanctions Implementation (OFSI) is now able to impose penalties simply by proving that financial sanctions were breached, increasing the onus on a person to conduct suitable levels of due diligence. Read the breakdown of the latest changes.


Enforcement notice

Debt Management Ads by insolvency practitioners

The Advertising Standards Agency (ASA) and the Committee of Advertising Practice have issued an enforcement notice regarding debt management adverts by insolvency practitioners and lead generation companies. Insolvency practitioners should read the notice to understand the kinds of advertising that are prohibited. The ASA will begin targeted monitoring and enforcement on 25 July 2022.


Professional Standards Department updates

Our monitoring approach for new audit quality standards

In response to considerable interest from firms, we explain how we plan to monitor compliance with new ISQM requirements.

Audit monitoring visits update: the risk-based approach

Find out why your firm may be selected for monitoring visits more frequently and how often you'll be visited.

The Practice Assurance Committee: assuring sustained improvement
ICAEW’s Practice Assurance Committee considers serious or persistent failings identified during Practice Assurance visits. We talk to Louise Silverton, the committee’s lay chair, about the commonalities in regulation across sectors, and how having an inquiring mind and a commitment to process help her to do her job.

Upholding the highest standards
Read more about the oversight of ICAEW’s regulatory and conduct roles and 2021-2022 activities in the recently published Regulatory and Conduct Annual Report 2021-2022.


Disciplinary update

Disciplinary update: June 2022
Since the last update, three tribunal orders have been published as well as nine consent orders issued by the Investigation Committee and two fixed penalties.


Guidance and resources

Sole practitioners: common challenges and avenues of support
There is no such thing as a typical sole practitioner in the accountancy profession. But sole practitioners face some common challenges, especially in the regulatory sphere. We look at how networking, peer support, keeping up with your CPD and planning for the future will help you meet these challenges and stay compliant.

Anti-money laundering webinar recording: how to verify your client

ICAEW’s anti-money laundering (AML) supervision team and a panel of AML professionals return with the next instalment of a popular series of webinars. This webinar follows on from our previous webinar, Money laundering risk assessments. We look at the subsequent stages of verification including: who to verify and how; how to link the level of verification to your risk assessment; what classes as satisfactory verification; and if there are higher risks, what extra measures you might take to ensure you have evidenced that the client is who they say they are and that you are willing to establish a business relationship with them. The webinar also includes case studies and a Q&A session.

Webinar invitation: Pension issues for insolvency practitioners

A comprehensive round-up of all relevant pension scheme matters for insolvency professionals. This webinar will guide you through practical issues faced with company pension schemes and address statutory requirements and common issues, such as working with auto-enrolment providers, calculating unpaid pension contribution claims and determining which pension liabilities transfer under TUPE.


In the news

‘Half-hearted’ audit reform plans announced

The government has outlined its corporate governance and audit reforms, including the formation of ARGA, a redefinition of PIE and the need for ‘challenger firms’. Read about how the plans will affect firms.

Legal services regulators commit to improving inclusivity
The legal sector acknowledges that it’s still harder to reach senior level as a lawyer if from a diverse background, and sets out new principles similar to ICAEW’s guidance. The Legal Services Board (LSB), eight legal services regulators (including ICAEW through its regulation of probate) and two disciplinary tribunals have all reaffirmed their commitment to taking action to ensure more inclusive workplaces for lawyers and that the profession better reflects the society and consumers it serves.


Keep updated

Be the first to know when articles like this are released by following us on LinkedIn and subscribing to our monthly newsletter, Regulatory & Conduct News.

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