There’s also an update from our Quality Assurance team following the return to on-site reviews and two vacancies to serve on the Chartered Accountants Compensation Scheme Committee.
AML telephone monitoring reviews: a two-way process
Reviewers from ICAEW’s Quality Assurance Department (QAD) have introduced monitoring reviews focused solely on anti-money laundering (AML) compliance. We look at why your firm might receive a call, what you can do to prepare, and how to make the most of the advice on offer.
Disciplinary update: April 2022
Since the last disciplinary update, two appeal orders have been published as well as five consent orders issued by the Investigation Committee and two fixed penalties.
CCAB guidance updated and approved by HM Treasury
The Consultative Committee of Accountancy Bodies (CCAB) has published the latest version of its Anti-Money Laundering Guidance for the Accountancy Sector, together with the Tax Appendix and the Insolvency Appendix, following the Treasury’s approval of all three documents.
- Find out more including the key changes from the draft guidance
- Read the key points for insolvency practitioners
‘Dear IP’ – Financial sanctions and insolvency practitioners
The Insolvency Service is aware of some individuals who may be subject to financial sanctions who are seeking to use both solvent and insolvent liquidations to circumvent financial sanctions. Read this update from the Insolvency Service for information about financial sanctions. It also gives details of a free subscription service to identify designated persons, entities or bodies. Insolvency practitioners are encouraged to subscribe to the service.
HMRC update May 2022: case queries mailbox service
Due to a significant increase in case queries, there are currently delays to response times. Read the latest advice from HMRC to find out how to help progress your query, including ensuring you have completed the contact form, and what not to do.
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.
Invitation: Restructuring & insolvency conference
28-29 June 2022
Free for the first time. Join your peers and listen to the topical discussions. Get practical and ethical guidance on deepfakes, ethics, professional scepticism, current market developments and more.
From cinema-style screenings to engaging debates, let us know how your firm is using All Too Familiar.
New ICAEW Regulatory Board (IRB) chair outlines objectives
The IRB ensures ICAEW’s regulatory and disciplinary work promotes and maintains the highest professional standards. We talk to Philip Nicol-Gent, the board’s new chair, about what being a professional means to him, and how leadership, listening and staying ahead of the curve will ensure the public interest is always at the heart of the IRB’s work.
We have now returned to on-site monitoring visits
Our quality assurance team has now returned to pre-pandemic ways of working, including on-site visits. For firms and practitioners that are in scope for an on-site visit, we find that they provide the best opportunity for high quality interaction between firms and our reviewers. They also enable the visit to be conducted in the most proportionate and effective manner for all those involved.
In order for all visits to run as smoothly as possible, please ensure that key principals and staff at the firm are present during the visit and that all information requested is available. This may require some advanced planning if your firm is now adopting a hybrid working model. It is important that we receive timely responses to our queries whilst on-site, otherwise the process may become protracted and may result in our reviewer needing to return at a later date to complete the visit.
In the case of unforeseen circumstances in the days leading up to your visit, please tell us by emailing firstname.lastname@example.org and we can agree an appropriate solution.
Serving on our regulatory and disciplinary committees
We currently have vacancies on the Chartered Accountants Compensation Scheme Committee. ICAEW, the Institute of Chartered Accountants in Scotland (ICAS) and the Institute of Chartered Accountants in Ireland (ICAI) operate a compensation scheme for members of the public who have incurred a financial loss as a result of investment advice given by a firm of chartered accountants which, at the time the advice was given, was authorised or licensed to give such advice by one of the three institutes. The Chartered Accountants Compensation Scheme Committee administers and manages the scheme. It also considers claims arising from investment business conducted by authorised/licensed firms under the investment business rulebooks.
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