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Regulatory Round-up: April 2023

Author: ICAEW Insights

Published: 25 Apr 2023

This month, we provide you with resources and guidance to help prepare for the upcoming changes to ICAEW’s CPD Regulations, explain the changes to ICAEW’s disciplinary framework and how to implement ISQM1.

We are also seeking your views on ICAEW’s review of professional indemnity insurance requirements and the Joint Insolvency Committee’s review of SIP 3.3 (Trust Deeds).

As well as HMRC’s bulletin about its deregistration mailbox and the Legal Ombudsman’s changes to its scheme rules for when it will accept complaints, there is a roundup of April’s disciplinary cases and tips on how to source reliable evidence to verify your clients for AML matters.

We also introduce you to ICAEW Regulatory Board member, Angela Foyle, and highlight how diversity is helping to build better committees. 

Firm responsibilities for revised CPD Regulations

The revised CPD Regulations (effective 1 November) will place specific responsibilities on ICAEW member firms and other firms. Read about the new requirements and the key steps to take in the coming months.

Firms urged to prepare for revised CPD Regulations

ICAEW’s revised CPD Regulations place specific responsibilities on firms. Read the article to look at what firms need to do and the questions they need to ask themselves.

Updates to ICAEW’s disciplinary framework
On 1 June 2023, revisions to ICAEW’s disciplinary framework will come into effect. Access the new Disciplinary Bye-laws and regulations and find out more.

Professional Standards update April 2023
This month, we highlight the changes to discrepancy reporting requirements, an audit quality alert and the latest updates for insolvency practitioners and probate accredited firms.

Review of ICAEW’s Professional Indemnity Insurance Regulations
ICAEW is conducting a review of its professional indemnity insurance (PII) requirements. The aim is to ensure that the arrangements remain fit for purpose and provide adequate protection to the public, while being mindful of the cost to the profession.

Disciplinary update: April 2023
Take note of the latest disciplinary cases to ensure you or your firm are not making similar mistakes.

Stepping into the regulatory sphere

Some of the requirements, rules and regulations around regulatory matters apply across the board for all firms. Others depend on the types of work you intend to carry out, for example if you want to practise in areas specifically regulated by law, such as audit, probate, investment business and insolvency. The ICAEW Professional Standards Department has put together a series of articles offering insights, advice and tips from our Quality Assurance and Regulatory Practice teams to help you navigate the process and avoid common pitfalls.

Anti-money laundering updates

Checking the evidence: is your client who they say they are?
Risk-based client verification is at the core of customer due diligence (CDD). ICAEW’s anti-money laundering (AML) team and AML experts from leading firms offer some tips on how to source reliable evidence to verify that your client is who they say they are.

Money laundering risks – a practical guide
Our expert panel helps you to understand the concept of risk when performing customer due diligence, emerging money laundering risks, how to ensure staff understand and recognise risk and host a Q&A session.

Reporting discrepancies in the PSC register

Changes to discrepancy reporting requirements came into effect on 1 April. You must now report a material discrepancy between the information you hold about a person with significant control (PSC) or registrable beneficial owner of an overseas entity, and the information on the Companies House register for both new and existing clients. 

Working in the regulated area of audit

ISQM1: implementation and expectations
A recent survey by the ICAEW Quality Assurance Department (QAD) suggests a strong and positive implementation of ISQM1, but urges the small minority of firms that haven’t put it in place to act quickly. All active audit firms are expected to have implemented ISQM1 and QAD will review evidence of this as part of its audit monitoring visits. Here, we summarise the findings and resources available to support implementation.

Matters of Material Significance reportable to UK charity regulators

Guidance for auditors and independent examiners about the statutory duty to report any matters of significance to charity regulators in England and Wales, Scotland and Northern Ireland.

Working in the regulated area of insolvency

Statement of Insolvency Practice 3.3 – Trust Deeds
A working group of the Joint Insolvency Committee has been reviewing Statement of Insolvency Practice 3.3 – Trust Deeds and are now inviting comments on the revised SIP.

HMRC bulletin: VAT deregistration mailbox trial survey
HMRC has been trialling a dedicated mailbox for insolvency practitioners to request VAT deregistration confirmation. HMRC is now asking for your feedback on the trial. Please complete the survey to help HMRC gauge the success of the trial. Both the trial mailbox and the survey are open until 2 May.

Our role as the UK’s largest insolvency regulator
View ICAEW’s latest insolvency supervisory activity in the infographic.

Working in the regulated area of probate

Legal Ombudsman’s Scheme Rules have changed from 1 April 2023
The Legal Ombudsman’s Scheme Rules set out the framework for how complaints are resolved between authorised persons and complainants under the scheme. As of 1 April 2023, several revisions to the existing Scheme Rules went into effect. 

Serving on our regulatory or disciplinary committees

Strength through diversity: building better committees
Kim Nyawira, Head of Committees and Tribunals at ICAEW, tells us about some recent initiatives to broaden opportunity and bring greater diversity of thought and experience to the regulatory and disciplinary committees.

Supportive scepticism
In our interview with Angela Foyle, the ICAEW Regulatory Board’s newest member, she tells us why experience on the ground brings a useful perspective to regulation and talks about some of the challenges ahead.

Serve on our regulatory and disciplinary committees
Find out more about the expertise we are looking for, remuneration rates for accountant and lay members and how to express your interest.

ICAEW’s award-winning training films challenge mindsets

ICAEW training films

ICAEW training films provoke discussions and challenge mindsets about how to deal with difficult decisions and topical issues in business situations. With a focus on professional scepticism, ethics and everyday business challenges, ICAEW training films are being used by firms and companies around the world to support their in-house training and business development programmes. 

‘All Too Familiar’ case study: payroll processing

Caroline Wheeler, Partner at Bevan Buckland LLP, used ‘All Too Familiar’ to raise awareness of anti-money laundering (AML) requirements among payroll department staff who were involved in onboarding an unusual number of new clients.

Keep updated: Please continue to visit the various sections under Regulation on the ICAEW website to stay current with all the latest regulatory-related guidance. 

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

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