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ICAEW regulatory round-up: February 2023

Author: ICAEW Insights

Published: 27 Feb 2023

Professional Standards Department (PSD) updates for insolvency practitioners and firms regulated or supervised by ICAEW for probate; audit, including local public audit; DPB (Investment Business) and anti-money laundering (AML).

In February, find out what the government’s ban on auditing services to Russia means for clients, note the latest disciplinary cases, learn about ICAEW’s AML supervisory activity in 2022, the latest on insolvency matters, how firms supervised for probate should prepare for the 2023 Probate Diversity Survey, upcoming changes in CPD, a new disciplinary framework, and serving on regulatory and disciplinary committees.

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. 

Regulatory e-newsletter hub

Interested to find the latest news from each regulatory area? Access the new regulatory e-newsletter hub.

CPD for the future: reducing risk, enhancing trust
ICAEW’s revised CPD framework will be launched later this year. Ahead of the changes, ICAEW President Julia Penny tells us why changes to the existing CPD Regulations are necessary, why a risk-based approach to CPD is so important and explains how the latest requirements will improve trust and drive standards forward.

A disciplinary framework fit for the future
ICAEW’s disciplinary framework is being simplified and updated to make it more efficient and accessible. Ahead of the changes, Duncan Wiggetts, ICAEW’s Chief Officer for Professional Standards, explains the rationale behind the reforms and discusses how the revamped framework better meets the needs of a modern regulator. The framework is now expected to come into effect during the second quarter of 2023.

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.

Quality Assurance monitoring feedback results for 2022
Find out what our firms thought of the monitoring review process in 2022.

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

2023 fee renewal notices

Payment of regulatory fees (including affiliate fees) was due on 1 January. Please check your email inbox for our renewal notices and ensure payment has been arranged.

Anti-money laundering updates

ICAEW AML supervisory role and activity 2022
Find out what we did in 2022 to prevent money laundering.

Money Laundering Risks – a practical guide

Join us for our first anti-money laundering webinar of 2023, on 29 March. AML professionals and ICAEW’s AML supervisory team will cover the concept of risk, emerging risks, criminal activity indicators and more. The webinar will include case studies and a live Q&A.

Working in the regulated area of audit

Find out what the government’s ban on auditing services to Russia means for your clients
On 15 December 2022, the government laid new regulations in Parliament that extended the prohibition on the provision of professional services to include auditing services. The ban came into effect from 16 December 2022 but there are limited exemptions.

Quality management in audit firms

A reminder that new Quality Management Standards (ISQM 1) came into effect on 15 December 2022. Access a range of ICAEW resources to help ensure your firm is complying with the new standards.

Working in the regulated area of investment business

Financial promotions: the right side of the rules
The regulatory requirements concerning financial promotions are complex. We look at the core principles and offer tips to help you avoid falling foul of the rules when you’re communicating with clients about investment opportunities.

Working in the regulated area of insolvency

Insolvency News, Issue 12 – now available

Read about some of the key outcomes from last year's quality assurance monitoring visits, familiarise yourself with forthcoming changes to SIP 3.1, access HMRC’s latest bulletins and sign up to our next live webinar.

Completing and submitting the VAT100 (2021)
HMRC has introduced a new-style VAT100 (2021) and a fully automated process which means returns can be automatically scanned. Please ensure you are only using the new versions of the VAT100 and that the barcode is not altered or deleted. Find out more and access FAQs.

Working in the regulated area of probate

2023 Probate Diversity Survey webinar resources

The slides and recording are now available. The mandatory survey for all ICAEW-accredited probate firms must take place on or near to 31 March 2023.

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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