Your chosen category has been added to your CPD record.
An error has occurred. Please try again. If the problem persists please contact our helpline on +44 (0)1908 248 250
Professional bodies with reciprocal membership agreements with ICAEW, are:
- Chartered Accountants Australia and New Zealand (CA ANZ)
- Chartered Accountants Ireland (CAI)
- Chartered Professional Accountants Canada (CPA Canada)
- Hong Kong Institute of Certified Public Accountants (HKICPA)
- Institute of Chartered Accountants of Scotland (ICAS)
- South African Institute of Chartered Accountants (SAICA)
- Institute of Chartered Accountants of Zimbabwe (ICAZ)
- Institute of Singapore Chartered Accountants (ISCA)
- Botswana Institute of Chartered Accountants (BICA)
A responsible individual is a principal or employee in an audit registered firm who is responsible for the audit work under ICAEW's Audit Regulations, and registered with ICAEW and/or the Financial Reporting Council for that role.
Key audit partner
Individuals who sign local audit reports within a registered local audit firm, are called key audit partners (KAPs). The detailed eligibility requirements are set by the Local Audit and Accountability Act and the FRC's Guidance for Recognised Supervisory Bodies on the approval of KAPs for local audit.
What is accountancy and finance work?
Any work that you do that relates to the profession of accountancy is likely to be considered accountancy and finance work.
The scope of such activity is wide and would include work undertaken in practice and outside of practice, such as working in the finance department or the management of a business, charity or public sector organisation.
If you are in any doubt whether your work is accountancy or finance, it is highly likely that it is.
The services listed below would be included within the scope of accountancy or finance work, although please note that this list is not exhaustive:
Accounting and compliance
- Bookkeeping work
- Maintaining client payroll
- Forensic accounting
- Preparation or review of management accounts, and statutory financial and non-financial statements/annual reports
- Non-financial reporting, such as ESG
- Regulatory reporting
Audit and assurance
- External audit and assurance services
- Internal audit of accounting and internal control systems
- Performance or value for money audits
- Dealing with personal or business tax returns
- Providing tax advice
- Representing a client in a tax situation
- Valuing businesses, shares and related instruments and intangible assets
- Expert witness services where these are related to accountancy or reserved services
- Insolvency appointments
- Corporate finance advice, including debt advisory, growth finance, and reorganisations/restructuring
- Transaction services, including due diligence
- Management consulting on accountancy activities
- Data analytics and management information
Financial and non-financial management
- Preparation or review of cashflows and budgets
- Business funding advice
- Due diligence
- Preparation or review of business plans
- Financial planning and analysis
- Investor relations
- Finance systems transformation
- Private equity, such as investment manager
- Product control
- Preparation of non-financial management information, such as carbon emissions
- Internal corporate governance
- Corporate governance advice to organisations
- Credit related regulated activities under a Designated Professional Body licence or the FCA regime.
- Investment business advice under either a Designated Professional Body licence or the FCA regime.
- Reserved legal services, such as probate
- Acting as an administrator of a trust or a will
- Estate administration
- Training and coaching accountancy firms and students
- Compliance services including file reviews supplied to firms of accountants
- Regulatory role, such as working at a professional body or oversight regulator
- Accountancy technical role or accountancy professional body role
- Compliance or risk-management/quality-control role within an accountancy organisation
- Consultancy services to accountants and accountancy firms
What are reserved legal services?
Certain types of legal work can only be provided by individuals who are appropriately authorised or licensed to do so. ICAEW is an approved regulator and licensing authority for probate services. This enables us to accredit firms and authorise individuals to offer probate services to their clients.
If you provide probate services, then you are providing a reserved legal service.
What are non-reserved legal services?
Some legal services are not reserved to those individuals who are licensed or authorised to provide them. For example, estate administration or will writing can be provided by an individual without any special authorisation. Under ICAEW's Code of Ethics you would still be required to be competent to perform the service.
If you are a trustee of a pension fund, charity, or other type of organisation then you will be within the scope of the CPD Regulations. There are special provisions however for charity trustees who work on a voluntary basis.
If you are an executive or non-executive statutory director of a company, you are within the scope of the CPD Regulations. If you hold a similar role for another type of entity, you should consider whether that role has an equivalent level of legal or financial responsibility to that of a company director. If so, you would be within the scope of the CPD Regulations.