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May 2022
Professional Standards Update: May 2022
In this issue we highlight updated CCAB guidance, ask how your firm is using our newest training film, All Too Familiar, hear from the ICAEW Regulatory Board (IRB)’s new chair and give an update from our Quality Assurance team following the return to onsite reviews.
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 qadvisits@icaew.com 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 firm under the investment business rulebooks.
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.
Leadership, listening and finding a voice
The ICAEW Regulatory Board (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.
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.
Amendments to Article 89 - 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.
April 2022
FRC seeks to register auditors of public interest entities
Proposed changes to the registration of auditors of public interest entities will change the routing of AQR reports but will not have a substantive impact on outcomes.
Professional Standards Update: April 2022
Read the April update from ICAEW Professional Standards.
Regulating firms: a game-changer for insolvency regulation
The ICAEW Regulatory Board has welcomed proposals to widen the regulatory regime for insolvency to include firms as well as individual practitioners. But the board’s response to the government’s consultation on the future of insolvency regulation also argues against the introduction of a single government regulator.
April 2022: Deemed consent procedures update
From 1 June 2022, if a company or insolvency practitioner knows HMRC is already dealing with the company on a compliance matter, please send any initial notification of a Creditors’ Voluntary Liquidation procedure directly to the HMRC officer handling that correspondence – not to the central mailbox.
Accountancy AML Supervisors Group (AASG) Risk Outlook
The AASG Risk Outlook has been updated.
Medium term (3 year) legal services strategy consultation
Some minor amendments have been made to the IRB’s Legal Services Strategy and we now invite your feedback on the updated strategy before we update our Legal services business plan. The deadline for responses is Monday 23 May 2022.
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.
AML - the essentials, issue 24
In this issue, we summarise the resources issued in response to UK sanctions against Russia, highlight the implications of the Economic Crime Act and look at the risks associated with virtual assets in the seventh instalment of AML: The Basics.
AMLbites: Sanctions
How sanctions work and apply to ICAEW firms.
AML webinar: How to verify your client
Our panel will discuss the stages of client verification and how these should link to your money laundering risk assessment.
March 2022
DD requirements: Update to high risk third countries list – UAE now included
The amended list came into force on 29 March 2022. Enhanced due diligence is required for all business relationships and transactions with a person, or entity, established in a high risk third country. Read HMT’s advisory notice, which provides additional clarification.
Changes to ICAEW’s CPD Policy: give your view
ICAEW wishes to consult on changes it proposes to make to ICAEW’s CPD Policy. The consultation is open from 24 March to 18 May 2022
Economic crime: gatekeeper or enabler?
With fraud on the rise, we look at how ICAEW is working with other stakeholders to ensure its member firms stay at the forefront of the fight against economic crime, and avoid unwittingly becoming professional enablers.
Raise an AML concern
How to raise a concern about a potential breach of the Money Laundering Regulations 2017 by an ICAEW supervised firm.
Audit guidance in response to the Ukraine crisis
No one can fail to be appalled by the actions of the Russian Government and the awful situation for Ukraine and its people. Although insignificant in comparison, many ICAEW regulated audit firms will face some challenges and difficult decisions as a result.
Professional Standards Update: March 2022
Read the March update from ICAEW Professional Standards.
Investment business: keeping on the right side of compliance
Complying with the requirements of your firm’s DPB (Investment Business) licence needn’t be onerous if you follow some simple good practices.
Audit monitoring: telling the story
ICAEW’s audit monitoring report for 2020/21 shows most firms reached a good standard. But it also flags areas for improvement, highlights how root cause analysis can boost performance, and urges firms to tell an audit story.
An opportunity to contribute
The ICAEW Regulatory Board (IRB) is currently recruiting new members. We talk to existing board members about their background, why they decided to serve, the benefits and challenges, and the need for a blend of skills.
Changes to UK sanctions in response to developments in Ukraine
Frequently asked questions about changes to UK sanctions against Russia, in response to the conflict in Ukraine.
CCAB publishes joint guidance on Russia sanctions
The Consultative Committee of Accountancy Bodies has issued joint guidance for the profession on the situation in Ukraine.
Disciplinary update: March 2022
The March disciplinary update is now available, and we recommend reading the update to familiarise yourself with the latest cases we are seeing.
Investment business: keeping on the right side of compliance
Complying with the DPB (Investment Business) licence requirements needn’t be onerous if you follow some simple good practices. We look at the common problems that come up during ICAEW quality assurance monitoring visits, and offer tips to make sure your firm doesn’t make the same mistakes.
ICAEW Disciplinary Framework consultation: have your say before the deadline
The ICAEW Regulatory Board’s consultation on proposed changes to the disciplinary framework closes later this month. The proposals aim to simplify it and make it more accessible to users.
February 2022
Audit monitoring: telling the story
ICAEW’s audit monitoring report for 2020/21 shows most firms reached a good standard. But it also flags areas for improvement, highlights how root cause analysis can boost performance, and urges firms to tell an audit story.
Third country audit registration in EU
Firms seeking to secure the audit of an entity with an overseas listing that involves registration for the first time with a particular EU state need to allow the necessary timescales to get this through for their reporting period.
Professional Standards Update: February 2022
Read the February update from ICAEW Professional Standards.
Be prepared for Quality Management standards
Even the smallest firm needs to ensure it is prepared for compliance with the new standards from December 2022.
Please plan ahead: regulatory applications and firm structure changes
ICAEW is implementing a new records management system this spring. As the new system goes live, there may be some disruption to our usual processing times, particularly during March and April. If you or your firm is considering a new regulatory application or change (e.g., to the structure of your firm or to your own registration record), please contact regulatorysupport@icaew.com at the earliest opportunity. Please note, you must notify us of any changes to the structure of your firm within 10 business days of the change. Read more information about maintaining your firm’s record is.
An opportunity to contribute
The ICAEW Regulatory Board (IRB) is currently recruiting new members. We talk to existing board members about their background, why they decided to serve, the benefits and challenges, and the need for a blend of skills.
The IRB: building a board for the future
The ICAEW Regulatory Board (IRB) is at a critical point in its development. It recently announced the appointment of a new chair and is currently recruiting new members. We talk to serving board members and the chair of the independent Regulatory and Conduct Appointments Committee about what makes an effective board, why diversity – in all its forms – is so important, and what qualities prospective members could bring to the mix.
Is trust enough? AML and professional scepticism
ICAEW’s latest educational drama film, All Too Familiar, examines the role of professional scepticism in the fight against economic crime. Produced in collaboration with HMRC, the film looks at a real life scenario of how firms and individuals may inadvertently become ‘professional enablers’ for criminals involved in everything from financial fraud to modern slavery and terrorism.
COVID-support fraud: staying vigilant on the frontline
Fraudsters have been targeting COVID-19 business support schemes since their inception. And although the key programmes ended during 2021, the issue has not gone away. For accountancy firms now preparing year-end accounts, staying alert to COVID-related fraud is more important than ever.
Disciplinary update: February 2022
Since our last update, 3 tribunal findings and a settlement order have been published as well as 14 consent orders issued by the Investigation Committee.
January 2022
AML monitoring
View ICAEW’s latest AML supervisory activity.
View from the firms
View the latest quality assurance monitoring results.
IRB appoints new Chair
The IRB has announced the appointment of its new Chair, Philip Nicol-Gent.
Changes to ICAEW’s disciplinary framework: give your view
The IRB wishes to consult on changes it proposes to make to ICAEW’s disciplinary framework. The consultation is open from 19 January 2022.
Professional Standards Update: January 2022
Read the January update from ICAEW Professional Standards.
Investment business licensing: expanding your services
Investment business covers a wide range of activities that accountancy firms might carry out as part of their broader client services. In the latest in our series on moving into new regulated areas, we look at what your firm needs to do to get a DPB (Investment Business) licence.
Upholding the right to appeal
In the latest in our series looking at the work of ICAEW’s regulatory and disciplinary committees, we talk to Angus Withington QC, chair of the Appeal Committee, about its role and responsibilities, and why a final right of appeal is so important.
Disciplinary update: January 2022
Since the last disciplinary update, one appeal committee order has been published, as well as nine tribunal findings, eight consent orders (issued by the Investigation Committee) and six fixed penalties.
December 2021
Updated Probate Regulations
Following a consultation process, we applied to the Legal Services Board to update the Probate Regulations to mandate price and service transparency. The changes have been approved and new regulations are now in effect. ICAEW probate accredited firms have until 1 February 2022 to comply.
Insolvency reform overdue but regulator proposals “potentially damaging”
ICAEW has welcomed government plans to modernise regulation of the insolvency sector but raised concerns about the transfer of responsibilities from professional bodies to a new single regulator.
Audit monitoring report 2020/21
The 2020/21 Audit monitoring report is now available. Use the report to help maintain and focus on continuous quality improvements for audit work.
Update for sole practitioners
Our Quality Assurance team highlight the key issues identified during recent Practice Assurance monitoring reviews.
AML – the essentials, issue 23
AML the essentials, issue 23 contains useful information on HMRC Agent accounts, the SARs online portal and Government’s Annual Report on AML supervision.
AMLbites: New videos available
Two new bitesize videos focussing on suspicious activity reporting have been launched as part of our AMLbites series.
Reissued Traffic Light Guide to investment business activity
Use the guide to identify whether a DPB (Investment Business) licence or FCA authorisation is needed to undertake a particular investment activity. The guide also gives examples of activity that does not require authorisation under the Financial Services and Markets Act 2000.
Quality Assurance monitoring – updated December 2021
We have returned to our pre-COVID-19 review practices, including onsite reviews. When our scheduling team contacts you to confirm the review date, they will tell you whether the review will be onsite or desk-based. If an onsite visit is not possible, our scheduling team will discuss alternatives with you.
Professional Standards update: December 2021
Read the December update from ICAEW Professional Standards.
Disciplinary update: December 2021
Since the last update 2 appeal committee orders have been published, as well as 7 tribunal findings, 1 disciplinary settlement, 9 consent orders issued by the Investigation Committee and 2 fixed penalties
Digging deeper: a more forensic approach to special investigations
The Professional Conduct Department’s (PCD) Special Investigations Team was set up in March 2021 to focus on the most complex and high profile complaints cases. We talk to Nigel Howell, ICAEW’s Head of Investigation, and Sarah Brook, the new team’s Senior Manager, about the need for special investigations, progress so far and why flexibility is so important.
November 2021
Thematic review: Trust and company service providers
Use this new guidance to identify the money laundering risks that are linked to offering trust and company services, and understand how to mitigate and avoid these risks.
Insolvency monitoring visits a year in review
A recent ICAEW Restructuring and Insolvency Roadshow looked at the welcome return of face-to-face monitoring and discussed some of the key compliance topics insolvency practitioners (IPs) need to keep an eye on.
Insolvency News, issue 6
Updates from HMRC on their work to improve the customer journey for IPs and reminders to ensure you have carried out your 2021 compliance review before the end of the year.
Audit News, issue 69
New guidance and recordings on reporting matters of material significance to charity regulators, a webinar from QAD on important matters from Q4 and guidance on what a good audit file looks like in the context of going concern.
Energy supplier insolvencies
With the growing numbers of energy supplier insolvencies, the Insolvency Service is concerned about the treatment of customers, particularly those who had outstanding debts at the time of the insolvency.
The latest update on your audit monitoring visits
As we return to onsite monitoring visits, QAD have provided an update which includes information about the shadowing of some of these visits by the FRC Professional Oversight Team.
What's the fuss about file notes?
During a recent ICAEW Restructuring and Insolvency Roadshow, Michelle Butler, partner at The Compliance Alliance, talked about why file notes are so important, how timing is everything, and the need to create a culture of documentation.
Professional Standards update: November 2021
Read the November update from ICAEW Professional Standards.
The IC: ensuring accountants play by the book
ICAEW’s Investigation Committee (IC) plays a critical role in upholding the highest standards of practice and professional conduct. We look at the wide range of issues the committee deals with, how it functions on the ground, and the importance of protecting the public interest.
Training day: seeing the big picture
Every year members of all ICAEW’s regulatory and disciplinary committees come together for training. We look at why these training days are so important, and how the skills members take away enhance not only their committee work but also their wider professional and personal lives.
Disciplinary update: November 2021
Since our October update, there have been no new published outcomes from disciplinary tribunals. However, the following Orders were made by the Investigation Committee and published relating to audit, AML compliance, giving assurances in respect of Practice Assurance, and complying with ethical obligations on client handover.
October 2021
Charity Commission urges auditors to meet MoMS reporting requirements
The Charity Commission for England and Wales wants to see ICAEW audit firms do better at meeting their duty to report matters of material significance including modified audit opinions for charities. In this article, we look at why these reports are so important, and what firms can do more widely to improve their reporting of matters of material significance.
Professional Standards update: October 2021
Read the October update from ICAEW Professional Standards.
Probate regulation: transparency and engagement top the agenda
ICAEW has recently been consulting on its new reserved legal services strategy, and on plans to make service and price transparency mandatory for probate-accredited firms. We talk to the IRB’s alternate chair for legal services, Steve Barrow, and ICAEW’s head of regulatory policy, Peter James, about the importance of transparency and how best to engage stakeholders.
A cradle to grave service: applying for probate accreditation
In the latest in our series on moving into new regulated areas, we look at what your firm needs to do to start working in probate in England and Wales.
Disciplinary update: October 2021
Read about the latest disciplinary cases, consent orders and fixed penalties.
Back to the office: seize the opportunity to refresh your AML culture
The return to office-based working offers the ideal opportunity for MLROs to reflect on changes to the risk landscape over the past 18 months, check their firms’ AML policies and procedures remain fit for purpose, and refresh staff training.
More than six months ago
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September 2021
Disciplinary update: September 2021
Read about the latest disciplinary cases, consent orders and fixed penalties.Does your firm have the right insurance cover for cyber risks?
Changes to ICAEW’s minimum approved wording for Professional Indemnity Insurance (PII) have clarified the extent to which policies cover cyber-related claims. What do the changes mean, how are cyber risks evolving and what can you do to ensure your firm has the right protection?Professional Standards update
Read the September update from ICAEW Professional Standards.New minimum approved wording policy, effective 1 September 2021
ICAEW’s minimum approved wording policy has been updated. The changes address a regulatory requirement for insurers to clarify the extent of cover for cyber-related claims in policies of insurance. The amendments have been made following a consultation process and took effect on 1 September 2021.Understanding the charity: the key to independent examinations
This year’s Quality Assurance Department (QAD) monitoring reviews are focusing on assurance reports, including independent examination reports (IERs) on charities. We look at the issues the reviewers are interested in, where the pitfalls lie, and how can you avoid them.SARs reporting: emerging threats
In the rapidly changing landscape of economic crime, new risks are emerging all the time. In the second part of our interview with Martin Cox of the UK Financial Intelligence Unit (UKFIU), we talk about COVID-19, Fintech, cryptoassets and human trafficking.The MLRO in practice: uncovering economic crime
Being a money laundering reporting officer (MLRO) is about much more than meeting regulatory requirements. We talk to some experienced MLROs and their deputies about what it takes to succeed in the role, how they make a difference, and being brave. -
August 2021
Annual return update
The annual return has been updated. New guidance notes and updated FAQs are available. The changes can be reviewed in this schedule of amendments and relate to the revocation of our Irish recognised accountancy body status, as well as some other small amendments and some clarifications to questions relating to voting rights.BEIS White Paper response
Read the ICAEW Regulatory Board’s response to the Department for Business, Energy and Industrial Strategy’s White Paper on corporate governance and audit reform. In the response, which is the first time the board has replied in its own right to a government consultation, it debunks some myths about current oversight of the accountancy profession and presents the case for continuing its role within the reformed regulatory infrastructure.Client Due Diligence
Join us for the third in our series of live anti-money laundering webinars to hear from members of ICAEW’s AML supervisory team, AML professionals and MLROs on how Client Due Diligence (CDD) operates in practice. You’ll learn about the key elements of CDD, what your obligations are and will have the opportunity to have your questions answered in our live Q&A session.Risk management – avoiding a costly PII claim
No business or individual wants to receive a professional indemnity (PI) claim. But in a hard PI insurance (PII) market, where a claims history can significantly affect renewal terms, reducing the likelihood of receiving a claim is more important than ever.ICAEW reserved legal services strategy consultation
The IRB is now consulting on its proposed RLS strategy. The strategy supports the Legal Services Board's strategic themes; fairer outcomes, stronger confidence and better services, to strengthen trust and protect the public by enabling, evaluating and enforcing the highest standards in the profession. The consultation is open for six weeks from 9 August 2021 to 20 September 2021.Independent oversight: the role of lay committee members
In a recent article, we asked accountant members why they sit on ICAEW’s regulatory and disciplinary committees. Here, we talk to lay members about their motivations for serving, what they’ve learned, and why they find it so rewarding.Mandating transparency disclosures through regulation consultation
We would like to hear your feedback on our decision to mandate transparency measures through the introduction of regulation. This consultation will run for 5 weeks from 9 August 2021, closing at 5pm on Monday 13 September 2021.Strengthening trust in the profession
Our mission as a world-leading improvement regulator is to strengthen trust and protect the public. We do this by enabling, evaluating, and enforcing the highest standards in the profession.Insolvency News, issue 5
This issue includes the latest bulletins from HMRC, new Defence Against Money Laundering guidance for insolvency practitioners and a consultation regarding SIP 3.1 (Individual Voluntary Arrangements).New DAML guidance for IPs
ICAEW and the National Crime Agency have worked together to produce some new guidance on Defence Against Money Laundering (DAML) requests.SARs reporting: emerging threats
In the rapidly changing landscape of economic crime, new risks are emerging all the time. In the second part of our interview with Martin Cox of the UK Financial Intelligence Unit (UKFIU), we talk about COVID-19, Fintech, cryptoassets and human trafficking.SIP 3.1 consultation
The Joint Insolvency Committee (JIC) is consulting on changes to Statement of Insolvency Practice 3.1 - Individual Voluntary Arrangements.We welcome your views on this consultation which is open from 12 August 2021 until 5 November 2021.
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July 2021
BEIS consultation
The ICAEW Regulatory Board (IRB) has submitted its response to the UK Government’s White Paper on corporate governance and audit reform. While many of the proposals are welcome, the paper does not sufficiently recognise the significant level of independent oversight already exercised by the IRB over ICAEW member conduct and the disciplinary functions of ICAEW.Chartered Accountants Compensation Scheme (CACS) Amendments
Amended CACS Regulations take effect on 15 July 2021. View the schedule of amendments.Professional Standards Update – July 2021
Read the July update from ICAEW Professional Standards.AML – the essentials, issue 21
This issue contains an invitation to our next live webinar, guidance on court orders (in conjunction with the Metropolitan Police) and an update on improvements to the SARs online portal.Audit monitoring report: Your thoughts
Every year our quality assurance team looks back at the results of the last 12 months of audit monitoring reviews and identifies areas for improvement and examples of good practice in order to produce the annual Audit Monitoring Report. The next Audit Monitoring Report will be published in Autumn 2021.To help us produce the next Audit Monitoring Report, please complete this short survey to help us understand the value of the report for your firm and how we can maximise its usefulness.
Face-to-face monitoring: back to business as usual
ICAEW’s Quality Assurance Department is resuming its onsite monitoring reviews. From 1 September, it will be back to business as usual but with all the Covid-secure precautions you’d expect to keep everyone healthy and safe.A two-way street: reaping the benefits of committee work
Fascinating and fun are not words most of us associate with committee work. But when we talked to some accountant members about what they get out of serving on ICAEW’s regulatory and disciplinary committees these words cropped up more often than you might expect.Disciplinary update: July 2021
Recent cases include: fabrication of audit evidence by a provisional member; poor audit work; certifying income without verifying it and the failure of a firm to notify ICAEW of changes to their firm’s composition.PCRT: an ethical reference point
Professional Conduct in Relation to Taxation (PCRT) lies at the heart of ensuring that firms dealing with tax matters work professionally and ethically. But ICAEW’s Practice Assurance monitoring reviews in 2020 showed that while compliance is high, a surprising number of firms have not read PCRT guidance.The Insolvency Licensing Committee: fit and proper
In the latest in our series on the work of ICAEW’s regulatory and disciplinary committees, we talk to members of the Insolvency Licensing Committee about its role in upholding the public interest, the value of healthy debate, and how insolvency practitioners can avoid coming before the committee.The role of the MLRO: beyond compliance
Taking on the role of money laundering reporting officer can be daunting, and it isn’t always clear what’s required of you. We talk to ICAEW’s anti-money laundering supervisory team about the legislative background to the role, the importance of an open culture, and the sometimes unexpected skills you’ll need to do the job effectively. -
June 2021
Updated anti-money laundering guidance: failure to report
The Crown Prosecution Service (CPS) have updated their guidance on prosecuting standalone cases under s.330 POCA 2002 (failure to report). This new guidance sets out that CPS can prosecute where no suspicious activity report was made, even if it subsequently transpires that the money laundering didn’t occur. We understand that the CPS intends to use this revised guidance in only the most serious of cases.Consultation: 2022 probate fees. Have your say
To continue to deliver our ongoing programme of activity to fulfil these objectives and respond to the requirements of the Legal Services Act and new governance introduced by the LSB, we propose to increase probate registration fees by 5% for 2022. We welcome your views on this consultation which is open from Friday 25 June to Friday 6 August 2021.Recent Quality Assurance review?
Don’t forget to complete the feedback survey to help us make continuous improvements.View from the firms
View the latest quality assurance monitoring results.Regulatory Applications update
Ensure you use the correct form and allow 8-12 weeks for regulatory applications.Quality Assurance monitoring
From 1 September 2021, we plan to return to pre-COVID-19 review practices, including onsite reviews.Regulatory, disciplinary and PII committee vacancies
If you have the experience to help us maintain and support high standards of practice and professional conduct and would like to serve on one of our committees, we’d be delighted to hear from you.The 2021 Practice Assurance Monitoring Report has been published
Read the report for hints and tips on how to avoid the current, most common issues we see during monitoring reviews.Insolvency News, issue 4
This issue includes the latest bulletins from HMRC, a new eligibility criterion for Debt Relief Orders and answers to your frequently asked questions relating to the updated SIP 9.Live AML webinar: DAMLs and Tipping Off ICAEW's AML supervision team are joined by three MLROs to discuss firm's regulatory obligations in these areas. The webinar will take place on 7 July.
Audit News, issue 68
This issue contains an invite to provide your thoughts and feedback on the Audit Monitoring Report, an update regarding the return to onsite reviews and a new article exploring the hidden risks of professional misconduct in social media.Professional Standards Update – June 2021 Professional Standards update for June from Chief Officer Duncan Wiggetts.
Stepping into the regulatory sphere
Members setting up in practice for the first time or firms moving into new areas of regulated work need to comply with a range of requirements, rules and regulations.Disciplinary update June 2021
Examples of some of the outcomes of disciplinary hearings during June 2021. We encourage all our members and firms to review the types of issues we see (and the resulting sanctions) to help them avoid the risk of a committee referral.PII renewal: start early and prepare well
The hardening market for professional indemnity insurance (PII) has led to significant hikes in premiums, or even refusals of cover, as insurers become increasingly picky about the risks they will insure. What does this mean for renewals and what can you do to secure sufficient cover at a reasonable cost?SARs making a difference
Submitting a suspicious activity report (SAR) is much more than a routine compliance obligation. We talk to Martin Cox, Head of Engagement, Communications and Risk Management, UK Financial Intelligence Unit (UKFIU), about the critical role ICAEW firms and members play in piecing together information that can protect vulnerable people and bring criminals to justice. -
May 2021
COVID-19 Quality assurance monitoring and regulatory support
Latest changes to monitoring procedures and how we can help.Guidance on the new legislation that requires mandatory scrutiny of pre-pack sales to connected persons
Following the introduction of the Administration (Restrictions on Disposal etc. to Connected Persons) Regulations 2021 on 30 April 2021, the Insolvency Service has issued guidance about the requirement for independent scrutiny of connected party disposals of company assets in an administration.Professional Standards update
Professional Standards update for May from Chief Officer Duncan Wiggetts.SIP 9 FAQs
Following a Joint Insolvency Committee (JIC) consultation, changes were made to Statement of Insolvency Practice (SIP) 9 with effect from 1 April 2021.Disciplinary update: May 2021 newsletter
The Disciplinary Tribunal continues to be busy.New times – new complaints: digital and ‘me too’
Digital has brought all sorts of opportunities and challenges but, for the ICAEW Investigation Team, the huge shift to digital has meant a whole new range of complaints.Regulation and conduct through difficult times
The recently published ICAEW Regulatory Board (IRB) Annual Report 2020 highlights the hard work and efforts to maintain minimal disruption to ICAEW’s regulatory and disciplinary work, despite the most unusual of years. We talk to Michael Caplan QC, Chair of the IRB about its latest annual report and the role of the IRB.Social media: the hidden risk of professional misconduct
As the pandemic further blurs the lines between our work and personal lives, how can firms and individuals reap the benefits of social media while ensuring the highest standards of professional conduct?Take professional scepticism to the next level, Met Police forensic accountant urges
Joanna Bliault, a forensic accountant at the Metropolitan Police, urges accountants to take their professional scepticism to the next level and act on the most common red flags she has encountered in the line of duty. -
April 2021
Professional Standards update
Professional Standards update for April from Chief Officer Duncan Wiggetts.Changes to Statements of Insolvency Practice 16 and 13: Effective 30 April 2021
New regulations which are due to come into effect on 30 April 2021 will impose additional obligations on connected person purchasers in administrations.The Disciplinary Tribunal continues to be busy
Disciplinary update for April 2021 on recent disciplinary cases heard, including decisions and fines.Accountants and Diversity
Diversity, breadth, range are all so important in our lives, in our professions and in how we are regulated, that it’s no surprise bringing it to the ICAEW’s Regulatory Board (IRB) is a serious priority. The IRB is committed to taking account of inclusion and diversity in its activities, writes Sara Nathan OBE, Chair of the Regulatory and Conduct Appointment Committee (RACAC).Investigation committee: avoiding the risk of referral
No one wants to receive a complaint about their professional conduct, let alone have their case end up in front of ICAEW’s Investigation Committee (IC). We talk to Paul Brooks, the Committee’s Chair, about how members and firms can engage more effectively with the process, as well as how best to avoid a referral in the first place.The ARC: maintaining balance in a complex business
We speak with Rama Krishnan, Chair of the Audit Registration Committee (ARC), about the role the ARC plays in maintaining trust in audit standards.Virtual reviews: a guide to remote monitoring
“Be prepared” has always been good advice for firms gearing up for a monitoring review by ICAEW’s Quality Assurance Department (QAD). But with remote reviews now the norm under COVID-19 restrictions, this message has never been more relevant. -
March 2021
Probate News, issue 16
This issue contains a new document detailing what your probate accreditation fee pays for. It also contains upcoming deadline reminders and information HM Courts and Tribunals Service has asked us to pass on to our firms.AML – the essentials, issue 20
AML the essentials, issue 20 contains guidance on how to submit good quality SARs, red flag indicators shared by the Metropolitan Police and an invitation to attend an upcoming SARs webinar (which is being jointly hosted by the National Crime Agency).ICAEW seeks to revoke Irish RAB status
ICAEW intends to seek the revocation of its Recognised Accountancy Body (RAB) status in Ireland with effect from 1 July 2021.Understanding money laundering risks
3 March 2021: A shared understanding between law enforcement, supervisory bodies and firms of money laundering and terrorist financing risks is crucial to ensuring firms recognise when they are at risk of being used to facilitate money laundering.Insolvency News, Issue 3 March 2021
This issue includes new guidance on marketing and advertising in the IVA sector, updated SIPs 3.2, 7 and 9 and advance warning that SIP 16 will also be updated soon due to new legislation.Professional Standards update – Duncan Wiggetts (March 2021)
One of the important lessons I have learned from the pandemic is the value of regular and effective communications, so I am delighted to share my first monthly update which will also be included in a new monthly e-newsletter. -
February 2021
Disciplinary update: January / February 2021
The Disciplinary Tribunal was busy during Q4 2020 dealing with the backlog of tribunal hearings caused by the COVID-19 pandemic.ARC – what are the issues and how can they be avoided?
ICAEW’s Audit Registration Committee (ARC) undertakes ICAEW’s responsibilities as a recognised supervisory body for audit under the Companies Act 2006. Rama Krishnan, Chair of the ARC reviews the issues that are coming before the committee, largely as a consequence of Quality Assurance monitoring visits.ICAEW takes the chair at the AML Supervisors Forum
ICAEW continues to be at the forefront of Anti Money Laundering (AML) supervision and now, throughout 2021, ICAEW’s Michelle Giddings, Head of AML, has been elected as Chair of the AML Supervisors Forum, set up by HM Treasury under the 2007 Money Laundering Regulations.Keeping the Chartered Accountant’s badge shiny
If you or your firm are the subject of a complaint, what should you do? Importantly – don’t panic. Professional Conduct’s Investigation Team takes us through what you should – and should not – do.Probate News
Issue 15 published.How we cracked down on money laundering from home
Michelle Giddings, chair of the 2021 AML Supervisors Forum, outlines the measures ICAEW has taken to tackle anti-money laundering compliance during lockdown.Probate: another string to your bow
Sole practitioner Vanessa Longley aims to increase her wills and probate workload to 70% of her revenue. Could other practitioners do the same? -
January 2021
Insolvency practitioners: HMRC helplines currently closed
Contact ICAEW with your queries.Audit News
Issue 67 published.PII, Appeal and Fitness Committee Regulations updated
Minor updates to the PII, Appeal and Fitness Committee Regulations took effect on 1 January 2021.- The PII Regulations: Guidance for the consideration of dispensation applications by the PII Committee and the requirement for firms to put in place run-off cover on ceasing practice have been updated.
- Appeal and Fitness Committee Regulations: The updates are to the procedural changes for the committees.
End of the transition period: New Audit Regulations
In the UK, new January 2021 Audit Regulations are now effective. The major changes involve the qualification of EEA auditors and firms that could affect responsible individual (RI) status and ownership tests. In Ireland the January 2020 regulations continue to apply in respect of Ireland only. -
December 2020
Remote auditing: a challenge for auditors during the COVID-19 crisis
Forced into remote working, with little peer support, and unable to visit client sites auditors are facing a new set of challenges.Consultation: Proposed guidance for insolvency practitioners
The Financial Conduct Authority has published a consultation paper proposing guidance for insolvency practitioners on how to approach insolvencies of regulated firms (GC20/5).
The consultation closes on 18 January 2021.Grace period for professional probate applications
The grace period for professional probate applications to move to HM Courts and Treasury Services' online system has been extended to 11 January. -
November 2020
Insolvency News
Issue 2 was published.Suspicious Activity Reports – Thematic Review, guidance and information
Access best practice guidance on procedures for reporting suspicious activities and staff training.The ICAEW Regulatory Board is recruiting
The IRB is looking for one accountant member and two non-accountant members. -
October 2020
AML - the essentials
Issue 18 publishedProbate News
Issue 14 publishedProfessional probate applications to be mandated to an online process
The government has decided to:- mandate the use of the online service for grant of probate applications by professional users, with a number of exceptions for more specialised applications
- continue to allow professional user applications for grants of letters of administration to be made via either the online process or the traditional method of applying via paper.
The new rules come into force on 2 November 2020.
Your duty to report misconduct
Please review the new guidance on your duties to report misconduct -
September 2020
CCAB Guidance and explanatory notes published
The Guidance is currently in draft form as it is not yet approved by HM Treasury.The 2020 Audit Monitoring Report has been published
Download the latest advice from our Quality Assurance team.Transparency benchmarking summary published
This summary report aims to help our probate accredited firms identify where they can improve on transparency ahead of our Autumn review.The CCAB has published updated guidance for the January 2020 amendments of the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017. This guidance has not yet been approved by HM Treasury.
Professional conduct extends beyond the office
How ICAEW members can insulate against rising professional indemnity rates in a hardening market
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August 2020
Practice Assurance and DPB (remote) monitoring guidance update
Consultation: mandatory online probate applications
Government has published a consultation paper on changing the non-contentious probate rules to make it mandatory for professional users to use the online process.
Deadline for responses 10 September.Keep ethics front and centre — always
Ethics underpins the work of Chartered Accountants, both in business and in practice. Keeping up to date with the latest ethical requirements is a vital part of CPD. -
July 2020
AML, the essentials
Issue 17 publishedSARs in Action
The July 2020 edition of the UKFIU's Reporter Booklet has been published.How to avoid compliance pitfalls in a post-pandemic world
Insights articleProbate News
Issue 13 publishedThe Legal Services Board has approved changes to ICAEW's regulatory arrangements
The LSB's approval is a key step to ensure ICAEW's compliance with the Board's revised internal governance rules for regulators of legal services. -
June 2020
Insolvency News
Issue 1 published.Corporate Insolvency and Governance Act 2020
The Act came into force on 26 June 2020.The 2020 Anti-money Laundering Monitoring Report is published
Download the latest advice for ICAEW money laundering reporting officers and compliance principals.The 2020 Insolvency Monitoring Report is published
Download the latest advice for ICAEW IPs.Updated PII Regulations, effective from 29 May 2020
Minor changes including a change to the insurer definition. -
May 2020
May 2020: Suspicious Activity Reporting
New glossary codes published.ICAEW Regulatory Board publishes annual report
Public interest and transparency remain at the forefront of everything the IRB does.Charity Commission review: reporting matters of material significance
The Charity Commission has confirmed that it will be conducting an ongoing review of the reporting of matters of material significance by auditors and independent examiners.Audit News
Issue 66 published. -
April 2020
New eligibility guidance and case studies for probate firms
Has a change in your firm structure impacted on your eligibility?COVID-19: Quality assurance monitoring and regulatory support
Latest changes to monitoring procedures and how we can helpCOVID-19: Professional conduct and investigation guidance
Expectations of firms / members and our proportionate approachProfessional indemnity insurance: advice on the impact of Covid-19
Key minimum wording clauses and the need to prepare early for renewal.New measures to support insolvency practitioners
Easing the burden during the coronavirus outbreak414 AML monitoring review visits were carried out with ICAEW AML firms in Q1 2020
ICAEW AML supervisory role and activity Q1 2020 publishedNew Insolvency Code of Ethics effective from 1 May 2020
The insolvency Code has been rewritten using the new IESBA methodology of requirements and application material, following the format used in ICAEW’s main Code of Ethics.Probate: Statements of truth to be used as an alternative to affidavits
Authorisation has been given to allow statements of truth for some non-contentious probate processes.COVID-19 Guide to client due diligence and other issues to consider
As COVID-19 continues to disrupt business activity and social distancing becomes widespread, firms may have concerns over how this impacts their ability to comply with the money laundering regulations. ICAEW has issued a guide on how to adapt client take-on procedures to reflect more remote interactions with clients.AML – the essentials
Issue 16 published -
March 2020
Follow the money: How to combat money laundering
Firms need to be alert to the constantly shifting threat of money launderingProbate News
Issue 12 publishedConsultation open: Statements of Insolvency Practice 3.1, 3.2, 7 and 9
Give your feedback on the proposed changes.Automatic registration for Irish audit registration has ceased
Firms that have not opted-in to the Irish Audit Register are no longer registered to carry out audit work in Ireland.Audit News
Issue 65 published. -
February 2020
ATOL News
Issue 3 published.DPB Update
Issue 13 published. -
January 2020
New ICAEW Code of Ethics
Effective 1 January 2020
Useful links
Please make use of the following resources to ensure you are up-to-date with the latest regulatory information and news: