The latest regulatory and disciplinary updates from ICAEW’s Professional Standards Department. The below list is a brief summary of the regulatory information ICAEW's Professional Standards department has recently communicated. The list covers the previous six month period and is not exhaustive.
Please refer to the regulatory area of our website, to our regulatory eNewsletters and other email communications to ensure you are up to date with the latest regulatory information and news. Quick links to some of these areas are:
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.
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.
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.
AML - the essentials
Issue 18 published
Issue 14 published
Professional 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
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.
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.
AML, the essentials
Issue 17 published
SARs 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
Issue 13 published
The 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.
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: 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.
Issue 66 published.
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 help
COVID-19: Professional conduct and investigation guidance
Expectations of firms / members and our proportionate approach
Professional 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 outbreak
414 AML monitoring review visits were carried out with ICAEW AML firms in Q1 2020
ICAEW AML supervisory role and activity Q1 2020 published
New 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
Follow the money: How to combat money laundering
Firms need to be alert to the constantly shifting threat of money laundering
Issue 12 published
Consultation 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.
Issue 65 published.
Issue 3 published.
Issue 13 published.
New ICAEW Code of Ethics
Effective 1 January 2020