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Professional Standards update: October 2021

Author: ICAEW

Published: 11 Oct 2021

Professional Standards update for October.

ICAEW Regulatory Board appoints new Chair

Following an open and competitive recruitment process conducted by the Regulatory and Conduct Appointments Committee (RACAC), Jenny Watson CBE has been appointed as the new lay chair of the ICAEW Regulatory Board (IRB).

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.

What good looks like – Going concern

The audit of going concern is often a challenge. Here we look at what a good audit file looks like in the context of going concern.

Recently published anti-money laundering guidance:

The Government’s publication on SARs disclosures in civil litigation cases. The publication sets out the Government's position on the use of SARS in private civil litigation matters and provides guidance to help protect reporters of SARs, the subject of SARs and the integrity of the SARs regime. Firms should consider how they can apply the guidance to protect themselves and to maintain the wider effectiveness of the SARs regime.

New anti-money laundering resources

ICAEW’s AML supervision team has launched a series of bite-sized videos covering topical AML issues. The recordings are approximately 10 minutes long and are designed as a refresher for regulatory contacts and for use as a staff training tool. The first four videos are available here

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.

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. 

Latest insolvency updates

There have been several recent updates including new legislation and the latest bulletins from HMRC. Visit Talk Insolvency to find out more.


The Joint Insolvency Committee consultation regarding changes to Statement of Insolvency Practice 3.1 remains open until 5 November.

Listen again

The recent Insolvency and Restructuring roadshow sessions are available to watch on demand via the Restructuring and Insolvency community.

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.

Results of the 2021 probate diversity survey

The results of ICAEW’s fourth biennial diversity survey of firms regulated for probate is now available to download. We hope this report continues to support the evolution of ICAEW’s diversity strategy and help direct its commitment to better diversity within the profession.

The engagement by firms with the monitoring exercise has been excellent. Over 98% of them had responded within the required timeframe compared with 87% in 2019, The data accordingly covers a total of 332 firms involving around 8,500 staff. We are grateful to the firms and their staff who have contributed to this review.

The results indicate a greater confidence in the monitoring exercise itself and better authenticity as “prefer not to answer” responses fell.

The data is intended to help practices identify new areas for growth in the delivery of their accountancy and legal services and to allow benchmarking with similar practices and the wider marketplace.

Disciplinary update: October 2021

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