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The Professional Standards June update

Author: Professional Standards Department

Published: 10 Jun 2022

In this month’s update, we launch the 2021/22 Regulatory & Conduct Annual Report which details results and key projects for the period and contains a forward look for the rest of 2022 and beyond. We also talk to a sole practitioner about common challenges and avenues of support and we speak to the Practice Assurance Committee’s lay chair about repeated issues and assuring sustained improvement. We also highlight key reminders our firms should be aware of and link to the latest disciplinary update.

In this issue:

Upholding the highest standards

ICAEW’s regulatory and conduct responsibilities are delivered by the Professional Standards Department. Our role is to strengthen trust and protect the public by following the 3Es: Enable, Evaluate and Enforce.

Read more about our strategy, activities and the oversight of ICAEW’s regulatory and conduct role in the 2021-22 Regulatory and Conduct Report.

Sole practitioners: challenges and avenues of support

There is no such thing as a typical sole practitioner in the accountancy profession. But sole practitioners face some common challenges, especially in the regulatory sphere. We look at how networking, peer support, keeping up with your CPD and planning for the worst will help you meet these challenges and stay compliant.

The Practice Assurance Committee: assuring sustained improvement

ICAEW’s Practice Assurance Committee considers serious or persistent failings identified during Practice Assurance visits. We talk to the committee’s lay chair, about the commonalities in regulation across sectors.

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.

Disciplinary update

We recommend reading the latest update to familiarise yourself with the cases we see and to help you and your firm avoid making similar mistakes.

ICAEW Regulatory Board papers and minutes

Find out what was discussed at recent meetings of the ICAEW Regulatory Board.

Responsibilities under SIP 9 and the Code of Ethics

Following recent developments in the personal insolvency industry, ICAEW wishes to remind insolvency practitioners of the requirements of SIP 9 and of the Insolvency Code of Ethics.

Diversity and Inclusion Champions – want to be part of the change?

The Insolvency Service and R3-led Diversity and Inclusion Steering Group was established in 2021 with the aim of bringing together professionals within and connected to the insolvency sector to discuss, understand, and take action to address barriers to diversity and inclusion within the sector.

As part of those efforts, the Steering Group is now on the look-out for enthusiastic insolvency professionals to become Diversity and Inclusion Champions.

‘Half-hearted’ audit reform plans announced

The government has outlined its corporate governance and audit reforms, including the formation of ARGA, a redefinition of PIE and the need for ‘challenger firms’

How to improve the quality of your audits

ICAEW Insights and the Audit and Assurance Faculty focus on the upcoming new quality management standards for audit.

CCAB Guidance updated and approved by HM Treasury

The Consultative Committee of Accountancy Bodies (CCAB) has published the latest version of its Anti-Money Laundering Guidance for the Accountancy Sector, together with the Tax Appendix and the Insolvency Appendix, following the Treasury’s approval of all three documents.

Legal services regulators commit to improving inclusivity

The legal sector acknowledges that it’s still harder to reach senior level as a lawyer if from a diverse background, and sets out new principles similar to ICAEW’s guidance.

Reporting matters of material significance to charity regulators

In case you missed it: A reminder of why these reports are so important and what firms should be doing to improve their reporting.

AML webinar: client verification

ICAEW’s AML supervision team use case studies to demonstrate the stages of client verification and how these should link to your AML risk assessment. The webinar is taking place on 21 June at 12:00pm.

Date for your diary: Look out for the next AML webinar from the supervision team on cryptoassets on 21 September.

Invitation: Restructuring & Insolvency Conference

28-29 June 2022

Free for the first time. Join your peers and listen to the topical discussions. Get practical and ethical guidance on deepfakes, ethics, professional scepticism, current market developments and more.

Training film feedback

From cinema-style screenings to engaging debates, let us know how your firm is using All Too Familiar.

Keep updated

Be the first to know when articles like this are released by following us on LinkedIn and subscribing to our monthly newsletter, Regulatory & Conduct News.

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