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Professional Standards update January 2023

In this month’s update, ICAEW President Julia Penny talks to us about the CPD changes which will take effect later this year, we highlight upcoming regulatory webinars and we also remind you about regulatory changes relating to sanctions, the Register of Overseas Entities and Statement of Insolvency Practice 3.1 (Individual Voluntary Arrangements). The disciplinary update summarises recent cases and other resources include a new AMLbites video, an insolvency round-up highlighting current issues and an article on the topic of audit risk.

Reminders and updates

Disciplinary update: January 2023  
Take note of the latest disciplinary cases to ensure you or your firm are not making similar mistakes.

CPD for the future: reducing risk, enhancing trust  
ICAEW’s revised CPD framework will launch later this year. Ahead of the changes, ICAEW President Julia Penny tells us why changes to the existing CPD Regulations are necessary, why a risk-based approach to CPD is so important and explains how the latest requirements will improve trust and drive standards forward.

Regulatory applications
Submitting a regulatory application? Ensure you use the correct and most up-to-date version of the regulatory application forms and allow for a processing time of 8-12 weeks. 
Access the latest forms.

2023 regulatory fees
Fees were due on 1 January 2023. Please check your email inbox for our notifications which were sent during November and December and ensure payment is being arranged.

Read the latest quality assurance monitoring reports
To ensure firms have the tools and resources to help maintain expected standards, annual monitoring reports are an important resource for firms regulated by ICAEW.

Quality Assurance monitoring review survey
We encourage firms who have recently received a monitoring review to take a few minutes to complete this anonymous feedback survey about the process

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

Anti-Money Laundering (AML)

Recent changes to the Register of Overseas Entities Regulations
The amendments are designed to address concerns about the practical difficulties of verifying a person’s status as a beneficial owner

New AMLbites video: TCSPs
Why are Trust and Company Service Providers considered high risk and what are the recent changes in legislation you should be aware of?

Switching the dial
ICAEW’s anti-money laundering educational drama All Too Familiar is being used by firms of all sizes to support in-house training. Caroline Smale and Simon Morrison from Bishop Fleming tell us how the film tapped into people’s emotions and changed how staff think and feel about AML.

New ban on provision of auditing services to Russia
Find out about changes to legislation that have come into effect from mid-December. The article highlights the definition of 'auditing services' and explains certain limited exemptions. Further guidance will be emailed to money laundering compliance principals in the new year.

Money laundering risks webinar
Join anti-money laundering professionals for this free webinar on risk which will include practical guidance including case studies.

Audit

Tracking risk
ICAEW’s new audit risk officer tells us about her role, how she is engaging with firms, and why ‘live’ monitoring is all about preventing problems before they occur.

ISQM 1: is your firm compliant?
ISQM 1 took effect on 15 December 2022 to replace ISQC 1 quality management standards. Access a range of ICAEW resources to help your firm ensure it is complying with the new standards.

DPB (Investment Business)

DPB Update Issue 14 – January 2023
This January, in DPB Update Issue 14, firms can access compliance tips, read guidance on referrals to financial advisers and use the reissued Traffic Light Guide to identify when FCA authorisation is needed. We also highlight support for DPB (Investment Business) licensed firms

Insolvency

Changes to the Statement of Insolvency Practice 3.1 – Individual Voluntary Arrangements
Insolvency practitioners should familiarise themselves with forthcoming changes to SIP 3.1. There will be a greater degree of emphasis on the insolvency practitioner’s responsibility to ensure the debtor has received suitable advice prior to entering an IVA, and during its implementation.

Insolvency round-up 2022: insights and reminders
During a recent Restructuring and Insolvency Community Webinar, ICAEW’s Quality Assurance Department discussed the outcomes of 2022’s monitoring reviews and provided some advice on how to avoid others’ mistakes.

Probate

2023 Probate Diversity Webinar
The next Probate Diversity Survey is taking place in spring 2023. Start preparing now by registering for our webinar on 01 Feb, which will inform you of key dates for your diary. It will also include a demonstration of a free survey tool and a live Q&A. Participation in the survey is mandatory for ICAEW accredited probate firms
 

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