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Professional Standards Update April 2025

We spotlight the new Regulation and Conduct Annual Report: Protecting the public interest. There is a reminder about the next changes to Audit Regulations which will bring in new requirements from 1 June and we go behind the scenes ahead of the launch of our next training film. Read more information on ACSP registration including where to find your AML supervision number and register for probate and insolvency CPD opportunities.

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Key reminders and updates

Protecting the public interest: ICAEW’s Regulation and Conduct Annual Report 2024 is now available

Read how as a world-leading improvement regulator, ICAEW acts in the public interest and strengthens consumer confidence and trust by holding ICAEW members and firms to high professional standards. Underpinned by independent decision-making, ICAEW delivers impartial and robust assurance to oversight regulators, the profession, the government and the public.

Behind the scenes of ICAEW’s training film: Crossing the Line
Ahead of the launch of his most ambitious training film yet, Duncan Wiggetts takes us behind the scenes of Crossing the Line. In this Q&A, he reveals the inspiration, challenges and unexpected moments behind a drama designed to spark debate and help raise standards across the audit profession.
Consultation: Proposed revisions to ICAEW Sanctions Guidance
ICAEW recently consulted on new Disciplinary Sanctions Guidance. The guidance outlines how sanctions will be determined in disciplinary cases involving ICAEW-regulated firms and individuals. This guidance is used by ICAEW’s Conduct Committee, Tribunals Committee and Appeal Committee when considering disciplinary allegations.
Disciplinary update: April 2025
Take note of the latest disciplinary cases to ensure you or your firm are not making similar mistakes.
The IRB from a new member’s perspective: diversity, debate and open minds
ICAEW has recently announced the appointment of Sandra Mundy to its regulatory board. We talk to her about her background in insolvency, her interest in the regulatory challenges presented by artificial intelligence (AI), and her commitment to building public trust. She also offers some sound advice to people starting out in their careers.
Preparing for a Practice Assurance visit
Join Kat Hearn, Senior Technical Manager in Practice, and Dean Neaves, Senior Manager in the Quality Assurance Department for an informative conversation that will guide you through the key aspects of an ICAEW Practice Assurance visit.
See more Regulatory and Conduct news

Audit

New 2025 Audit Regulations: notification requirements and sole practitioner alternates
2025 changes to Audit Regulations took effect on 1 June. The new regulations introduce a requirement for ICAEW-registered audit firms to notify ICAEW when appointed to certain complex or high-risk audits. There is also a new requirement for sole practice auditors to appoint an alternate. Sole practice auditors will have until the end of a six month transition period to appoint an alternate (ie, until 1st December 2025).
Part 2 - safeguarding the quality of your audits
This is the second of three articles aimed at firms to help navigate the requirements of International Standard on Quality Management (UK) 1 (ISQM1). This article focuses on what to do with your monitoring findings and getting to the root cause.
See more audit news

Anti-Money Laundering (AML)

ACSP registration is open
Are you a third-party provider planning on carrying out identity verification checks for Companies House on behalf of your clients? Registration to be an authorised company service provider (ACSP) will now open on 18 March 2025 and firms will then be able to voluntarily verify the identity of clients from 8 April. The mandatory verification requirement will take effect in autumn 2025.
AML webinar: Understanding ACSP registration and compliance
Join us on 11 June for our next AML webinar following the opening of the Companies House ACSP registration process.
AMLbites: Authorised corporate service providers

Find out about authorised corporate service providers (ACSPs) and the future verification of directors and persons of significant control.

Webinar recording and Q&A now available: protecting against professional enabling
We delve into the critical role accountants play in preventing high-end money laundering, offering practical guidance on identifying red flags and safeguarding your firm.
National Crime Agency: SARs Annual Report

The National Crime Agency has published its Suspicious Activity Reports (SARs) Annual Report 2024, providing valuable insights into emerging money laundering threats and trends.

SARs Reporter Booklet March 2025

This booklet contains a summary of feedback from law enforcement agencies on their use of SARs. The booklet provides a snapshot of some of the examples UKFIU receive highlighting the work of law enforcement agencies in utilising SAR intelligence to initiate investigations and informing existing ones.

UKFIU: SARs best practice workshop

The UKFIU Engagement Team is hosting monthly, sector-specific SAR best practice workshops. The next session, tailored for the accountancy sector, takes place on Tuesday, 29 April, from 1–4pm via Teams. This workshop is designed for AML compliance professionals and SAR writers in teams of five or fewer.

Places are limited, but additional sessions will be available later in the year for those who miss out.

See more AML news

Insolvency

Restructuring & Insolvency Conference
Join us for this virtual event, held over two mornings. It aims to help you understand how the restructuring and insolvency profession has evolved over time and more importantly what’s in store for the profession in the future, as well as what can be done to establish and maintain your competitive edge.
Insolvency Monitoring Results 2024
  • PDF (107kb)
In 2024, we undertook 153 reviews with our accredited insolvency practitioners. Access our infographic to see the results and outcomes of those visits plus what help and support are available.
See more Insolvency news

Probate

Webinar: Legal Services Regulatory Update
Register for our webinar on 10 June, 13:00-14:00. Hear from a range of speakers and find out latest developments in the regulatory area of probate and legal services. It's free and can count towards your verifiable CPD. Use your record number to register.
Latest HMCTS updates for probate practitioners
Our regular meeting with HM Courts and Tribunals Service (HMCTS) took place in March. These meetings provide a platform for us to raise your feedback and help us to understand any operational issues affecting probate practitioners. Find out the latest information on stopped applications, service levels and plans for future changes and improvements.
Statement on Legal Services Board’s annual regulatory performance assessment
The results of the Legal Services Board’s (LSB) annual regulatory performance assessment, published at the end of March, highlight ICAEW’s strong performance over the last assessment period. The LSB assesses regulators against three standards and this year’s assessment covers the period between June 2023 to September 2024.
See more Probate news
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