Key reminders and updates
Disciplinary update: August 2024
Take note of the latest disciplinary cases to ensure you or your firm are not making similar mistakes.
ICAEW appoints new Regulatory Board Chair
Paul Brooks has been appointed as the new chair of the ICAEW Regulatory Board (IRB) with Catherine Boyd and Kaysen Pyndiah also appointed as new members. The IRB is responsible for oversight of ICAEW’s regulatory and disciplinary work to ensure that it is acting in the public interest and strengthening trust in the profession.
Common breaches: avoiding costly mistakes
ICAEW’s Conduct Department regularly investigates cases where members and firms are failing to meet basic requirements, such as holding a Practising Certificate, compliant professional indemnity insurance and an anti-money laundering supervisor. Claire Arrowsmith, Senior Manager, Conduct, for the Professional Standards Department, highlights how these mistakes are often linked and offers some advice on how to avoid them.
Professional Refresher: the ICAEW Investment Business Licence
Hear about real life examples where the licence can be used. Includes practical examples of how to stay compliant.
2024 Practice Assurance monitoring results
Find out what our reviewers learned in more than 1,300 on-site monitoring reviews and hear guidance on how to avoid making similar mistakes. We will cover the results of our findings plus the results of our focus on AML issues.
Changes to PII Regulations: FAQs
After reviewing the existing PII Regulations and consulting on a range of proposals, ICAEW has made some changes to its requirements. We have set out responses to some FAQs below to help you understand the changes and assess whether you will need to make changes to your firm’s professional indemnity insurance.
Audit
ISQM1 quality assurance monitoring update
All audit firms should have completed a first evaluation of their system of quality management (SOQM) by 15 December 2023. Further evaluations must be performed at least annually. This is an area of focus by the FRC, and our quality assurance reviewers expect to see the conclusion documented, along with details of the results of the firm’s monitoring that it has assessed to reach its conclusion. We summarise what our Quality Assurance Department is looking for in this area, which issues would cause concern and how engaging with our reviewers can help you avoid recurrences.
Audit Regulations consultation: notification of movement of audits
ICAEW proposes to make changes to the UK Audit Regulations and Guidance which will require audit registered firms to notify ICAEW when they are appointed as auditors to certain entities. Notification would also be required where audit fees are significantly higher than fees in the firm’s existing portfolio. The aim is to increase the transparency of the movement of these audits between audit firms.
Anti-Money Laundering (AML)
Your guide to the role of money laundering reporting officer
ICAEW's new guide and dedicated web pages for new and existing money laundering reporting officers (MLROs) to enable you to fulfil your role effectively and break it down into manageable tasks.
Customer due diligence in practice webinar: Q&A
During ICAEW’s recent anti-money laundering (AML) webinar on customer due diligence (CDD) in practice, viewers highlighted a range of issues. We pick out some common themes, and ICAEW’s AML team provides responses to key questions.
AASG Risk Outlook (updated July 2024)
This Risk Outlook sets out the key AML risks within the accountancy sector. It was produced by the Accountancy AML Supervisors Group (AASG). You should review the risks within the Risk Outlook and consider how your firm may face these risks. July 2024 updates include the addition of risks and red flags around proliferation financing and crypto-assets, as well as further details on the risk of trust and company services.
Insolvency
Changes to Insolvency Guidance Papers
Under the Joint Insolvency Committee’s (JIC’s) strategic work plan, Insolvency Guidance Papers (IGPs) are subject to periodic review to ensure they remain relevant to changing legislation and market conditions. In 2024 all of the IGPs are being reviewed and this notice is to advise you of the changes that have been approved by the JIC to date.
Deficiency accounts: back to basics
Insolvency practitioners (IPs) are making some common mistakes during the preparation of statements of affairs and deficiency accounts. In a previous article, we offered some tips on how to prepare accurate and compliant statements of affairs. Here we focus on deficiency accounts.
Virtual Restructuring & Insolvency Community Roadshows (September-October 2024)
This series of events will ensure that you are aware of the current insolvency and monitoring visit hot topics, and up to date with recent corporate and personal legal cases affecting practitioners.
Turnaround, Restructuring and Insolvency Awards
We are delighted that our Director of Quality Assurance, Bob Pinder, has been selected as a judge at the TRI Awards to recognise excellence in the fields of turnaround, restructuring, and insolvency.
Probate
Join ICAEW’s Legal Services Reference Group
The Regulatory Policy team for the ICAEW Professional Standards Department is creating a reference group for legal services. We welcome expressions of interest from ICAEW accredited legal service practitioners.
2025 probate fees consultation
Recognising inflationary pressures and to continue to deliver our ongoing programme of activity to fulfil these objectives and those of the Legal Services Act, we propose no change to 2025 probate registration fees for firms with 5 or fewer principals, and a 3% increase for all other firms.
A guide for beneficiaries
Welcome to our consumer guide to help you navigate the probate process if you’ve been named as a beneficiary in a will. This guide will help you answer some common questions about the probate process.
A guide for lay executors
Our consumer guide to help you navigate the probate process if you’ve been named as an executor in a will. This guide will help you answer some common questions about your responsibilities and the probate process.
