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Professional Standards Update December 2024

We share an update regarding poor conduct in relation to tax matters, highlight upcoming changes to the ICAEW Code of Ethics and to practising certificate rules. You can also read a round up of the latest and most common issues our quality assurance team highlighted to insolvency practitioners, register for a webinar to find out about the process for the 2025 Probate Diversity Survey or sign up to an event from our AML supervisory team on how to protect against professional enabling.

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Key reminders and updates

The new Code of Ethics: understanding professional behaviour
As part of the updated Code of Ethics for 2025, the provision for professional behaviour has been reworded to reflect the modern world.
Practising Certificate rules to change in January
Update to rules means ICAEW members who are principals in financial services regulated firms – whether in the Crown Dependencies or mainland UK – must hold a PC if the firm also provides accountancy services, other than incidentally.
Helpsheet: Regulated firm restructures
  • PDF (193kb)
If your firm is carrying out a business restructure, then you must notify ICAEW to ensure continuation of any regulatory registrations (ie, audit registration, Licenced Practice (ATOL), probate accreditation, and/or a DPB (Investment Business) licence).
Professional Conduct in Relation to Taxation: a tax perspective on ethics
ICAEW’s Conduct Department is dealing with a growing number of disciplinary cases related to poor conduct in relation to tax matters. We look at the key role played by Professional Conduct in Relation to Taxation (PCRT) in setting boundaries and supporting members and firms in meeting their professional and ethical obligations by providing guidance.
See more Regulatory and Conduct news

Further regulation in the tax advice market

The ICAEW Professional Standards Department is engaging with HMRC on its proposals to introduce further regulation in the tax advice market and is urging government to ensure that any solution is in the public interest.

ICAEW REP 049/24
Read the ICAEW-wide response to HMRC’s consultation: Raising Standards in the Tax Advice Market
Hardman Lecture shines spotlight on ‘shadow’ tax advisers
Government efforts to regulate the tax profession will only work if action is taken to target those advisers who don’t interact with HMRC – and don’t want to, says Ray McCann.

Audit

Audit eligibility changes: check your firm will meet new requirements
The Audit Regulations have been updated to include an amended definition of ‘voting rights’ and a new definition for ‘majority’. Check your firm will remain eligible for audit registration by 1 April 2025.
AI in audit: the good, the bad and the ugly
In this Insights In Focus episode, we discuss how auditors are beginning to use AI, how practices can sift marketing fact from fiction and navigate the risks introduced by using AI tools.
See more audit news

Anti-Money Laundering (AML)

Asking the right questions webinar: how to protect against professional enabling
We will explore the role of accountants in 'high-end' money laundering and the risks and red flags that firms might come across in their day-to-day work. We will also cover the money laundering risk that exists within audit and accounting services and the steps that firms can take to protect themselves against being professional enablers.
Webinar Q&A – 2024 AML results and thematic review: the firm-wide risk assessment
During the recent webinar on the 2024 AML results and thematic review, viewers highlighted a range of issues. We pick out some common themes, and ICAEW’s AML team provides responses to key questions.
New AMLbites: The firm-wide risk assessment
This updated video covers the regulatory framework, key steps in conducting firm-wide risk assessments, and important risk factors to consider. We also guide you to resources for further support.
See more AML news

Insolvency

Updated Statements of Insolvency Practice area
We have relaunched this area of our website to make it much easier for insolvency practitioners to find a current version of a SIP, all SIPs relating to specific jurisdictions, and archived SIPs.
New sanctions reporting obligations for insolvency practitioners
On 14 November 2024, the Sanctions (EU Exit) (Miscellaneous Amendments) (No.2) Regulations 2024 was laid in Parliament. This instrument expands the definition of relevant firms subject to financial sanctions reporting obligations to cover insolvency practitioners (IPs).
Insolvency round-up 2024: issues raised during quality assurance visits
ICAEW’s Restructuring and Insolvency Community roadshows cover key issues facing insolvency practitioners (IPs). In the final webinar of the 2024 series, Allison Broad, Head of Insolvency Monitoring, and Victoria Alexandrou, Insolvency Manager, discussed the most important findings from monitoring reviews, and highlighted some recent and upcoming changes affecting IPs.
See more Insolvency news

Probate

Webinar: 2025 Probate Diversity Survey Webinar
Find out how your firm can prepare for the required diversity survey that ICAEW-accredited probate firms need to undertake every two years.
See more Probate news