Key reminders and updates
NEW website
Find out more about the work of the ICAEW Regulatory Board and how it governs ICAEW’s regulatory activities. The website also hosts the board’s 2024-2026 strategy.
CPD for firms: updated list of FAQs
ICAEW shares answers to the most commonly asked questions from firms about the changes to CPD requirements from 1 November 2023 and the new responsibilities placed on firms.
Disciplinary update: January 2024
Take note of the latest disciplinary cases to ensure you or your firm are not making similar mistakes. This update is a summary of the hearing outcomes that were published in November and December 2023.
Proposed changes to 'professional behaviour' provisions in ICAEW Code of Ethics
ICAEW consulted on proposed changes to the fundamental principle of professional behaviour in sub-section 115 of the ICAEW Code of Ethics. The consultation ran for ten weeks from 1 December 2023 to 9 February 2024. The consultation is now closed.
Anti-Money Laundering (AML)
Amendments to the Money Laundering Regulations 10 January 2024
- Website
- 09 Jan 2024
The Money Laundering and Terrorist Financing (Amendment) Regulations 2023 have been made and will take effect from the 10th January 2024. These changes, empowered by the Sanctions and Anti-Money Laundering Act 2018, refine customer checks for politically exposed persons (PEPs).
SARs: insights from the National Crime Agency
- 15 Jan 2024
Register for this webinar to hear invaluable guidance for money laundering reporting officers and anyone involved in the submission of suspicious activity reports (SARs) to the National Crime Agency. The webinar will take place on 13 March.
How do you use Companies House information?
- Website
- 15 Jan 2024
Share how your firm uses corporate transparency information made available by Companies House. The survey is aimed at businesses that are required to comply with the UK Money Laundering Regulations.
Audit
Importance of audit file assembly
Inevitably updates and enhancements to International Standards on Auditing (such as ISA 315) and the implementation of ISQM1 have commanded much attention by firms over the last 12-18 months. However, it is important not to overlook long-standing requirements. Audit file assembly within ISA 230 is one example. We have identified some weaknesses in recent quality assurance monitoring visits and it is worth all firms reviewing their procedures to ensure they remain fit for purpose.
Insolvency
Insolvency compliance update: estimating fees
- 11 Jan 2024
Fees are always a hot topic in the insolvency sector, and most insolvency practitioners (IPs) have questions about how to produce a fees estimate that is accurate, transparent and compliant. During a recent Restructuring and Insolvency Roadshow, Michelle Butler, partner at The Compliance Alliance, offered some useful reminders and tips.
Recovery Magazine article: AML compliance not optional
- 09 Jan 2024
Angela Foyle, CCAB chair and member of the ICAEW Regulatory Board counters claims that the CCAB’s guidance on money laundering and terrorism finance contains questionable recommendations. The article was first published in the Winter 2023 issue of Recovery Magazine.
VAT deregistration mailbox changes
- 10 Jan 2024
- PDF (62kb)
Access the latest Insolvency Guidance bulletin from HMRC. On 15 January, HMRC will discontinue its dedicated mailbox service for insolvency practitioners (IPs) to request VAT deregistration confirmation. Instead, IPs will receive a VRT23 letter within 40 days of submission of the VAT 7 form. Please call the VAT helpline if the letter isn’t received within 40 days from 15 January.
Introduction of Digital Journey for Plastic Packaging Tax in the Event of Insolvency
- 18 Dec 2023
- PDF (70kb)
HMRC is streamlining the way it deals with insolvency in relation to Plastic Packaging Tax. It has introduced a digital G-Form which can be used to notify HMRC of an Insolvency Event, submit Plastic Packaging Tax Returns and de-register from Plastic Packaging Tax. Please use this process going forward.
Probate
Probate update from our meeting with HMCTS
- Article
- 10 Jan 2024
We attended our regular probate service user group meeting with His Majesty's Courts and Tribunals Service (HMCTS) in December. We share updates from HMCTS on a range of topics including current service levels, responses to your feedback and IHT forms.