This month we invite you to register for our webinar focusing on CPD and the new firm requirements which will be effective from 1 November. We have included resources such as the latest ICAEW helpsheet updates, how to avoid losing access to your HMRC agent account and links to recordings of insolvency and AML webinars which took place in June. We also highlight audit quality inspection reports and the publication of HM Treasury’s consultation on anti-money laundering supervisory reform and its accompanying webinar.
Key reminders and general updates
Live webinar: CPD is changing, is your firm ready?
In this free, live webinar, we’ll take you through the essential key steps to prepare your firm for the upcoming changes.
Duty to Report Misconduct updated
As part of the recent disciplinary framework changes, the duty has been extended to include firms, affiliates and other 'relevant persons'. Find out what’s changed.
Statement on engaging in public practice
Find out about changes that are coming into effect in 2024.
ICAEW Regulatory Board Chair steps down
Philip Nicol-Gent has stepped down from his role as Chair of the ICAEW Regulatory Board; and the Institute’s governance begins to undergo modernisation.
Updated ICAEW helpsheets
The following helpsheets have recently been updated and are available to ICAEW members:
Anti-money laundering (AML)
How to avoid losing access to your agent account
Failing to respond to an innocuous looking letter from HMRC can end up with your agent account being blocked. Find out how to avoid this trap.
Firm-wide risk assessments webinar recording
Listen again to our anti-money laundering supervision team who break down the components of your firm-wide risk assessment. We also encourage you to share our webinars with your teams to help with staff training.
National Risk Assessment of money laundering and terrorist financing
The NRA is the UK’s stock-take of our collective knowledge of money laundering and terrorist financing risks in the UK. Prepare your firm-wide risk assessment with the risks identified in the NRA in mind.
Consultation on anti-money laundering supervisory reform published
Commenting on HM Treasury’s publication of the consultation on AML supervisory reform, Michelle Giddings, ICAEW’s Head of AML and Operations, said:
“The accountancy sector has invested heavily in improving AML supervision over the past five years. ICAEW’s recent supervisory results were strong and we believe we meet the criteria set out in the paper in taking an effective risk-based approach to supervision.
“In our view, professional bodies should continue to play a strong part in AML supervision, given the depth and breadth of the supervisory and regulatory engagement we have with our member firms.
“We are concerned that the establishment of a single supervisory body, for either professional services or all regulated sectors, will be incredibly costly and take a long time to reach full effectiveness, resulting in lack of investment among the affected supervisors, uncertainty among staff and weakened supervision.
“We will respond to the consultation in due course and we encourage our firms to reflect on the proposals and submit their view.”
HM Treasury webinar: AML supervisory reform consultation
HM Treasury is hosting a webinar at 4pm on 13 July to present a one-hour summary of the contents of its consultation document.
Audit
Audit quality inspection results published
95% of audit reviews carried out by ICAEW’s Quality Assurance Department to the largest firms in 2022 were graded good or generally acceptable.
The results of these reviews form part of the Financial Reporting Council’s (FRC) Tier1 1 firms Overview Audit Quality Inspection and Supervision report with further individual firm details contained within FRC’s individual firm inspection reports.
Audit News, Issue 74
Read about changes under the special entrant route for the Audit Qualification, how firms are implementing ISQM 1, and changes to the UK Audit Regulations. Also find updates from the Professional Standards Department around CPD, the disciplinary process and more.
DPB (Investment Business)
DPB Update, Issue 15
See what DPB monitoring reviews in 2022 revealed and what’s changed in the DPB (Investment Business) Handbook. Find out about upcoming changes to CPD and access other resources and updates from the Professional Standards Department.
Insolvency
Concerns raised with HMRC
ICAEW has joined with the other recognised professional bodies who regulate UK insolvency practitioners together with R3 to write to HMRC and raise concerns with how it is engaging with the insolvency profession. The letter highlights the negative effects resource allocation and prioritisation across HMRC are continuing to have on the profession from a regulatory and operational perspective. We have included a list of specific issues and areas of concern with a request for HMRC to respond with details of how it proposes to address these issues.
Employee claims for insolvency practitioners recording
Dealing with employee claims, including submissions to the Redundancy Payments Service and calculating and declaring dividends to employees, is a key aspect of an IP’s responsibilities. Listen back to make sure you understand the requirements. We also encourage you to share our webinars with your teams to help with staff training.
Reminder: debt management ads by insolvency practitioners enforcement notice
Adverts targeted at consumers with debt problems have the potential to cause serious detriment if they do not comply with the advertising rules.
Represent ICAEW on the Joint Insolvency Committee (JIC)
We are looking for an ICAEW licensed insolvency practitioner, who must also be an ICAEW member, to be ICAEW’s new representative on the Joint Insolvency Committee (JIC).
The JIC is the standard setting body for the insolvency profession and is responsible for developing the Insolvency Code of Ethics, Statements of Insolvency Practice and Insolvency Guidance Papers. As ICAEW’s representative on JIC you’ll need to have an interest in regulation and standard setting, not be afraid of a robust debate, but also to be pragmatic when needed. You’ll also need to support ICAEW’s role as a regulator and focus on the public interest.
Probate
Live webinar: Legal Services Regulatory Update
On 12 September, join this free, live webinar: Legal Services Regulatory Update, when you’ll hear from a range of speakers who will inform you about the latest common issues we are seeing on quality assurance monitoring reviews, a number of regulatory changes that have taken place and a summary of the 2023 Probate Diversity Survey results.
2024 probate fees consultation
As an approved regulator and licensing authority for probate services, our activities are guided by and support the Legal Services Board's strategic themes: fairer outcomes, stronger confidence and better services, to strengthen trust and protect the public by enabling, evaluating and enforcing the highest standards in the profession.
Mercia legal services training provider review
Accountants seeking to become authorised individuals for probate must demonstrate that they are appropriately qualified. One way that they can do this is to complete the Mercia-provided course for probate, which covers the ICAEW syllabus. Read the key findings from our review.
Probate News, Issue 22
Access our updated engagement letter helpsheet, see what's changed in the Legal Services Regulations, respond to our consultation on proposed probate fees for 2024 and read our review of the Mercia training course. Plus catch up on updates from the Professional Standards Department.