Key reminders and updates
ICAEW’s Regulatory and Conduct Annual Report 2023–2024: Strengthening Trust is now available
Our role as an improvement regulator is to act in the public interest and to strengthen consumer confidence and trust. We do this by enabling, evaluating and enforcing the high standards expected of ICAEW Chartered Accountants and those we regulate. Read about our operational performance over the past year.
Disciplinary update: June 2024
Take note of the latest disciplinary cases to ensure you or your firm are not making similar mistakes.
Regulation of tax advice market must be in public interest
Responding to the government’s consultation on raising standards in the tax advice market which closed on 29 May 2024, ICAEW said that the chosen approach must raise technical and ethical standards among tax practitioners and protect consumers from incompetent or unscrupulous practitioners, without increasing costs to the extent that taxpayers cannot afford professional advice.
Professional Indemnity Insurance Regulations
Find out the details and prepare for changes to ICAEW's PII Regulations that are coming into effect on 1 September.
The PII Committee: bringing together different perspectives
In the latest in our series on the work of ICAEW’s regulatory and conduct committees, we look at the role of the Professional Indemnity Insurance (PII) Committee.
Audit
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.
Public Sector Monitoring Reviews
Watch our Quality Assurance Department’s summary of the findings of our public sector monitoring activity in 2022-23. We have combined our findings from across all of our monitoring activity across government and public service of commercial audit firms and the various audit agencies.
Anti-Money Laundering (AML)
Customer due diligence in practice
Our panel of money laundering reporting officers provided practical insight into how they face the challenges of effective and compliant customer due diligence.
ICAEW supports proportionate approach to AML regulation
ICAEW has submitted its response to a recent government consultation on improving the effectiveness of the Money Laundering Regulations 2017 (MLRs). Michelle Giddings, ICAEW’s Head of AML, looks at the proposals and draws out the key points for ICAEW-supervised firms.
ICAEW AML supervisory role and activity in Q1 2024
Our strategy is to provide robust anti-money laundering (AML) supervision through a risk-based regime. Find out what we did in the first quarter of 2024 to support this.
Insolvency
Tips to improve quality assurance monitoring visits
Since returning to offices post-COVID, some quality assurance monitoring visits for insolvency practitioners (IPs) are taking longer than planned. Please ensure you are helping to ensure the visit goes as quickly and efficiently as possible by ensuring key staff are available, files are accessible and that you respond promptly to our queries.
Monitoring visit changes for insolvency practitioners
Over the past 12 months our Quality Assurance Department’s insolvency team has been reviewing its approach to monitoring visits. The resulting changes may mean your next review date is brought forward, or that you have moved from a three to a six-year cycle. We recap the recent changes insolvency practitioners (IPs) should be aware of.
Webinar: 12 myths of HMRC insolvency
Richard Hopwood, Deputy Director at HMRC, presents an in-depth examination of the 12 myths surrounding HMRC’s Insolvency activities.
Probate
A report from the HMCTS Probate Service User Group
Rachel Clements, ICAEW Regulatory Policy Manager, shares an update from her visit to HMCTS’ Newcastle office to attend the regular user group meeting.
