Key reminders and updates
Crossing the Line – ICAEW’s powerful new educational audit drama now available
We're pleased to share that audit compliance principals at ICAEW-registered audit firms in the UK now have exclusive free access to our new educational drama, Crossing the Line.
Offering a powerful learning experience for auditors beyond standard textbook scenarios, the film explores the ethical dilemmas and professional pressures faced by those in leadership and assurance roles.
Code of Ethics update: professional behaviour in practice
ICAEW’s updated Code of Ethics comes into effect on 1 July. One of the key revisions is a rewording of the provisions on professional behaviour to recognise the changing world of work and how members’ professional lives are evolving.
JIEB: how to succeed and master numbers questions
The webinar will draw on the 2024 JIEB exam as a case study, a 'numbers' question on preparing a statement of affairs and insights and strategies for tacking the JIEB exams.
Improvement regulation in practice
In this explainer section of the Regulation and Conduct Annual Report, we explain what improvement regulation looks like at ICAEW.
Consultation: Proposed revisions to ICAEW Sanctions Guidance
ICAEW recently consulted on new Disciplinary Sanctions Guidance. The guidance outlines how sanctions will be determined in disciplinary cases involving ICAEW-regulated firms and individuals. This guidance is used by ICAEW’s Conduct Committee, Tribunals Committee and Appeal Committee when considering disciplinary allegations.
Audit
ICAEW Audit Monitoring Report 2025
ICAEW has published its Audit Monitoring Report 2025, which provides a snapshot of results from last year’s quality assurance monitoring reviews. With 401 reviews conducted in 2024 and 790 audit files reviewed, the report highlights examples of best practice, common audit weaknesses, and progress with ISQM 1 implementation.
Insolvency
University of Leeds free conference 17 July: ‘Behind Closed Books: Money Laundering in UK Insolvency Proceedings’
Book your place at a free conference addressing the lack of scrutiny regarding anti-money laundering implementation in the insolvency sector.
HMRC request for information from insolvency practitioners
Respond to HMRC's latest survey which focuses on insolvency practitioners' experiences with getting a repayment or refund from HMRC. By sharing your insights, you help ensure that a wide range of views from the entire sector are considered.
HMRC bulletin: Individual Voluntary Arrangements mailbox
The introduction of mandatory email subject headings has been put in place by HMRC to help it deal with IVA enquiries as efficiently as possible. Read the bulletin for a summary of the new requirement.
Financial sanctions guidance for insolvency practitioners
From 14 May, High Value Dealers, Art Market Participants , Letting Agents and Insolvency Practitioners are legally required to comply with relevant firms reporting obligations in the UK. If you know or suspect you’re dealing with a sanctioned individual or entity during your work, you’ll now be legally required to report it to the Office of Financial Sanctions Implementation (OFSI).
Proposed changes to SIP 14: A Receiver’s Responsibility to Preferential Creditors
Following a review, the Joint Insolvency Committee (JIC) has decided that Statement of Insolvency Practice 14 should be updated not only to reflect the introduction of HMRC’s secondary preferential status in 2020 but also extended to apply to all types of insolvency appointment, not just receiverships and to apply in all of the jurisdictions.
Restructuring and Insolvency Conference
Join our annual conference on 24-25 June 2025.
Other upcoming insolvency events include:
Anti-Money Laundering (AML)
SARs Reporter Booklet May 2025
This booklet contains a summary of feedback from law enforcement agencies on their use of SARs. This issue provides a snapshot of some of the examples UKFIU receive highlighting the work of law enforcement agencies in utilising SAR intelligence to initiate investigations and informing existing ones.
New AMLbites available
Two new AMLbites are freshly available:
Planning to carry out identity checks as an ACSP?
Make sure to use the correct reference number when registering with Companies House.
You’ll be asked for your AML membership number or ID. For ICAEW-supervised firms, this is your firm number starting with C0 or A0.
Raising an AML concern
If you believe a firm supervised by ICAEW is breaching the Money Laundering Regulations 2017, you can raise your concern confidentially.
Sanctions resources
OFSI has released a new video series, ‘Financial Sanctions: The Basics’. The series provides high-level guidance on OFSI’s processes and how to comply with financial sanctions obligations, covering a variety of topics.
Probate
Engagement letters for accredited legal services firms
ICAEW has a number of resources to support our accredited legal services firms. Amongst these are engagement letter templates with sample wordings to help you draft your own engagement letters. Read what changes have been made to Schedule Q, the template for legal services firms.
Autumn 2025 changes to Legal Services Regulations
Following a consultation process, new Legal Services Regulations are planned for autumn 2025 which will implement two key changes regarding the administration of oaths and complaints handling. These new regulations are subject to approval by the Legal Services Board.
ICAEW response to LSB Consultation on Upholding Professional Ethical Duties
- PDF (229kb)
ICAEW has responded to the Legal Services Board's (LSB) consultation on its proposed statement of policy on upholding professional ethical duties. ICAEW Chartered Accountants are expected to demonstrate the highest standards of professional conduct, and we welcome the LSB’s proposed statement of policy on upholding professional ethical duties. This response, dated 28 May 2025, represents ICAEW's views as an Approved Regulator and Licensing Authority under the Legal Services Act 2007.
2025 Legal Services Regulatory Update webinar recording – now available
Tune in to the recording of the 2025 Legal Services Regulatory Update and access the resources from the webinar to stay up to date on regulatory matters for probate practitioners.
