Key reminders and updates
CPD changes prompt renewed focus on lifelong learning
ICAEW’s revised CPD framework has seen high levels of member engagement during its first year. Julia Penny, ICAEW Council member and past President, and Sophie Wales, Director of Regulatory Policy at ICAEW, review progress so far, and reflect on the value of CPD in maintaining standards and strengthening trust in the profession.
Why professional conduct matters
Maintaining high professional standards is essential, both for individual accountants and for the profession as a whole. This episode of The Tax Track looks at the importance of protecting your professional reputation and, importantly, what members can do to ensure they get things right in the first place.
Regulatory and disciplinary committee vacancies
ICAEW's regulatory and disciplinary committees are looking for lay and accountant members, probate practitioners, insolvency practitioners and technical applicants. These are remunerated roles and applicants are welcome from all backgrounds and from various levels of experience. Apply by 17 March 2025.
Coming soon – Crossing the Line
Currently in production, Crossing the Line, is the fourth instalment in ICAEW’s award-winning training film series that’s set to bring the world of auditing to life.
DPB (Investment Business) Monitoring Results 2024
In 2024, we undertook 268 reviews. Find out how our firms performed and learn what resources are available to avoid making some common mistakes.
Audit
Audit compliance deadline
Review updated voting rights and majority rules to ensure your firm remains eligible for audit work by 1 April 2025. Act now.
New 2025 Audit Regulations: notification requirements and sole practitioner alternates
2025 changes to Audit Regulations took effect on 1 June. The new regulations introduce a requirement for ICAEW-registered audit firms to notify ICAEW when appointed to certain complex or high-risk audits. There is also a new requirement for sole practice auditors to appoint an alternate. Sole practice auditors will have until the end of a six month transition period to appoint an alternate (ie, until 1st December 2025).
Part 1 – safeguarding the quality of your audits
This is the first of three articles aimed at firms to help navigate the requirements of International Standard on Quality Management (UK) 1 (ISQM1), especially how and what to monitor.
Anti-Money Laundering (AML)
ACSP registration is open
Are you a third-party provider planning on carrying out identity verification checks for Companies House on behalf of your clients? Registration to be an authorised company service provider (ACSP) will now open on 18 March 2025 and firms will then be able to voluntarily verify the identity of clients from 8 April. The mandatory verification requirement will take effect in autumn 2025.
The MLRO: an ever-evolving role
Money laundering reporting officers (MLROs) take on specific and personal responsibilities under the anti-money laundering (AML) regulatory regime. We catch up with some experienced MLROs, who offer an insight into how their roles are evolving and discuss the skills they need to meet their obligations.
UK announces largest sanctions package against Russia since 2022
On 24 February, the UK Government designated 67 individuals and entities and specified 40 vessels under the Russia Sanctions Regime. One existing designation under the Russia Sanctions Regime has been varied.
Webinar - Asking the right questions: 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.
Updates to the FATF 'grey list'
The Financial Action Task Force has added Lao PDR and Nepal to the list of jurisdictions subject to increased monitoring but removed the Philippines.
SARs in Action issue 30
The first issue of 2025 covers the UKFIU’s role in tackling Illegal Wildlife Trade, an NECC alert on AI bypassing due diligence, SARs Digital Service Delivery updates, and Operation DESTABILISE’s crackdown on major money laundering networks. Plus, the introduction of "Dear UKFIU," answering your SARs questions.
Insolvency
Restructuring and Insolvency Community events
Access recordings and book your place on upcoming insolvency events to support you with your CPD requirements.
Probate
Probate diversity data results
All firms accredited for probate services are required to collect, report and publish diversity data about their employees.
Webinar: Legal Services Regulatory Update
Register for our webinar on 10 June, 13:00-14:00. Hear from a range of speakers and find out latest developments in the regulatory area of probate and legal services. It's free and can count towards your verifiable CPD. Use your record number to register.
Probate Monitoring Results 2024
In 2024, we undertook 48 reviews with our accredited probate firms. Access our infographic to see what the results and outcomes of those visits were.