Key reminders and updates
New PII Regulations from 1 September
A review of ICAEW’s professional indemnity insurance requirements has taken place which included a public consultation that closed in December 2023. Wide-ranging proposals were presented and some of these are now being taken forward. Changes will come into effect from 1 September 2024.
Disciplinary update: March 2024
Take note of the latest disciplinary cases to ensure you or your firm are not making similar mistakes.
Are you sure your firm is allowed to use the description ‘chartered accountants’?
ICAEW has clear rules governing whether firms can call themselves ‘chartered accountants’, but too many firms are still misusing the description and falling foul of the regulations. We look at the common pitfalls.
Deadline extended for regulatory and disciplinary committee roles
All of the roles are remunerated and we are looking for expertise across a range of regulated areas.
Anti-Money Laundering (AML)
Improving the effectiveness of the Money Laundering Regulations
HM Treasury has published a consultation on improving the effectiveness of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs), which place requirements onto a range of businesses to identify and prevent money laundering and terrorist financing. Find out more and respond to the consultation.
AMLbites: updated suspicious activity reporting (SARs) videos
Our videos on the topic of SARs have been updated to cover the National Crime Agency’s new SARs reporting process. Watch and share the videos with your colleagues to stay up to date.
Companies House activates new powers to combat fraud
New Companies House regime aims to improve data quality and counter misuse – a timely introduction as banks are on high alert due to a spike in potential fraudulent company filings.
Audit
Where next for audit and governance reform?
In this Insights In Focus episode, we discuss the future of audit and corporate governance reform.
DPB (Investment Business)
Investment Business
Results of 2023 monitoring activity are available. The infographic includes key resources we recommend firms familiarise themselves with in order to avoid the most common issues we see at monitoring reviews.
Insolvency
Insolvency round-up 2023: hot topics and learning points
ICAEW's Restructuring and Insolvency Community roadshows cover key issues facing insolvency practitioners (IPs). In the final webinar of the 2023 series, our Quality Assurance Department's insolvency team flagged some hot topics for IPs and discussed the most important findings from monitoring reviews.
Insolvency compliance update: is your time recording system accurate?
A recent Restructuring and Insolvency Roadshow focused on fees estimates and time recording. In our second article exploring key issues around these hot topics, Michelle Butler, partner at The Compliance Alliance, explains why your systems for time recording are so important.
ICAEW Insolvency Monitoring Report 2023
We completed more than 150 insolvency reviews in 2023. Access the infographic to find out the results and what actions were taken.
Probate
ICAEW rated green for well-led as a legal services regulator
The results of the Legal Services Board (LSB)’s annual performance review have been published and ICAEW has been rated green for well-led by the LSB. The review covers the period October 2022 to May 2023, and is the first assessment under a new performance framework which came into force on 1 January 2023.
ICAEW Probate monitoring report 2023
We completed 60 monitoring review visits with probate firms throughout 2023. Open the infographic to find out the results.