A
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Audit Regulations
The Audit Regulations and Guidance of ICAEW for the time being in force and any subsequent editions.
C
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Committee
Practice Assurance Committee
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Conduct Committee
Disciplinary committee of ICAEW which considers allegations reported to it by the Conduct Department.
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Conduct Department
Department within ICAEW’s Professional Standards Department which is responsible for assessing complaints, investigating conduct matters and reporting allegations to the Conduct Committee.
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CPD
Continuing professional development
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CPD category
One of the categories setting out the CPD hours requirements for Members and Relevant Persons.
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CPD year
The 12-month period between 1 November and 31 October of the following year.
D
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Disciplinary Bye-laws and IDRs
The disciplinary bye-laws and Investigation & Disciplinary Regulations which set out the tests for liability to disciplinary action, the process which will be followed by the Conduct Department and the disciplinary committees and the orders which can be made by the disciplinary committees.
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Disciplinary committees
Any of the ICAEW disciplinary committees; the Conduct Committee, the Disciplinary Committee and the Appeal Committee.
H
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Head of Committees and Tribunals
The person within ICAEW’s Professional Standards Department who manages the Committees and Tribunals team which administers the Practice Assurance Committee.
I
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ICAEW
Institute of Chartered Accountants in England and Wales
M
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Member
A person who has been admitted as a member of the Institute of Chartered Accountants in England and Wales.
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Member Firm
- a) a member engaged in public practice as a sole practitioner; or
- b) a partnership engaged in public practice of which more than 50% of the rights to vote on all, or substantially all, matters of substance at meetings of the partnership are held by members; o
- c) a limited liability partnership engaged in public practice of which more than 50% of the rights to vote on all, or substantially all, matters of substance at meetings of the partnership are held by members; or
- d) any body corporate (other than a limited liability partnership) engaged in public practice of which:
i. 50% or more of the directors are members; and
ii. more than 50% of the nominal value of the voting shares is held by members; and
iii. more than 50% of the aggregate in nominal value of the voting and non-voting shares is held by members
O
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Other Firms
Firms which:
- a) have been granted a dispensation to use the description “Chartered Accountants under the Regulations governing the use of the description Chartered Accountants and ICAEW general affiliates; and
- b) are registered by ICAEW for audit, local audit, investment business, probate or as a Licensed Practice which are not ICAEW Member Firms.
P
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Practice Assurance Committee
The committee to which any disputes relating to undertakings requested by QAD under these regulations will be referred in the first instance.
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Principal Bye-laws
The bye-laws setting out the rights and obligations of members including the obligation to undertake CPD.
Q
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QAD
ICAEW’s Quality Assurance Department which will be responsible for carrying out monitoring checks to ensure that Members and Relevant Persons (who are not exempt) are in compliance with the requirements of regulation 7 and that ICAEW Member Firms and Other Firms are in compliance with regulation 17.
R
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Reciprocal Member
An ICAEW member who gained ICAEW membership or membership of a Reciprocal Membership Body, under a reciprocal membership agreement made between a Reciprocal Membership Body and with ICAEW.
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Reciprocal Membership Body
One of the following professional bodies which have entered into a reciprocal membership agreement with ICAEW:
- Botswana Institute of Chartered Accountants (BICA)
- Chartered Accountants Australia and New Zealand (CA ANZ)
- Chartered Accountants Ireland (CAI)
- Chartered Professional Accountants Canada (CPA Canada)
- Hong Kong Institute of Certified Public Accountants (HKICPA)
- Institute of Chartered Accountants of Scotland (ICAS)
- Institute of Singapore Chartered Accountants (ISCA)
- Institute of Chartered Accountants of Zimbabwe (ICAZ)
- South African Institute of Chartered Accountants (SAICA)
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Reciprocal RI/KAP
A Reciprocal Member who is also a Responsible Individual (for statutory audit) or a Key Audit Partner (for local public audit).
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Regulated Individual
A person who is not an ICAEW member but who is authorised or licensed by ICAEW as:
- a Responsible Individual for the signing of statutory audit reports; or
- a Key Audit Partner for the signing of local public audit reports; or
- an insolvency practitioner; or
- a Probate Authorised Individual; or
- a Licensed Practitioner under the Licensed Practice Scheme.
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Relevant Person
Includes:
- A Regulated Individual*;
- A Reciprocal RI/KAP; and
- A Reciprocal Member.
*A Regulated Individual is:
A person who is not an ICAEW member but who is authorised or licensed by ICAEW as:- a Responsible Individual for the signing of statutory audit reports; or
- a Key Audit Partner for the signing of local public audit reports; or
- an insolvency practitioner; or
- a Probate Authorised Individual; or
- a Licensed Practitioner under the Licensed Practice Scheme.
More on CPD changes
ICAEW has created a range of support to help guide you through changes to CPD requirements.
