In this issue, read about changes under the special entrant route for the Audit Qualification, how firms are implementing ISQM 1, and changes to the UK Audit Regulations. We also provide updates from the Professional Standards Department around CPD, the disciplinary process and more.
Special entrant route for the Audit Qualification (AQ)
Find out what criteria will be recognised by ICAEW for overseas auditors seeking to gain the AQ under the special entrant route.
ISQM 1: implementation and expectations
A recent survey by the ICAEW Quality Assurance Department (QAD) suggests a strong and positive implementation of ISQM 1 but urges the small minority of firms that haven’t put it in place to act quickly. All active audit firms are expected to have implemented ISQM 1, and QAD will review evidence of this as part of its audit monitoring visits. Here we summarise the findings and resources available to support implementation.
Updated UK Audit Regulations, effective 1 June 2023
The regulations have been updated to align terminology with ICAEW’s new Disciplinary Bye-laws and regulations, effective 1 June 2023.
Matters of Material Significance reportable to UK charity regulators
Timely reporting enables regulators to gather intelligence which they use to identify the incidence of reportable matters within the sector, ensuring that public confidence and trust in charities is maintained.
Quality assurance monitoring of ICAEW audit firms
We are the largest recognised supervisory body in the UK, with around 2,300 firms registered for audit. Our philosophy is to be a robust, proportionate and transparent regulator. At the same time, we offer help and support to our firms where appropriate.
Check your eligibility status - stay alert
The Audit Registration Committee continues to see cases where structural issues mean that a firm is not eligible for audit registration. Eligibility issues can prevail for a matter of months, or for a number of years. We highlight issues that come to our attention, but audit eligibility is the sole responsibility of the audit firm. Please check your status.
Events and webinars
Several events, webinars and recordings, such as “Maximising audit quality through effective bank data collection” are available..
Latest news from the Professional Standards Department
CPD is changing
Revised CPD Regulations will place specific requirements on firms from 1 November 2023. Guidance and details on what steps to take are available on our dedicated web page for firms.
Changes to ICAEW's disciplinary process
On 1 June 2023, revisions to ICAEW's disciplinary framework came into effect. We break down what’s changed including updates to the disciplinary and appeals processes.
Have your say: PII review
Help us ensure PII arrangements provide adequate protection to the public while being mindful of costs to the profession. Have your say by 30 June.
- Respond by 30 June
Statement on engaging in public practice
In 2024, changes are coming into effect to the statement.
Regulation in times of change
ICAEW's regulatory and conduct responsibilities are delivered by the Professional Standards Department (PSD). Our role is to strengthen trust and protect the public by following the 3Es: Enable, Evaluate and Enforce. Read more about our strategy, activities, and the oversight of ICAEW's regulatory and conduct role in the Regulatory and Conduct Report 2022–2023.
Annual return to ICAEW
Discover guidance on accessing and completing your firm’s annual return.
Strength through diversity: building better committees
Kim Nyawira, Head of Committees and Tribunals at ICAEW, tells us about some recent initiatives to broaden opportunity and bring greater diversity of thought and experience to the regulatory and disciplinary committees.
Resources and useful links
Keep updated
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