ATOL News December 2018
Welcome to our second edition of ATOL News, your update containing the latest technical guidance and best practice advice. Access the CAA’s latest ATOL newsletter and find out more about the CAA’s updated online training programme and portal for March 2019 renewals. You can also access our new cold file review checklist and we’ve also included a reminder about the resources available on the ICAEW website.
In this issue
CAA ATOL newsletter
In November 2018, the CAA published its autumn newsletter, which includes important information about the March 2019 ATOL renewals process, an update to the online training and some other articles that ATOL Reporting Accountants may find useful.
The new CAA portal for reporting – March 2019 ATOL renewals
The CAA’s new online portal provides the ability for all ATOL holders to submit renewal applications, variations and APC returns online. From December 2018, all ATOL holders that renew their licence in March 2019 will be able to submit their renewal application via ATOL Online.
ARAs will also be required to submit their returns via the same portal. We recommend that you check your records with the CAA to ensure that they hold current details of your ARAs.
Updated online training for accountable persons (APs) and ATOL Reporting Accountants (ARAs)
The CAA has updated its online training to reflect the recent changes to the ATOL Regulations and is available now. At this stage, the CAA has not made it a requirement for APs and ARAs who have already passed the original course to retake the updated one. But, we strongly encourage existing ARAs to complete the course to ensure they are aware of the key changes and to continue to be aware of their role and responsibilities.
We have asked the CAA if they have any plans to produce any training specifically for ARAs. It has confirmed that it remains committed to creating an online training module specifically for ARAs in the near future.
Existing ARAs will have their account transferred but the password will be reset to ATOLTraining&1.
ARAs without existing accounts can request for one to be set up by emailing CAA.ARAScheme@caa.co.uk.
NEW: ATOL cold file review checklist available
As a reminder, a licensed practice needs to review, at least once a year, how effectively it is complying with the ICAEW Licensed Practice Handbook and take action to deal with any issues found. The review should cover the licensed practice’s ATOL whole firm procedures and a selection of client files annually. The licensed practice should use an independent reviewer, at least once every three years, to perform a review of a sample of client files.
Our new helpsheet includes a checklist suitable for performing cold file reviews of ATOL engagements. You may find this useful when conducting an annual compliance review in accordance with the ICAEW Licensed Practice Handbook.
Also available is a checklist to help you perform your ATOL whole firm compliance review.icaew.com/lpscheme for latest guidance and best practice, including news updates. We will update this area with all new developments.