New ICAEW Code of Ethics

A new edition of the ICAEW Code of Ethics will be published at the end of March 2025,  incorporating revisions introduced by the International Ethics Standards Board for Accountants (IESBA) in its current Code of Ethics for Professional Accountants, on which the ICAEW Code is based. 

Ahead of the launch of the ICAEW Code of Ethics 2025, ICAEW is creating guidance and support to help members understand and prepare for the changes. It is also hosting a free webinar on 4 April outlining the changes.

Learn more at the hub page for the ICAEW Code of Ethics.

Virgin Media pension ruling

Virgin Media pension ruling: sponsor entity and auditor considerations has been created by the Audit and Assurance Faculty to address the uncertainties and challenges resulting from the 2024 Virgin Media Ltd vs NTL Pension Trustees II Ltd ruling.

This faculty overview provides information to help sponsor entities of defined benefit schemes and their auditors understand the key considerations arising from the ruling. It also outlines some potential scenarios and courses of action that could be taken in response.

Learn more in this ICAEW Insights article.

Focus on professional judgement 

Effective and consistent application of professional judgement is fundamental to high-quality audit and it’s an area where auditors are constantly striving to enhance their skills. 

To assist individual auditors and firms to enhance audit quality, there are articles, e-learning tools, helpsheets and other resources available from ICAEW.

Explore what’s on offer by visiting our Professional judgement hub.

Resources include: 

• Applying Professional Judgement in Audit – our interactive, self-directed, e-learning programme; 
• Documentation of significant professional judgements in an ISA audit, a helpsheet; and 
• Intuitive judgements and how to improve them – tips from auditors and regulators.

In case you missed it

Audit and reporting updates: January 2025 included a reminder of Audit and Assurance Faculty resources to support you in 2025. 

They include, for example: 

• the latest from ICAEW on effective dates and other considerations around changes to the UK Audit Regulations and Guidance in 2024 and 2025; 
• insights on implementing various new and recently revised international standards for auditing, assurance and ethics; 
• practical tips for auditors on addressing common challenges; and 
• reminders on recent additions to your library of webinar recordings.

Technical updates

The Audit & Assurance Faculty provides news from regulators and standard-setters in Technical news in brief, which can also be accessed from the Audit & Beyond hub page.