What is it?
The guidance, known as the ICAEW Statement on members engaging in public practice, has been updated to reflect the UK’s exit from the European Union and also to bring it into line with other regulations, such as those relating to money laundering.
You can read the new statement here.
Does it affect me?
While the new guidance statement does not include substantive changes, it has a potential impact on many members of ICAEW.
It is your responsibility as a member to make sure you comply with these guidelines. For this reason, you should consider the requirements before renewing your subscription.
Please read through the new guidance thoroughly and look at these scenarios to judge whether these changes are likely to impact you.
If you need further clarification on your own circumstances, please contact the Regulatory Information Team on +44 (0)1908 248 250.
In the new guidance:
- References to the EEA have been removed following the UK’s exit from Europe;
- The definition of “UK” has been clarified;
- The 10% de minimis limit has been removed from the guidance to align with anti-money laundering regulations;
- The £100 de minimis limit has been removed with regards to a minimum earnings level per assignment;
- Bookkeeping services have been retained as accountancy services and Annex 1 on guidance on accountancy and reserved activities has been updated;
- The guidance for members providing services to charities has been improved; and
- Annex 2 on guidance on public practice scenarios has been updated.
Additionally, the name of the guidance has been changed from the ICAEW Statement on engaging in public practice to the ICAEW Statement on members engaging in public practice. This reflects the fact that the statement should be read by all members and that it is the responsibility of all members to ensure they comply.
How can I find out more?
You’ll find helpful scenarios and articles to help you decide whether you need a PC on the Practising Certificate hub.
If you’d like to speak to someone about the statement or for guidance on how it applies to you, please call the Ethics Advisory Services on +44 (0)1908 248 250.
Practising certificate changes
From 1 January 2024, guideline changes mean that even if you didn't need a practising certificate before you may now need one.