Regulatory and Conduct News
ICAEW Regulation and Conduct
Protecting the public by ensuring ICAEW regulated firms and members retain the highest standards of professional conduct
Read our brand new Audit Monitoring Report and sign up for the accompanying webinar. Listen back to recordings of our recent events, read the first in our series introducing new IRB members and find out about concerns regarding student misconduct.
Key reminders and updates
In this year's report, learn about the results and our reflections from nearly 500 audit monitoring visits.
ICAEW is seeing a rise in reports of students engaging in activities with the intention of giving themselves an unfair advantage in an assessment or exam, and other poor behaviour by students taking exams and assessments. We look at the standards expected of ICAEW students and discuss the consequences of failing to comply with requirements.
In the first of our series introducing the new members of the IRB, Paul Brooks tells us about his background and his ongoing commitment to strengthening trust in the accountancy profession.
We are currently recruiting for remunerated?roles in the following committees:
Webinar recordings
Listen to the webinar recording to learn about details of the ICAEW DPB (Designated Professional Body) Licence, along with practical examples to illustrate how it can be used to work collaboratively with FCA regulated financial advisers.
ICAEW experts in the areas of Practice Assurance and anti-money laundering covered the top findings from nearly 1,300 monitoring reviews highlighted in our 2024 Practice Assurance Monitoring Report, including insights learned after detailed discussions held with larger firms around AML themes. Watch the recording if you missed the live event.
Anti-money Laundering
Register for our next webinar which will take place on 13 November. ICAEW’s anti-money laundering (AML) supervisory team will discuss their latest monitoring review results, an update on our supervisory activity and this year’s thematic review on the firm-wide risk assessment.
Two videos have recently been updated, watch and share the updated versions with your colleagues to remain up to date on politically exposed persons and financial sanctions.
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Audit
Everything you need to know about the upcoming updates to the UK Audit Regulations related to eligibility and ICAEW’s consultation on audit notification, as well as a roadmap of further changes coming in 2025.
An important revision is needed to the Audit Regulations to bring them in line with the Companies Act 2006. The updated regulations will come into effect on 1 October 2024 and firms will have until 1 April 2025 to comply. It is possible the changes may impact on firms’ eligibility to be audit registered. We explain the changes, why they are being made and advise what firms should do now.
Insolvency
ICAEW, along with two of the UK's other recognised professional bodies (IPA and ICAS); recently co-signed R3's letter to INSS (the Insolvency Service) to ask for urgent clarification to assist insolvency practitioners in carrying out their functions as an administrator of a company.
HM Revenue & Customs is receiving insolvency-related forms and letters to incorrect addresses.
Read the bulletin to check the correct address details and to help avoid unnecessary delays.
September - October 2024
This series of events will ensure that you are aware of the current insolvency and monitoring visit hot topics, and up to date with recent corporate and personal legal cases affecting practitioners.
Probate
The Legal Services Committee is seeing a rise in non-compliance with the requirement that individuals and firms with at least 10% ownership must be approved by ICAEW as a non-authorised owner. If there is a sale or acquisition going on, we strongly encourage our probate accredited firms to allow lots of time to meet these requirements before the sale takes place. Contact our Regulatory Support team if you would like to discuss a merger or acquisition and the impact this may have on your firm’s probate eligibility.
ICAEW's Quality Assurance Department took viewers through the recent common issues we are seeing on quality assurance monitoring reviews. We also heard from the Chair of the ICAEW Legal Services Committee, Miranda Winram, on the role of the committee and the committee's perspective on some of these common issues. The webinar concluded with a look at the current regulatory landscape, presented by the Regulatory Policy team.
Visit our new dedicated webpage containing a wealth of resources for consumers of probate services, including how chartered accountants can help, a glossary of legal terms, guides for beneficiaries and executors, plus links to bereavement support and government information. ICAEW will be promoting the consumer hub to probate users to raise awareness of this service on behalf of firms, and firms are encouraged to use the hub in their own communications.?