September 2024
Access to working papers guidance: regulation 3.13
- 18 Sep 2024
The guidance supporting audit regulation 3.13 “access to working papers” has been updated following the UK’s exit from the EU, and to reflect some changes to FRC functions. Following Brexit, the regulation now applies to a registered auditor accessing another firm’s working papers where the other firm is based in a third country (ie, a country outside the UK including EEA member states). Previously the regulation only applied when accessing working papers from a firm outside the EEA.
Audit Monitoring Report 2023/24
- 11 Sep 2024
A key part of our role as an improvement regulator is to provide help and support to our firms, ensuring they have the tools and resources available to help them maintain the standards expected to strengthen trust in the profession. Access our latest Audit Monitoring Report, a valuable resource for firms regulated by ICAEW for audit services.
Webinar: 2023/24 Audit monitoring results
- 11 Sep 2024
Sign up for our free webinar to find out about the results of the audit monitoring visits undertaken by our Quality Assurance Department in 2023/24 and learn about some of the factors that contributed to these results. Attending could contribute to your CPD learning objectives. Date is 16 October.
Consumer hub to support ICAEW probate firms and their clients
- 10 Sep 2024
Visit our refreshed webpage for consumers of probate services, including: how Chartered Accountants can help, a glossary of legal terms, guides for beneficiaries and executors, and links to bereavement support and government sites. ICAEW will promote the hub to raise awareness of this service on behalf of firms, and firms are encouraged to use it as a resource.
Professional Standards Update September 2024
- 10 Sep 2024
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.
Leading the IRB: strengthening trust
- 09 Sep 2024
Paul Brooks was appointed as the new lay-chair of the ICAEW Regulatory Board (IRB) in August. In the first of our series introducing the new members of the IRB, Paul tells us about his background and his ongoing commitment to strengthening trust in the accountancy profession.
2024 Practice Assurance Monitoring Report – webinar recording
- 05 Sep 2024
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. Insights included learnings from detailed discussions held with larger firms around AML themes. Watch the recording if you missed it.
2024 Legal Services Regulatory update
- 04 Sep 2024
ICAEW's Quality Assurance Department took listeners 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.
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August 2024
Listen again to Professional Refresher: the ICAEW DPB (Designated Professional Body) Licence
- 30 Aug 2024
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.
Urgent clarification requested regarding secured creditors
- 30 Aug 2024
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
HMRC Insolvency Bulletin: postal addresses to use for insolvency-related correspondence
- 28 Aug 2024
Be sure to update the address used to send insolvency-related correspondence to HMRC to avoid unnecessary delays. Post should be sent to the Enforcement and Insolvency Service addresses shown on Insolvency (VAT Notice 700/56).
Feedback on proposed changes to Audit Regulations: CPD, alternates and sanctions for responsible individuals
- 22 Aug 2024
During 2023 ICAEW consulted on proposed changes to the Audit Regulations in relation to three policy areas: continuing professional development (CPD), compulsory alternates for sole practice auditors and the sanctioning of responsible individuals (RIs). The consultation ran for ten weeks from 1 September to 27 October 2023 and an overview of the results is shown below.
July 2024
AML - the essentials. Issue 32 July 2024
- 29 Jul 2024
We launch ICAEW's new guide and website area for those working in AML compliance. Use the guide to help you fulfil your role effectively. We also highlight the recently updated AASG Risk Outlook, explain the proposed new process for ID verification for Companies House, and flag changes to the high risk third countries list you should be aware of.
Your guide to the role of money laundering reporting officer
- 29 Jul 2024
ICAEW's new guide and dedicated web pages for new and existing money laundering reporting officers (MLROs) to enable you to fulfil your role effectively and break it down into manageable tasks.
Changes to Insolvency Guidance Papers
- 24 Jul 2024
Under the Joint Insolvency Committee’s (JIC’s) strategic work plan, Insolvency Guidance Papers (IGPs) are subject to periodic review to ensure they remain relevant to changing legislation and market conditions. In 2024 all of the IGPs are being reviewed and this notice is to advise you of the changes that have been approved by the JIC to date.
Deficiency accounts: back to basics
- 24 Jul 2024
Insolvency practitioners (IPs) are making some common mistakes during the preparation of statements of affairs and deficiency accounts. In a previous article, we offered some tips on how to prepare accurate and compliant statements of affairs. Here we focus on deficiency accounts.
June 2024
Ensuring accountants play by the book: the Conduct Committee in action
- 27 Jun 2024
Chairing ICAEW’s Conduct Committee for the past eight years has given Paul Brooks a unique insight into ICAEW’s disciplinary and enforcement activity. In the year he steps down as chair, he reflects on the critical role of the committee in ensuring accountants play by the book and reassuring the public that those who don’t are dealt with properly and fairly.
Webinar - Professional Refresher: the ICAEW DPB (Designated Professional Body) Licence
- 26 Jun 2024
Sign up to hear from Dean Neaves, Senior Manager, and Phil O'Halloran, Case Manager, from ICAEW's Professional Standards Department, who join other experts to provide a refresher on DPB regulation, ensuring firms remain compliant. It's also an opportunity for firms to learn more if they are looking to expand their service offering into this regulated area. The webinar is free and takes place 28 August, 12:00 - 13:00 BST, on Zoom.
HMRC Insolvency Bulletin: VAT Insolvency Only Mailbox
- 25 Jun 2024
Please read HMRC's reminder for insolvency practitioners (IPs) that the VAT Insolvency Only mailbox ([email protected]) is automated. You must only choose one of the provided options in the subject field. No other characters or amendments are viable. By ensuring the correct details are used, it enables HMRC to deal with correspondence as quickly as possible.
ICAEW’s Regulatory and Conduct Annual Report 2023–2024: Strengthening Trust is now available
- 20 Jun 2024
Our role as an improvement regulator is to act in the public interest and to strengthen consumer confidence and trust. We do this by enabling, evaluating and enforcing the high standards expected of ICAEW Chartered Accountants and those we regulate. Read about our operational performance over the past year.
May 2024
Professional Standards Update May 2024
- 31 May 2024
This month we highlight the government’s open consultation on the tax advice market, summarise the latest disciplinary cases and provide resources that are relevant to your role.
Insolvency News, Issue 15
- 30 May 2024
Read our latest update for information on some recent changes to our monitoring visit cycles and tips to ensure your visit goes smoothly. We also highlight upcoming events, provide guidance on how often you should reconcile estate accounts and remind you of recent common compliance issues to ensure you are not making similar mistakes.
Tips to improve quality assurance monitoring visits
- 21 May 2024
Since returning to offices post-COVID, some quality assurance monitoring visits for insolvency practitioners (IPs) are taking longer than planned. Please ensure you are helping to ensure the visit goes as quickly and efficiently as possible by ensuring key staff are available, files are accessible and that you respond promptly to our queries.
How often should I reconcile my estate accounts?
- 21 May 2024
ICAEW’s insolvency team recommends that the frequency of estate account reconciliations should be based on a risk-based approach. This may result in more or less frequency than our Clients’ Money Regulations stipulate. We explain what that means in practice and the importance of documenting the reasons for your decision of how often to reconcile.
April 2024
AML - the essentials. Issue 31, April 2024
- 30 Apr 2024
So far in 2024, there have been a number of regulatory and legislative changes, which we share in this edition. We also encourage you to respond to the open consultations and government surveys to ensure that future changes to the anti-money laundering regulatory framework are workable for the accountancy sector.
HMRC update on process for directors’ loan accounts (DLAs) written off in corporate insolvency procedures
- 25 Apr 2024
From 1 April, HMRC's mailbox relating to DLAs was decommissioned. Insolvency practitioners (IPs) used it to send copies of their final reports in corporate insolvency cases for HMRC to identify tax compliance risks from any directors with an unpaid loan account. Instead, IPs wishing to engage with HMRC regarding DLAs should write to Corporation Tax Services, HM Revenue and Customs, BX9 1AX. Please access the Insolvency Guidance bulletin for more information.
Regulatory and Conduct Appointments Committee is now recruiting for its Chair
- 23 Apr 2024
The role for Chair is currently open for the Regulatory and Conduct Appointments Committee (RACAC). RACAC is responsible for dealing with all matters relating to the appointment and performance evaluations of chairs and members of the ICAEW Regulatory Board and Professional Standards Committees. The role is remunerated and is an exciting opportunity to make a difference in the regulatory arena. Apply by 17 May.
Improving the effectiveness of the Money Laundering Regulations
- 23 Apr 2024
HM Treasury has published a consultation on improving the effectiveness of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 which place requirements onto a range of businesses to identify and prevent money laundering and terrorist financing. While the consultation is open, HM Treasury is holding a series of virtual, working-level events to discuss the consultation with interested stakeholders.
March 2024
Proposed amendments to FCA guidance for insolvency practitioners
- Article
- 19 Mar 2024
The FCA has published a consultation on proposed amendments to FG21/4 - Guidance for insolvency practitioners on how to approach regulated firms. The amendments reflect legal, regulatory and economic changes since the guidance was first published and also seek to improve clarity and provide further information on certain aspects. The deadline for responses is 30 April 2024
Professional Standards Update March 2024
- Link
- 13 Mar 2024
This month we announce new Professional Indemnity Insurance Regulations that will take effect on 1 September 2024, we also encourage our firms to make sure they are allowed to use the ‘chartered accountants’ description and highlight common mistakes we see in this area. You can also read the outcomes of the latest disciplinary cases and access updates and resources that are relevant to your role.
ICAEW Insolvency Monitoring Report 2023
- Link
- 12 Mar 2024
We completed more than 150 insolvency reviews in 2023. Access the infographic to find out the results and what actions were taken.
DPB Monitoring Report 2023
- Link
- 12 Mar 2024
We monitor all DPB (Investment Business) licensed firms to ensure they are operating within the scope and eligibility criteria of their licence and that they have appropriate quality control procedures in place. Access the infographic to find out what was reported in 2023.
February 2024
Podcast: ISQM, preparing and filing accounts, and public practice
- 15 Feb 2024
Listen to the ICAEW podcast to catch up on how firms can maintain momentum on the International Standard of Quality Management for audit, changes in preparation and filing as a result of the Economic Crime and Corporate Transparency Act plus find out about ICAEW’s new podcast, The Tax Track, and changes to the Engaging in Public Practice certificate.
Correction: tax returns and payments in administrations alert
- 12 Feb 2024
In January 2024, HMRC issued an insolvency guidance bulletin with information about tax returns and payments in administrations and what process to follow. There was an error in the published bulletin. Please access the corrected bulletin and ensure you have the most current information.
Professional Standards Update February 2024
- 12 Feb 2024
This month we cover some of the professional ethical implications you need to consider when using Generative AI tools such as Chat GPT, invite you to apply for a range of remunerated roles on our regulatory and disciplinary committees and signpost updates and resources relevant to your role.
Don't let AI tools land you in hot water
- 12 Feb 2024
In this article we cover some of the professional ethical implications you need to consider when using Generative AI tools such as Chat GPT.
January 2024
Interested in sharing your thoughts on EDI within the legal profession?
- 31 Jan 2024
On behalf of the Legal Services Board, The Social Change Agency is researching into equality, diversity and inclusion (EDI) and social mobility in the legal profession, including ICAEW probate accredited firms, and will be conducting short interviews to help develop an understanding of what the barriers are. Email Rachel Krengel on [email protected] by mid-February to give your input.
Update on probate delays: Government call for evidence
- 31 Jan 2024
The UK Government’s Justice Select Committee wanted to hear from professional and individual users about their experiences of applying for probate and using the Probate Registry. Find out our response after including feedback from affected users on their experiences.
Quality Assurance monitoring end-of-year feedback results
- 29 Jan 2024
Find out what our firms thought of the monitoring review process in 2023.
Client satisfaction: do you really know what your clients think?
- 25 Jan 2024
Client feedback helps you improve your services, pick up any problems early, and build stronger relationships. Good reviews and referrals from satisfied clients can also support you in growing your business. We talk to some ICAEW probate accredited firms about the different ways they obtain feedback, and how they use it.
December 2023
Update on probate delays: Government call for evidence
- 31 Jan 2024
The UK Government’s Justice Select Committee wanted to hear from professional and individual users about their experiences of applying for probate and using the Probate Registry. Find out our response after including feedback from affected users on their experiences.
Professional Standards Update December 2024
- 31 Dec 2023
This month we launch a new consultation on changes to the professional behaviour provisions in the ICAEW Code of Ethics. We also give a final opportunity to respond to our PII consultation and invite you to watch a recording of our drop-in session which summarises the key changes. We launch access for our firms to a free diversity survey tool. The tool will enable non-probate firms to carry out an anonymous staff survey if they wish to do so. And finally, read specific updates categorised by regulated area to quickly see the key news and resources relevant to your role.
Introduction of Digital Journey for Plastic Packaging Tax in the Event of Insolvency
- 18 Dec 2023
HMRC is streamlining the way it deals with insolvency in relation to Plastic Packaging Tax. It has introduced a digital G-Form which can be used to notify HMRC of an Insolvency Event, submit Plastic Packaging Tax Returns and de-register from Plastic Packaging Tax. Please use this process going forward.
Why choose an accountant for probate services?
- 06 Dec 2023
ICAEW has been regulating accountancy firms offering non-contentious probate services for almost a decade. Yet, many people still don’t realise they can turn to probate-accredited accountants to administer an estate and apply for the grant of probate.
November 2023
AML supervision report and MLRO thematic review: Q&A
- 30 Nov 2023
In a recent webinar, ICAEW’s anti-money laundering (AML) team shared the findings of two recent reports: the AML supervision report for 2022/23 and a thematic review examining the role of the Money Laundering Reporting Officer (MLRO). We pick out some of the common themes raised during the webinar Q&A and provide responses to key questions.
ICAEW response to LSB consultation on first-tier complaints
- 29 Nov 2023
We strongly support the objectives underpinning the proposed provisions to improve accessibility and trust and to focus on continuous improvement. Many of the proposals are already established good practice in our regulations. An area of concern for us is the very low numbers of complaints that we see in this area, means that there is a very high risk of negative data. Our consultation response includes suggestions on ways in which the risk of distortion of data might be reduced.
Watch a summary of the key areas of proposed PII changes
- 29 Nov 2023
ICAEW's PII and Regulatory Manager Sarah-Jane Owen talks through the PII Committee's proposals. The discussion is aimed at helping members and firms in responding to ICAEW's open consultation on changes to PII arrangements. The consultation can be accessed at icaew.com/piiconsultation.
One year on from ISQM 1
- 29 Nov 2023
Experience from audit monitoring reviews in 2023 shows that most audit firms have made great efforts in the implementation of ISQM1. All firms realise that their policies and procedures will develop over time, and it is now the cycle of monitoring, remediation and evaluation of the system of quality management, at least annually, that will be key to ongoing success.
October 2023
Quality Assurance monitoring feedback results
- 31 Oct 2023
Find out what our firms thought of the monitoring review process in Q3 2023.
ICAEW AML supervisory role and activity Q3 2023
- 26 Oct 2023
- PDF (98kb)
Find out what we did in Q3 2023 to prevent money laundering.
Professional Indemnity Insurance Consultation
- 19 Oct 2023
The ICAEW Regulatory Board is consulting on proposed changes to ICAEW's PII arrangements for transparency and to ensure that they are consistent with its duty to act in the public interest. We encourage you to comment on the proposed changes including our analysis of the potential challenges and impact. The consultation will run between 18 October and 14 December 2023.
Professional Standards Update October 2023
- 12 Oct 2023
In this issue we round-up the latest regulatory updates including resources and consultations on audit education and the UK Audit Regulations. We give some best practice examples, share the recording of our webinar: CPD for firms, and summarise the latest disciplinary cases. You can also apply for current remunerated committee roles.
Archive
Regulatory and Conduct news September 2023
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- 01 Sep 2023
Regulatory and Conduct news August 2023
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- 01 Aug 2023
Regulatory and Conduct news July 2023
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- 12 Jul 2023
Regulatory and Conduct news June 2023
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- 01 Jun 2023
Regulatory and Conduct news May 2023
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- 01 May 2023
Regulatory and Conduct news April 2023
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- 01 Apr 2023
Regulatory and Conduct news March 2023
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- 01 Mar 2023
Regulatory and Conduct news February 2023
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- 01 Feb 2023
Further support
Useful links
Please make use of the following resources to ensure you are up-to-date with the latest regulatory information and news: