If you’re stepping into the role of money laundering reporting officer or want to brush up on your anti-money laundering (AML) knowledge, this free Continuous Professional Development (CPD) verifiable content will help.

Highlights from the broader tax news for the week ending 18 September 2024, including: HMRC pillar two guidance; an update to the system for providing information in support of a claim for R&D tax relief; and new VAT legislation relating to caravans.

Recent regulatory action highlights the importance of remaining alive to the risks of fraud. Auditors must be aware of how legal requirements and auditing standards guide obligations when reporting suspicions of fraudulent activities.

Raising awareness of Global Ethics Day, ICAEW is holding an event on 23 October in the Great Hall at Chartered Accountants’ Hall to highlight the importance of ethical culture and governance.

All audit firms should have completed a first evaluation of their system of quality management (SOQM) by 15 December 2023. Further evaluations must be performed at least annually. This is an area of focus by the FRC, and our quality assurance reviewers expect to see the conclusion documented, along with details of the results of the firm’s monitoring that it has assessed to reach its conclusion. We summarise what our Quality Assurance Department is looking for in this area, which issues would cause concern and how engaging with our reviewers can help you avoid recurrences.

Paul Brooks has been appointed as the new chair of the ICAEW Regulatory Board (IRB) with Catherine Boyd and Kaysen Pyndiah also appointed as new members. The IRB is responsible for oversight of ICAEW’s regulatory and disciplinary work to ensure that it is acting in the public interest and strengthening trust in the profession.

ICAEW is engaging with UK Finance to help build awareness among UK financial institutions of ICAEW Chartered Accountants providing probate services. Find out what actions are being taken and what resources are being put in place.

ICAEW’s Conduct Department regularly investigates cases where members and firms are failing to meet basic requirements, such as holding a Practising Certificate, compliant professional indemnity insurance and an anti-money laundering supervisor. Claire Arrowsmith, Senior Manager, Conduct, for the Professional Standards Department, highlights how these mistakes are often linked and offers some advice on how to avoid them.

Businesses are increasingly raising concerns of modern slavery and recognising risks in their supply chains. Which red flags must accountants be particularly alert to?