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Professional Standards update August 2023

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Key reminders and general updates

2023 Practice Assurance Monitoring Report
Read the latest report to learn about common findings from our monitoring reviews and access resources to support compliance.
Practice Assurance Report top findings
Non-compliance with the Clients' Money Regulations remains one of the top areas of concern highlighted in this year’s report. Check the requirements and access our helpsheet.
Disciplinary update: August 2023
Take note of the latest disciplinary cases to ensure you or your firm are not making similar mistakes.
Disciplinary update: July 2023
Take note of the latest disciplinary cases to ensure you or your firm are not making similar mistakes.
Sanctions: reminder to UK persons located overseas
UK persons are prohibited from providing sanctioned services, directly or indirectly, to a person connected with Russia. This includes UK persons who are based overseas.
Make yourself heard: your feedback matters
Each time a firm receives a monitoring review from ICAEW’s Quality Assurance Department, it also gets sent a feedback survey. We explain why your responses are so important, and how they really do make a difference.
Quality Assurance monitoring feedback results
Find out what our firms thought of the monitoring review process in Q2 2023.

CPD

Answers for firms on key CPD questions
ICAEW shares answers to the most commonly asked questions from firms about ICAEW's CPD Regulations and the responsibilities placed on firms.
Continuing Professional Development (CPD)
Advice on the CPD process for ICAEW members, including keeping a CPD record.
Webinar: CPD is changing is your firm ready?
We’ll take you through the essential key steps to prepare your firm for the upcoming changes. The webinar is aimed at people in compliance roles at ICAEW regulated or supervised firms
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Anti-money laundering (AML)

Customer due diligence: telling the story
Customer due diligence (CDD) is a key part of your anti-money laundering (AML) duties. ICAEW’s AML supervisory team and AML professionals from leading firms explain the fundamentals of CDD and provide some practical tips.
Firm-wide risk assessments Q&A
The Q&A session in ICAEW’s recent anti-money laundering (AML) webinar on firm-wide risk assessments (FWRAs) highlighted a range of issues. We pick out some common themes, and ICAEW’s AML team provides responses to key questions.
AMLbites: Risks and red flags - Accounting records
Produced by the anti-money laundering supervision team, this bite size video focuses on common crime indicators and how accountants can spot the red flags.
Our role as an AML supervisor
ICAEW is the largest accountancy professional body supervisor in the UK, supervising around 11,000 accountancy firms. Our strategy is to provide robust anti-money laundering supervision through a risk-based regime. We focus our efforts on firms where the risk that they will be used to enable money laundering is highest. At the same time we offer help and support to our firms where appropriate.
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Insolvency

Virtual Restructuring & Insolvency Community Roadshows 2023
Join any or all of these one-hour webinars covering legal and compliance updates and what's current in relation to Redundancy Payments Service claims. First one is 12th September.
Webinar: Why inflation is a problem for IPs
Are your insolvent estate assets appropriately safeguarded? In the recording, hear Alan Stockdale, of Marsh, discuss the consequences of asset and insurance-related issues facing IPs. One listener wrote, “The amount of under-insured properties was eye-opening.” Another said it was useful to understand that under-insurance results in a reduction in insurance payouts, proportionate to the sum insured and valued. Learn other practical tips to avoid the pitfalls. Given the startling statistics, are you satisfied that your portfolio is sufficiently protected?
Filing of Company Tax Returns
  • PDF (164kb)
HMRC introduced the latest version of the Company Tax Return (CT600) form in 2015 with Version 3. However, they are still receiving earlier versions of the return which are no longer valid. Please be sure you are using the most current form and submitting online to help expedite processing times. Please read the bulletin for further details.
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Probate

Statutory Legacy Sum increased
Due to recent high inflation, the Government has updated the Statutory Legacy (fixed net sum) to £322,000. This change took effect via a Statutory Instrument on 26 July 2023. Find out more including the reason for the change.
Live webinar: Legal Services Regulatory Update
On 12 September, join this free, live webinar: Legal Services Regulatory Update, when you’ll hear from a range of speakers who will inform you about the latest common issues we are seeing on quality assurance monitoring reviews, a number of regulatory changes that have taken place and a summary of the 2023 Probate Diversity Survey results.
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Keep updated

Please continue to visit the sections under icaew.com/regulation to stay current with all the latest regulatory-related guidance.

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