Key reminders and updates
Consultation: proposed changes to 'professional behaviour' provisions in ICAEW Code of Ethics
Be sure to give your view on proposed changes to the fundamental principle of professional behaviour in sub-section 115 of the ICAEW Code of Ethics. The consultation will run for ten weeks from 1 December 2023 to 9 February 2024.
Watch a summary of the key areas of proposed PII changes
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.
Free survey tool: optional staff diversity survey
Following the completion of the 2023 Probate Diversity Survey, we are now offering non-probate firms the option to use the same free survey tool. Firms can use the tool to carry out a diversity survey of staff at their firm if they wish to. The survey is not a regulatory requirement for non-probate firms.
Updated CPD recording tool
The tool is live for ICAEW members to help them more easily record their CPD. It is available via the dashboard which is visible after logging in to our website. Firms can also ask staff who are members to download this record to help with overall CPD monitoring.
Practising certificates
Before you engage in public practice, you need to hold an ICAEW practising certificate (PC) and comply with our Professional Indemnity Insurance and Practice Assurance Regulations. From 1 January 2024 the practising certificate guidelines are changing. Find out who is affected and what is changing.
Look out for 2024 fee notices
All 2024 fee notices have now been sent. Please check your inbox and ensure payment is remitted by 1 January 2024.
Audit
2022/23 Audit Monitoring Report: leveraging insights to improve performance
ICAEW’s Audit Monitoring Report for 2022/23 has recently been published. Duncan Wiggetts, Chief Officer for Professional Standards, and Trevor Smith, QAD Director, outline the report’s key findings and explain how you can use these to drive improvement.
One year on from ISQM 1
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.
Anti-Money Laundering (AML)
New SARs Reporter Booklet from the National Crime Agency
Read NCA's new booklet for the anti-money laundering (AML) community. It is a UK Financial Intelligence Unit (UKFIU) product for reporters of Suspicious Activity Reports (SARs), produced in line with NCA's commitment to share perspectives on the SARs regime.
AML supervision report and MLRO thematic review: Q&A
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.
AML: the 10 most common compliance issues
Find out the most common issues our quality assurance team sees on monitoring visits and access recommended resources to support improved compliance in these areas.
Reporting scams pretending to be from Companies House
Look out for recent scams like fake late- filing penalty payment requests and calls requesting company directors’ details. Find out how to report an incident.
Gold-based Financial and Trade Sanctions Circumvention
Latest risk alert to complement existing knowledge and to support ongoing improvements to your business processes and procedures.
Update to Schedule 3ZA of the Money Laundering Regulations
The list of high-risk third countries was updated on 4 December 2023 in line with FATF statements in October 2023.
Probate
Update on probate delays: Government call for evidence
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.
Update to the Legal Ombudsman’s postal address
The Legal Ombudsman has integrated a new postal contact which affects the PO Box address it uses. This is of particular relevance to probate accredited firms. Please make note to ensure your communications are current.
ICAEW response to LSB consultation on first-tier complaints
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.