Key reminders and updates
Disciplinary update: July 2024
Take note of the latest disciplinary cases to ensure you or your firm are not making similar mistakes.
Consultation feedback on proposed changes to the 'Professional Behaviour' provisions in the ICAEW Code of Ethics
ICAEW recently consulted on proposed changes to the fundamental principle of professional behaviour. Learn what feedback we received that showed that many of the respondents were in favour of the intent of the revisions to the Code, but that some of the precise wording needed refinement.
Upcoming changes to PII Regulations: FAQs
After reviewing the existing PII Regulations and consulting on a range of proposals, ICAEW is making some changes to its requirements. We have set out responses to some FAQs below to help you understand the changes and assess whether you will need to make changes to your firm’s professional indemnity insurance.
Webinar - Professional Refresher: the DPB (Investment Business) Licence
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 investment business 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.
Ensuring accountants play by the book: the Conduct Committee in action
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.
Anti-Money Laundering (AML)
Customer due diligence in practice
Our panel of money laundering reporting officers provided practical insight into how they face the challenges of effective and compliant customer due diligence.
Companies House: proposed ID verification explained
Proposed amendments to the Companies Act 2006 introduce stringent identity verification for those setting up, running or controlling companies, in a bid to stamp out money laundering via fake identities.
Audit
Audit Regulations consultation: notification of movement of audits
ICAEW proposes to make changes to the UK Audit Regulations and Guidance which will require audit registered firms to notify ICAEW when they are appointed as auditors to certain entities. Notification would also be required where audit fees are significantly higher than fees in the firm’s existing portfolio. The aim is to increase the transparency of the movement of these audits between audit firms.
Insolvency
Preparing a statement of affairs: back to basics
Statements of affairs and deficiency accounts are relatively simple documents, but ICAEW’s Quality Assurance Department is finding that insolvency practitioners (IPs) aren’t making sufficient enquiries to enable them to prepare a correct statement of affairs. In the first of a two-part series, we focus on statements of affairs and offer some tips on ensuring they are accurate and compliant.
HMRC Insolvency Bulletin: VAT Insolvency Only Mailbox
- PDF (128kb)
Please read HMRC's reminder for insolvency practitioners (IPs) that the VAT Insolvency Only mailbox (vatinsolvencyonly@hmrc.gov.uk) 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.
Probate
Webinar: Legal services regulatory update
Register to hear about the most common findings from recent monitoring reviews and for an update on the regulatory landscape. Attending this webinar could contribute up to 1 hour of verifiable CPD, providing you can demonstrate that the content is relevant to your role.
2025 probate fees consultation
Recognising inflationary pressures and to continue to deliver our ongoing programme of activity to fulfil these objectives and those of the Legal Services Act, we propose no change to 2025 probate registration fees for firms with 5 or fewer principals, and a 3% increase for all other firms.
Keeping clients informed about costs
The Legal Ombudsman (LeO) updated its guidance earlier this year to help firms understand its view on good costs service.
