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The IRB from a new member’s perspective: diversity, debate and open minds

Author: Professional Standards Department

Published: 13 Mar 2025

ICAEW has recently announced the appointment of Sandra Mundy to its regulatory board. We talk to her about her background in insolvency, her interest in the regulatory challenges presented by artificial intelligence (AI), and her commitment to building public trust. She also offers some sound advice to people starting out in their careers.

Sandra joined the ICAEW Regulatory Board (IRB) in March as a non-lay member. She is currently a chartered accountant and licensed insolvency practitioner (IP). As a partner at James Cowper Kreston since 2009, she leads the firm's turnaround, restructuring and insolvency team and is a member of its strategy committee.

The IRB is responsible for overseeing ICAEW’s regulatory and disciplinary activities. Its core objectives are to ensure that this work, carried out by the Professional Standards Department (PSD) and the regulatory and conduct committees, upholds the public interest and promotes high standards of professional competency and conduct. The board also provides assurance to government, oversight regulators and the public that these tasks are carried out independently and objectively.

“It’s really important to me that the public can have confidence in the accountancy profession,” says Sandra. “As accountants, we should hold ourselves to high standards, and the public should expect that of us.

“Those standards should be lived and breathed by every member of the profession,” she explains, “which is what really attracted me to serving on the IRB. If I can play some part in making sure the public trusts our profession, then that will be very worthwhile and rewarding.”

Influencing outcomes

Sandra’s interest in accountancy and finance started at school. She went on to read financial services at university, where she took a placement in Grant Thornton’s insolvency team as part of her course. “It was a busy time for insolvency at that point in the economic cycle,” she explains. “And I really thrived in that environment, where I was given a lot of responsibility and felt able to influence outcomes for different stakeholders.”

After completing her degree and starting to study for her accountancy qualifications, she worked briefly in the audit department at Grant Thornton. But she soon returned to work in the insolvency team, where she became an IP.

When she left Grant Thornton, she joined a boutique practice in Southampton, becoming a director and shareholder. “We later sold our practice to James Cowper Kreston,” she explains, “where I’m now still a partner and still taking insolvency appointments.”

Her insolvency work has elicited a special interest in technology-based businesses. She focuses particularly on preserving intellectual property, and the issues these companies face in securing additional rounds of funding.

A dual perspective

Sandra’s background makes her ideally placed to bring a dual perspective to the IRB. “As a member in practice, I understand what regulation means from that perspective,” she says. “Having been an IP for a number of years, I’ve seen the pace of ever-changing regulation, so I appreciate how it can be difficult to keep yourself abreast of all of the issues in such a dynamic environment.”

She is also familiar with the regulatory and disciplinary work of ICAEW, having already worked as a member on ICAEW’s Insolvency Licensing Committee and more recently as a member of the Appeal Committee and Review Committee from 2018 to 2024.

This means she is not only dealing with regulation in her everyday work, but is also able to take a wider view of the regulatory framework within which she operates, and see things from a regulator’s perspective.

As she takes up the IRB role, she is looking forward to working with her fellow IRB board members, as well as with the ICAEW Board, PSD and the oversight bodies. “I like to think I’m bringing an open mind to the board,” she says. “I always listen to the arguments, both for and against, before I decide on something. And I enjoy a good debate to fully explore a topic. It's always good to hear other people's perspectives on things.

“That aspect of being a member of the IRB is very important,” she stresses. “It’s about having an open mind, listening to different points of view and forming your own view as a result of hearing other people's lived experiences. And I think the diversity we've got on the board is quite key to that because we have lay members and then the accountant members in different practice areas. There’s a variety of backgrounds and experiences, which makes us a richer board.”

Hot topics

Looking ahead to the potential challenges facing the board and the profession, Sandra particularly highlights the opportunities and threats posed by the exponential growth of generative AI. “One of the hot topics we face is the march of AI,” she says, “whether that’s for good or bad, or both. It’s certainly something that, from a regulatory perspective, we need to understand. We also need to develop our position on the use of AI within firms and the implications of that for our firms and the wider profession.

“I think there is a risk that AI will evolve faster than regulation can keep up with, and that’s going to be a huge challenge,” she continues. “It has the potential to be transformative in certain areas, and our lives, as accountants, could be a lot better as a result of it. Equally it could potentially be a threat in some areas. And, because it’s so fast-paced, regulators are going to be constantly trying to anticipate the twists and turns along the way.”

Alongside dealing with technology challenges, she is also looking forward to bringing her on-the-ground experience as an IP to ongoing discussions on government proposals for reform of the regulatory framework for insolvency. And she wants to work with the IRB to continue to foster constructive working relationships with oversight regulators, including the Insolvency Service.

Just say yes

Taking up a new role on the IRB has given Sandra the opportunity to reflect on her own career to date. “When I look back, I’d never have thought I'd have got to this point, both within my firm as an equity partner, and serving on the IRB,” she says. “So, I’d like to say to those who are starting their careers: ‘Don’t ever feel there should be a limit on what you can achieve’.

“I never set a defined path,” she explains. “I say to those at the start of their careers, you may want to set defined goals for your career, but remain open and flexible to opportunities that come your way and don’t be afraid to say yes when an opportunity presents itself and see where that takes you. It’s having that courage to believe in yourself and embrace what's in front of you, which is what I’m doing now as I take this next step with the IRB.”

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