Key reminders and updates
Rising concerns with student misconduct in exams and assessments
ICAEW is seeing a rise in reports of students engaging in activities with the intention of giving themselves an unfair advantage in an assessment or exam, and other poor behaviour by students taking exams and assessments. We look at the standards expected of ICAEW students and discuss the consequences of failing to comply with requirements.
Listen again to Professional Refresher: the ICAEW DPB (Designated Professional Body) Licence
Listen to the webinar recording to learn about details of the ICAEW DPB (Designated Professional Body) Licence, along with practical examples to illustrate how it can be used to work collaboratively with FCA regulated financial advisers.
2024 Practice Assurance Monitoring Report – webinar recording
ICAEW experts in the areas of Practice Assurance and anti-money laundering covered the top findings from nearly 1,300 monitoring reviews highlighted in our 2024 Practice Assurance Monitoring Report, including insights learned after detailed discussions held with larger firms around AML themes. Watch the recording if you missed the live event.
Audit
Audit Monitoring Report 2023/24
A key part of our role as an improvement regulator is to provide help and support to our firms, ensuring they have the tools and resources available to help them maintain the standards expected to strengthen trust in the profession. Access our latest Audit Monitoring Report, a valuable resource for firms regulated by ICAEW for audit services.
Changes to UK audit rules from 1 October 2024
Everything you need to know about the forthcoming updates to the UK Audit Regulations related to eligibility and ICAEW’s consultation on audit notification, as well as a roadmap of further changes coming in 2025.
Audit eligibility changes: check your firm will meet new requirements
An important revision is needed to the Audit Regulations to bring them in line with the Companies Act 2006. The updated regulations will come into effect on 1 October 2024 and firms will have until 1 April 2025 to comply. It is possible the changes may impact on firms’ eligibility to be audit registered. We explain the changes, why they are being made and advise what firms should do now.
Feedback on proposed changes to Audit Regulations: CPD, alternates and sanctions for responsible individuals
During 2023 ICAEW consulted on proposed changes to the Audit Regulations in relation to three policy areas: continuing professional development (CPD), compulsory alternates for sole practice auditors and the sanctioning of responsible individuals (RIs). The consultation ran for ten weeks from 1 September to 27 October 2023 and an overview of the results is shown below.
Anti-Money Laundering (AML)
2024 AML results and thematic review: the firm-wide risk assessment
Register for our next webinar which will take place on 13 November.
ICAEW’s anti-money laundering (AML) supervisory team will discuss their latest monitoring review results, an update on our supervisory activity and this year’s thematic review on the firm-wide risk assessment.
AMLbites – updated videos
Two videos have recently been updated, watch and share the updated versions with your colleagues to remain up to date on politically exposed persons and financial sanctions.
Insolvency
Urgent clarification requested regarding secured creditors
- Promotional material
- 30 Aug 2024
- PDF (332kb)
ICAEW, along with two of the UK's other recognised professional bodies (IPA and ICAS); recently co-signed R3's letter to INSS (the Insolvency Service) to ask for urgent clarification to assist insolvency practitioners in carrying out their functions as an administrator of a company.
HMRC Insolvency Bulletin: postal addresses to use for insolvency-related correspondence
- Helpsheets and support
- 28 Aug 2024
- PDF (73kb)
Be sure to update the address used to send insolvency-related correspondence to HMRC to avoid unnecessary delays. Post should be sent to the Enforcement and Insolvency Service addresses shown on Insolvency (VAT Notice 700/56).
Probate
2024 Legal Services Regulatory update
ICAEW's Quality Assurance Department took listeners through the recent common issues we are seeing on quality assurance monitoring reviews. We also heard from the Chair of the ICAEW Legal Services Committee, Miranda Winram, on the role of the committee and the committee's perspective on some of these common issues. The webinar concluded with a look at the current regulatory landscape, presented by the Regulatory Policy team.
Consumer hub to support ICAEW probate firms and their clients
Visit our refreshed webpage for consumers of probate services, including: how Chartered Accountants can help, a glossary of legal terms, guides for beneficiaries and executors, and links to bereavement support and government sites. ICAEW will promote the hub to raise awareness of this service on behalf of firms, and firms are encouraged to use it as a resource.
Do you know the requirements around non-authorised owners?
A recent rise in eligibility issues is linked to firms being non-compliant with the requirements in this area. View our common pitfalls page to check if your firm needs to make changes.
Join ICAEW’s Legal Services Reference Group
The Regulatory Policy team for the ICAEW Professional Standards Department is creating a reference group for legal services. We welcome expressions of interest from ICAEW accredited legal service practitioners.
Rise in eligibility issues: non-authorised owners
The Legal Services Committee is seeing a rise in non-compliance with the requirement that individuals and firms with at least 10% ownership must be approved by ICAEW as a non-authorised owner. If there is a sale or acquisition going on, we strongly encourage our probate accredited firms to allow lots of time to meet these requirements before the sale takes place. Contact our Regulatory Support team if you would like to discuss a merger or acquisition and the impact this may have on your firm’s probate eligibility.