ICAEW Regulatory Council outlines key areas of focus for 2021
The ICAEW Regulatory Council (IRB) has released its annual report, outlining its main areas of focus for 2021, including modernizing its disciplinary framework.
The primary objective of the ICAEW Regulatory Board (IRB) is to ensure that the regulatory and disciplinary work of ICAEW, undertaken by the Professional Standards Department (PSD), is carried out in the public interest, and to provide assurance to government, oversight regulators and members of the public that each task is performed independently and objectively.
The report exposes the ways in which the PSD and IRB have “adapted and responded” to the many challenges caused by the COVID-19 pandemic and multiple lockdowns.
He said the PSD was able to move all of its functions online smoothly, resulting in minimal disruption to regulatory and disciplinary work. The department has struck a balance between being ‘sympathetic’ to the difficulties faced by ICAEW members and cabinets due to lockdowns and the expectations of ICAEW members and cabinets to maintain the same high professional standards, explains The report.
In 2020, the IRB’s main areas of intervention included overseeing the implementation of its anti-money laundering strategy; improving consistency in reporting misconduct on the part of businesses by issuing new guidance that clearly defines what is considered to be in the public interest; and improve communication and awareness of its work and that of the PSD.
THE STORY CONTINUES AFTER THE ADVERTISEMENT
This year, he said the IRB will continue its work to modernize the disciplinary framework of the ICAEW. It will also continue to conduct quality assurance reviews of regulatory and disciplinary committees; consider whether to revise the current definition of accounting services, in order to clarify the circumstances under which ICAEW members must hold a certificate of practice; and review the important consultations that will shape the future of audit and insolvency.
Michael Caplan QC, IRB President, said: “The primary objective of the IRB in all decisions is to ensure that the regulatory and disciplinary work of the ICAEW is carried out in the public interest, and that is a tribute to ICAEW’s Professional Standards Department which despite multiple lockdowns the department’s work has gone smoothly online.
“Our annual report highlights the hard work and efforts made to ensure minimal disruption to the regulatory and disciplinary work of ICAEW despite many unprecedented and unforeseen challenges. The Council looks forward to continuing its activities during this year. “