ICAEW backs the Accountancy Sector Fraud Charter

The Institute of Chartered Accountants in England and Wales (ICAEW) has backed the
development in conjunction with the Home Office, of a new Accountancy Sector Fraud Charter.

The charter which is supported by the accountancy profession, government and law enforcement agencies sets out a set of actions to close in on potential vulnerabilities that fraudsters may exploit.

As part of the charter, the accountancy sector will work with BEIS and Companies House to tackle the “fraudulent misuses” whereby fraudsters try to gain legitimacy by falsely using an accountancy firm’s address as their registered office address, or by falsely claiming to have had their accounts prepared or audited by an accountancy firm.

The final action of the charter, will aim to increase fraud awareness among businesses and the public by developing an “overarching message” for a fraud awareness campaign, which will be led by the National Economic Crime Centre and supported by the accountancy profession.

Sophie Wales, director of trust and ethics ICAEW, said: “As the techniques used by fraudsters continue to evolve, it is important for ICAEW to work with the government to improve understanding of the fraud threat across the sector and help strengthen trust in the profession.

“We are proud to be a signatory to this charter and look forward to working with our partners to fulfil these important actions.”