ICAEW has published its regulatory and conduct annual report for 2021/22.
The institute’s regulatory and conduct work is separated from its other activities and is carried out by the Professional Standards department, overseen by the ICAEW Regulatory Board (IRB).
During 2021/22, the IRB conducted key activities including:
- a detailed response to the government consultation on Restoring Trust in Audit and Corporate Governance
- significant progress on a new disciplinary framework, set to launch at the end of the year
- Revised the quality assurance programme for regulatory and disciplinary committees
- Refreshed strategy for legal services regulation conducted by ICAEW
- Responded to the Insolvency Service’s consultation, The Future of Insolvency Regulation.
Philip Nicol-Gent, chair of the IRB, said: “In spite of continued challenges from the pandemic I pay tribute to the work of ICAEW’s Professional Standards Department over the past year.
“The IRB has been pleased to play a forward-looking strategic role, to ensure that, as an improvement regulator, ICAEW continues to strengthen trust in members and member firms, and to work in the public interest.”
He added: “To do so, in the past year we have focused on reforming ICAEW’s disciplinary framework, developed a refreshed strategy for legal services and responded to government consultations on audit and insolvency.
“As changes across the accountancy sector unfold, we will make sure the IRB plays a central role in shaping the landscape, and that the public interest is upheld.”