ICAEW To Change CPD Requirements

 

The Institute of Chartered Accountants in England and Wales (ICAEW) is changing its Continuing Professional Development (CPD) requirements from November 2023. The new rules will introduce a minimum number of hours that members must complete each year, as well as a mandatory ethics requirement.

The following are the key changes to the ICAEW CPD requirements:

• Minimum number of hours: From November 2023, all members will be required to complete a minimum of 20 hours of CPD per year.
• Verifiable hours: A minimum of 10 of the 20 hours must be verifiable, meaning that members must be able to provide evidence of the CPD activity they have undertaken.
• Ethics requirement: Members will be required to complete a minimum of one hour of ethics training each year.

The new CPD requirements are designed to ensure that ICAEW members remain up-to-date with the latest developments in their profession and that they are able to demonstrate high standards of ethical conduct.

The following are some of the benefits of the new CPD requirements:

• Members will be better equipped to deal with the challenges of the modern workplace.
• Members will be able to demonstrate their commitment to continuous learning and professional development.
• Members will be able to uphold high standards of ethical conduct.

ICAEW members can find more information about the new CPD requirements on the ICAEW website.

Here are some additional details about the new CPD requirements:

• CPD categories: Members will be placed in one of four CPD categories, based on the type of work they do. The categories are:
  • Category 1: Accounting and finance professionals
  • Category 2: Business professionals
  • Category 3: Other professionals
  • Category 4: Retired members
• Ethics training: The ethics training that members are required to complete must be aligned to the ICAEW Code of Ethics. The training can be delivered in a variety of formats, including online courses, webinars, and workshops.
• CPD record keeping: Members are required to keep a record of their CPD activities. The record should include the following information:
  • The title of the CPD activity
  • The date of the CPD activity
  • The provider of the CPD activity
  • The number of hours of CPD
• CPD audit: ICAEW may audit members' CPD records. Members who fail to comply with the CPD requirements may be subject to disciplinary action.

 

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EY Squanders Hundreds of Millions on Everest The Molehill

 

EY has scrapped plans to break up its audit and consulting businesses after months of internal disagreement and opposition from executives in the US. 

The plan, codenamed Project Everest, would have represented the biggest shake-up to the accounting industry in more than two decades. 

EY’s 18-person global leadership team, which approved the plan last September, sent partners a note on Tuesday saying the firm would now pursue a different deal.

Project Everest was championed by global chief executive Carmine Di Sibio as a way to free both sides of the business from conflict-of-interest rules that prevent consultants from selling many of their services to a firm’s audit clients. The independent consulting and tax advisory businesses would have been floated on the stock market. 

Under the break-up plan, consultants would have received shares in the new business worth up to nine times their annual pay, while audit partners would have been handed cash windfalls of up to four times their annual earnings. 

However, leaders of the US firm were unconvinced that cutting EY’s tax business down the middle was wise, and that the remaining audit-focused firm would be financially strong enough to maintain audit quality. 

EY has spent hundreds of millions of dollars on Project Everest, with more than 2,000 of its staff engaged in the planning. Doubtless EY's clients will end up footing the bill, one way or another!

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Izza To Retire

 

After 17 years as CEO of the ICAEW, Michael Izza has announced that he will retire at the end of 2023.

As per his email:

"Dear Members,

I wanted to let you know that after 21 years at ICAEW, I have decided to retire as its Chief Executive by the end of 2023. 

 

I trained as a Chartered Accountant almost 40 years ago, and it has been an honour to be Chief Executive of ICAEW, representing our profession across the world.

 

I would like to thank you - as valued members - and all our many volunteers for your support to me and commitment to ICAEW. I am immensely proud of what we have achieved together, and I have no doubt that the Institute will continue to flourish after I leave. 

 

As Chief Executive I have taken every opportunity to champion sustainability and I believe that chartered accountants have a vital role in helping society and the economy achieve net zero. Our 2030 strategy positions ICAEW well for the future and I am confident that the best is yet to come.

 

Regards,   

Michael Izza FCA

ICAEW Chief Executive"

I would like to take this opportunity to wish him well for his retirement.

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How To Qualify as a Chartered Accountant

To qualify as a Chartered Accountant with the Institute of Chartered Accountants in England and Wales (ICAEW), you will need to complete the following steps:

1. Academic Qualifications: You will need to have a degree or equivalent qualification recognized by ICAEW. If you don't have an appropriate degree, you may still be eligible to enter the ACA (Associate Chartered Accountant) qualification via the ICAEW Certificate in Finance, Accounting, and Business (CFAB).

2. Professional Development: The ACA is a rigorous training program that combines work experience with study. To complete it, you will need to find a training agreement with an ICAEW-authorized employer. During your training agreement, you will be required to complete a minimum of 450 days of practical work experience in accounting and finance, along with completing 15 ICAEW professional development courses.

3. ACA Exams: You will need to pass 15 exams in total, which are divided into three levels: Certificate, Professional, and Advanced. These exams are designed to test your knowledge and skills in accounting, finance, business, and ethics.

4. Ethics and Professionalism: As a Chartered Accountant, you will need to adhere to high ethical and professional standards. Therefore, you will need to complete an ethics and professional scepticism module as part of your ACA training.

5. Membership: Once you have completed your training and exams, you will be eligible for ICAEW membership and will be able to use the ACA designation.

Overall, qualifying as a Chartered Accountant with the ICAEW is a challenging but rewarding process that requires dedication and hard work. It is important to research and plan ahead before starting your journey to ensure you meet all the necessary requirements.

 

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ICAEW Calls For Emergency Taskforce To Tackle HMRC Backlog

 

Ministers must set up a taskforce to deal with the unacceptable delays at HMRC, which are holding back the UK’s economic growth, says ICAEW.

ICAEW is calling for the immediate creation of a cross-sector taskforce to address long-standing delays at HMRC, which it says have become a drag on the UK’s economic growth.

The emergency taskforce would be charged with identifying areas for support to end delays, as well as recommending improvements to HMRC’s service standards to enable business growth, ICAEW says.

Taxpayers and accountants are having to wait up to a year for HMRC to respond to queries over the phone or by post, ICAEW says, while callers report that they have waited for more than an hour before being cut off. Customer service staffing levels at HMRC have reduced from 25,500 to 19,500 people, causing long delays for both agents and taxpayers.

These delays were the biggest area of complaint made by ICAEW members in 2022, whether relating to financial or other resource constraints. 

VAT registration for a new or growing business or re-registration where an existing business incorporates should be expected to happen quickly, the Institute says. Such businesses are growing and their administrative workload will double while they wait for HMRC to act.

ICAEW is increasingly of the view that HMRC is now trapped by its backlog and delays are now an anchor on the UK’s economic growth. The government needs to urgently tackle this issue if it is serious about building the ‘pillar of enterprise’, it says.

“The delays at HMRC are unacceptable, need to be addressed promptly and are acting as a drag on the UK’s economic growth,” ICAEW Chief Executive Michael Izza says. 

“We’re calling on ministers to set up an emergency taskforce to identify steps to eliminate HMRC’s backlog and improve its service standards, so that in the future it supports, not inhibits, business growth and maximises the tax receipts needed to fund public services.”

The taskforce should include representatives from professional bodies and from business, who would be empowered to make recommendations to HMRC to improve its services and clear its backlog, ICAEW says.

“HMRC performs a vital function supporting businesses and growth, for example ensuring new businesses can register promptly for VAT, and its work is essential in collecting tax receipts to fund public services,” Izza continues. 

“Despite this vital role and the commitment from hardworking civil servants, HMRC is often overlooked and overstretched, leading to problems, and we would be pleased to work with it to tackle these issues.”

It is unclear whether these waiting times relate to financial or other resource constraints, but the time it takes for HMRC to respond is perceived by many chartered accountants to be the single biggest obstacle to growth and tops the list of complaints by members, ICAEW says. It is a problem regardless of the means of communication being used, where intervention or action cannot be undertaken automatically.

Spoiler alert: THIS WON'T HAPPEN!

 

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#ICAEWROAR Top Online UK Influencers Accountancy 2022

 

I have been ranked 8th out of 60 in the ICAEW Top Online UK Influencers Accountancy 2022 list.

In the fifth #ICAEWROAR event, the ICAEW focussed specifically on UK individuals using Twitter within the realms of accountancy.

As per the ICAEW:

“Methodology

We focused on UK-based individuals tweeting and discussing accountancy related topics such as accountancy, tax, budget, assurance, insolvency, audit and finance.

Our values of integrity, objectivity and respect for others were applied to the tone of voice of the tweets and retweets, determining the data we’ve included in our metrics.

Working with Falcon we used their social media listening tool to pull data relevant to our specific keywords, looking at a metrics comprising of:

• Audience re-tweets;
• Author tweets;
• Positive and neutral sentiment
• Visibility and audience relevance.

Algorithm

The #ICAEWROAR algorithm values quality over quantity. Placing more emphasis on topical engagement of the authors’ tweets than the amount they’ve tweeted, the algorithm considers everything from visibility, relevance and tone of voice, to reaction and audience engagement.”

My thanks to the ICAEW, and congratulations to those others on the list.

 

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ICAEW Drops Charges For Expert Content

 

 

Expert content will be provided at no additional cost in 2023, and ICAEW members are encouraged to make the most of their membership.

As part of a wider initiative to support members with their lifelong learning, from January 2023 ICAEW’s membership will include access to the content of the Audit and Assurance Faculty, Financial Reporting Faculty and Tax Faculty, and all ICAEW Communities. ICAEW members will no longer need to pay an additional fee to access these groups and their content. 

ICAEW is determined to ensure that members receive as much value as possible from their membership, as well as having the opportunity to stay up to date with the latest developments and requirements for the profession, says Iain Wright, ICAEW’s Managing Director, Reputation & Influence. “Professionals need information in real time, when their business or clients demand it. The removal of paywalls for areas such as Audit, Tax and Financial Reporting, as well as Communities, will give all members access to the valuable and rich content produced by these groups.”

Once logged into the ICAEW website, members will be able to access the content without paying extra. “We want to make it as easy as possible for members to find what they need, when they need it. However, we strongly recommend members take a moment to join the faculties and communities that are most relevant to them, their interests and their careers to get the full benefit of tailored communications and networking opportunities at no extra cost and discounted rates for certain events.

“Faculties and communities have been and will continue to be the lifeblood of our thought leadership and technical expertise, providing insights for members, governments and regulators that raise the reputation of our profession and improve the business environment for the economy,” says Wright.

The current subscription model will continue to operate for the Corporate Finance and Financial Services Faculties. Non-ICAEW members will also be charged in the normal way.

About time too!

However, it should be noted that Corporate Finance is excluded.

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KPMG Sanctioned and Fined £14M

The Financial Reporting Council (FRC) today announces sanctions against KPMG LLP (KPMG), a former KPMG partner and four former KPMG employees, following an investigation undertaken pursuant to the Accountancy Scheme. The investigation related to the provision of false and misleading information and documents to the FRC in connection with the FRC’s Audit Quality Reviews of two audits carried out by KPMG: the audit of the financial statements of Regenersis plc for the period ended 30 June 2014 (“the Regenersis audit”); and the audit of the financial statements of Carillion plc for the period ended 31 December 2016 (“the Carillion audit”). 

An independent Disciplinary Tribunal made findings of Misconduct following a five-week hearing during January and February 2022 and sanctions were determined following a hearing in May 2022.
KPMG admitted its liability for the acts of all the individuals and that those acts amounted to Misconduct.

Sanctions

KPMG has been:

• fined £20 million, reduced to £14.4 million to reflect KPMG’s self-reporting, co-operation, and admissions;
• severely reprimanded; and
• ordered to appoint an independent reviewer to conduct a review to consider the effectiveness of KPMG’s current AQR policies and procedures in supporting high quality engagement with the AQR inspectors.

 
Mr Meehan has been excluded from membership of the ICAEW for a period of 10 years, and fined £250,000.

Mr Wright has been excluded from membership of the ICAEW for a period of 8 years, and fined £45,000.

Mr Bennett has been excluded from membership of the ICAEW for a period of 8 years and fined £40,000.

Mr Kitchen has been excluded from membership of the ICAEW for a period of 7 years, and fined £30,000.

Mr Paw was severely reprimanded.

Costs

KPMG agreed to pay £3.95 million towards Executive Counsel’s costs of the investigation together with the costs of the Tribunal.

 

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ICAEW Trousers £14M Carillion Fine - "Shameful!"

 

The Institute of Chartered Accountants in England and Wales (ICAEW) is once again facing a barrage of criticism after it was confirmed this week that KPMG’s £14.4m Carillion audit fine will be paid to ICAEW because the regulatory action fell within the accountancy scheme, which was introduced in 2004.  

As KPMG tries to repair its damaged reputation, politicians and ICAEW’s own members are questioning why the professional body is retaining all of the fines. 

Accountancy scheme 

In recent years, ICAEW has received KPMG’s £13m fine from the Silentnight insolvency and Deloitte’s record £15m fine over the audit of ill-fated software firm Autonomy.

With costs included, and the addition of the recent Carillion fine, the combined total from these fines exceeds £50m – and if you were to look further back, ICAEW has gathered £123.4m since 2004.

However, ICAEW can lay claim to the fines because, under the funding arrangements, professional bodies pick up the cost of investigations by the Financial Reporting Council (FRC) in advance. 

In return professional bodies get the money from any fines, rather than that pot of money being used as compensation. Alternatively, though, when a case is brought to tribunal by the regulator and there isn’t a fine, the professional body bears the cost instead. ICAEW also points out that even where fines have been imposed, some cost orders do not fully reimbuse professional bodies for the whole costs of the investigation.  

The institute also stresses that the money received from fines is not used to offset ICAEW’s operational expenditure but is “allocated to our strategic reserves and it supports our wider commitment to serve the public interest, as required by the terms of our Royal Charter”.

While ICAEW has retained the costs, as it was legally entitled to, the move has roused similar criticism that was aimed at the institute when it received the KPMG’s Silentnight £13m fine, rather than the pension holders who were set to lose around 30% of their pot due to the mattress company falling into insolvency. That incident prompted The Times’s columnist Patrick Hosking to fume, “the more dishonesty and fraud discovered in the profession, the more profit the institute stands to make”.

Criticism

The pressure on ICAEW comes as KPMG agreed to pay the fine, reduced from £20m, after a five-week trial found five former KPMG auditors guilty of forging documents. 

KPMG has previously been accused of failing to maintain professional independence as the auditor of Carillion and missing multiple “red flags”. Creditors claim to have lost billions of pounds in dividends, advisory fees and losses as it continued to trade.

But the fine going to ICAEW has only reignited the condemnation previously heard during the Silentnight episode. Former pensions minister Baroness Altmann has added her voice to the calls for the money to go to the creditors and not ICAEW, saying: “Something has gone wrong here.” 

Meanwhile, ICAEW members have also expressed concern over how the perception of the institute keeping the proceeds will tarnish the brand. Chartered accountant and ICAEW critic Ken Frost was particularly scathing. “I think it is shameful that my professional body seeks to profit from the wrongdoing of member firms,” said Frost. “It is, of course, quite correct that the ICAEW issued the fine. However, it is shameful that they have decided to ‘trouser it’ like a spiv City trader from the 80s.

“Additionally, it beggars belief that the ICAEW thinks that this won’t damage their brand!”

A different approach

The accountancy scheme is set to wind down soon as part of a government reform and the funding arrangements are also expected to switch to the government. 

Despite the removal of the accountancy scheme, professional bodies must continue to fund investigations of all new complaints brought by the FRC under the audit enforcement procedure.

An ICAEW spokesperson said that the professional body would welcome the rationalisation of the “different schemes which now exist to pay for this aspect of the FRC’s regulatory work.” 

They continued: “We do not believe that any of the professional bodies would object to being removed entirely from the funding process, with all fines in future going to HM Treasury. We would be happy to discuss this with BEIS [the Department for Business, Energy and Industrial Strategy], the FRC or – when it is eventually established – ARGA.”

I have been asked by the ICAEW to point out that the ICAEW did not issue the fine.  The fine was issued by an independent tribunal of the FRC and the size of any fine was entirely their decision.

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