Despite a recent report in Accountancy Age, quote:
"The ICAEW is revamping its syllabus for 2007, with a focus on ethics and allowing employees to choose modules relevant for their trainees".
It seems that the ICAEW will not be setting a separate Ethics paper in the revamped syllabus. This is somewhat baffling, as in 2005 the ICAEW had decided that the subject of Ethics was so important that it deserved a separate paper.
Whilst Ethics can be covered to a limited extent in the other papers, the ICAEW has sent entirely the wrong signal to the world by not setting a specific paper on the subject.