ICAS was established by Royal Charter in 1854, which was amended by a Supplementary Charter in 1951. The Charters are in turn supported by ICAS Rules, which are agreed by the Privy Council. The Charters state that the Rules shall be duly kept, observed and obeyed.
In addition, there are the ICAS Regulations that are mandatory for all members.
The Rules and Regulations are designed to ensure that ICAS meets its objectives, which are to:
- Maintain and promote the status of the profession of Accountant.
- Promote and safeguard the rights and interests of members in all matters affecting the profession.
- Uphold and enforce among its members a high standard of efficiency and professional conduct in the interests of the profession and the public generally.
- Give concentrated expression to their opinions upon all questions and laws affecting the business of the profession.
Additionally, there is a Memorandum of Understanding between ICAS and the Financial Conduct Authority (FCA). The MoU provides a guide for the working relationship between both parties and enables them to discharge their respective functions under the Financial Services and Markets Act 2000.
The Royal Charter permits ICAS to set the rules by which its affairs will be administered. Any changes to the rules must be approved by two-thirds of the eligible members at a Special General Meeting (SGM).
The Rules contain the framework for the ICAS constitution, Member obligations and professional standards. The latest version incorporates amendments, including a new Rule 17, which were approved by Members at SGM on 24 April 2026 and approved by the Privy Council on 9 June 2026.
View the ICAS Rules June 2026 Guidance on Rule 17Memorandum of Understanding
The Memorandum of Understanding between the Financial Conduct Authority (FCA) and ICAS, as at April 2013. This document covers exempt professional firms and authorised professional firms.
View the Memorandum of Understanding
