ICAS Rules & Regulations
ICAS Rules and Regulations
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 ICAS Rules contain the constitution which governs all Members. The latest version incorporates the amendments that were approved by the Members at SGM on 30 November 2020.
View the ICAS Rules January 2021
ICAS Regulations
The ICAS Rules require Council to set Regulations in relation to certain areas. In general, overarching powers are in the Rules whilst the more detailed, specific powers are in the Regulations. The ICAS Rules and Regulations must be adhered to by all members.
Changes to the Rules and General Regulations are overseen by the Constitutional Panel before being recommended to Council and, where required, the membership.
Regulated Activities
A Member may provide services within certain 'regulated areas', so called because there are externally imposed regulatory requirements attaching to each type of work. ICAS is authorised to license and monitor the following regulated areas:
Audit
Following the end of the Brexit transition period at the end of 2020, the Audit Regulations require amendment to reflect the changes in the relationship between the UK and the EU from 1 January 2021. These Regulations require formal approval by all relevant Recognised Supervisory Bodies, and relevant oversight bodies. In advance of this approval, the draft Regulations have been provided below for reference. The amended Regulations focus only on audit work in the UK and the existing Audit Regulations (January 2020) will remain in place solely for the purpose of audit work undertaken by ICAS firms in the Republic of Ireland. The main changes relate to removal of references to the Republic of Ireland from the Regulations, and related statutory references; and amended eligibility provisions for EEA auditors. It is expected that the final version of the new Regulations will be uploaded in early 2021, following review and approval by Council. In the meantime, please contact regulatoryauthorisations@icas.com
- Draft Audit Regulations pending review by Council in early 2021
- Audit Regulations applicable from 1 January 2020
- Audit Regulations applicable from 31 August 2018
- Audit Regulations applicable from 1 April 2017
- Audit Regulations applicable to 31 March 2017
Insolvency
Investment business, Designated Professional Body (DPB) licensing
Local Audit
- Local Public Audit Regulations - no longer in use please click here for further information.
Anti Money Laundering
Other
Memorandum 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.