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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.

  • General Regulations
  • Public Practice Regulations
  • Investigation Regulations
  • Clients' Money Regulations
  • CPD Regulations
  • Discipline and Appeal Tribunal Regulations 
  • Examination Regulations
  • Education Regulations
  • Admission Regulations
  • Independent Examiner Regulations
  • PII Regulations

  • 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

    Please contact regulatoryauthorisations@icas.com if you have any queries over how the Regulations apply.

    • Audit Regulations applicable from 1 January 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

    • Insolvency Regulations

    Investment business, Designated Professional Body (DPB) licensing

    • DPB (Investment Business) Handbook
    • DPB (Consumer Credit) Handbook

    Local Audit

    • Local Public Audit Regulations - no longer in use please click here for further information.

    Anti Money Laundering

    • AML Regulations

    Other

    • ATOL Regulations

    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.

    View the Memorandum of Understanding

    ICAS Charter

    Learn about the ICAS constitution, including the Royal Charter and Supplementary Charter.

    Governance

    Governance

    ICAS governance ensures the highest standards, effective management, and achievement of the objects of its Royal Charter.

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    ICAS is a member of the following bodies

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    • SCABA (opens new window) scaba
    © ICAS 2022

    The mark and designation “CA” is a registered trade mark of The Institute of Chartered Accountants of Scotland (ICAS), and is available for use in the UK and EU only to members of ICAS. If you are not a member of ICAS, you should not use the “CA” mark and designation in the UK or EU in relation to accountancy, tax or insolvency services. The mark and designation “Chartered Accountant” is a registered trade mark of ICAS, the Institute of Chartered Accountants of England and Wales and Chartered Accountants Ireland. If you are not a member of one of these organisations, you should not use the “Chartered Accountant” mark and designation in the UK or EU in relation to these services. Further restrictions on the use of these marks also apply where you are a member.

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