ICAS Regulation Board – meetings and notes
According to General Regulations, the ICAS’ Regulation Board meets at least three times each year. Published summary notes can be read here.
The Regulation Board meets at least three times each year, usually at CA House, Edinburgh.
As set out in ICAS’ General Regulations, three members must be in attendance for a meeting of the Regulation Board to be quorate, with one of these members being Public Interest or Lay Member.
Notes of meetings
From 2020 on, the Regulation Board will publish a summary note to explain the matters discussed at its meetings. The note will be published on this page of the website as soon as it has been formally approved by the Regulation Board at its subsequent meeting.
While the Regulation Board is committed to ensuring as much transparency as possible with its proceedings, there will be matters of discussion which cannot be reported for appropriate reasons, including commercial sensitivity and consideration of personal data.
Regulation Board - 28 February 2020
Published Note of the meeting of the ICAS Regulation Board on 28 February 2020
(held at 10:00 at CA House, Edinburgh)
Some matters have not been disclosed for reasons of confidentiality
Present: Lord Wallace of Tankerness QC (Chair), Brian Davidson CA, Colin McClatchie (Public Interest Member), Michelle Mullen (Executive Director of Standards), Ian Robertson CA, Karen Scholes CA, Matt Smith (Lay Member).
In attendance: Robert Mudge (Director of Investigations), Kenneth Oliver (Director of Regulatory Monitoring).
This was the Regulation Board’s first meeting of 2020. It was attended in part by a representative of the Financial Reporting Council (FRC) as part of ICAS’ annual monitoring process.
An apology was noted from Kevin Weston CA. No declarations of interest were noted.
2. REPORT FROM THE EXECUTIVE DIRECTOR OF STANDARDS
The Board received a report from Miss Mullen updating on a number of key matters affecting the Board’s interests, including:
- Confirmation of Mrs Scholes’ appointment as Convener of ICAS’ Authorisation Committee.
- An update on recent discussions with the FRC regarding ICAS’ governance arrangements.
- An update on changes to several of ICAS’ Regulations.
- An update on the activities of the Regulatory Committees (including KPIs).
3. REGULATORY PLAN FOR 2020
The Board approved ICAS’ Regulatory Plan for 2020, which had been updated following recent comments received from Board members. The plan will now be shared with ICAS’ oversight regulators.
4. PROFESSIONAL INDEMNITY INSURANCE REGULATIONS
Having been updated on a number of proposed changes, the Board agreed to propose amended Public Indemnity Insurance Regulations to ICAS’ Constitutional Panel and Council, with an anticipated implementation date of 29 March 2020.
5. AUDIT REGISTRATION IN THE REPUBLIC OF IRELAND
In November 2019, the Board agreed that ICAS firms would be required to opt-in to be registered to undertake audit work in the Republic of Ireland from 1 January 2020 onwards. The Board received an update on the number of firms which had submitted applications, and discussed implementation steps.
6. DEEP DIVE REPORTS FOR REGULATORY FUNCTIONS
The Board received and discussed reports setting out statistical information and trends in respect of ICAS’ audit monitoring and complaints functions. With regard to audit monitoring, there was particular focus on visit gradings, follow-up action, and what ICAS might be able to do to improve audit quality.
7. BOARD EVALUATION FOR 2019
Noting the feedback recently provided by its members, the Board identified actions points, and agreed how these would be monitored over the course of the coming year.
8. RISK REGISTER
The Board reviewed and discussed ICAS’ Risk Register, focusing on the items relating to its remit.
9. CONVENER REPORTS
The Board noted reports from the Conveners of the Authorisation Committee and the Investigation Committee.