ICAS statement on Ukraine
ICAS has released a statement on the invasion of Ukraine and reminded Members of their professional and ethical obligations in relation to the current sanctions.
Over the last twelve days we have watched the invasion of Ukraine with sadness and concern. ICAS’ thoughts are with all those affected. Last week we issued guidance to Members, along with fellow members of CCAB (Consultative Committee of Accountancy Bodies), on professional obligations following financial and trade sanctions on Russia and Belarus. Complying with sanctions is both a legal and ethical obligation, and there can be serious consequences for failures to do so.
You can read the CCAB joint statement and guidance here.
ICAS would like to remind Members and Firms of their ethical duty under the Code of Ethics, and their statutory obligations under the Sanctions and Anti-Money Laundering Act 2018, and associated Regulations, and emphasises the need to adopt an extremely careful approach to due-diligence checks on prospective and existing clients. Firms should review their individual client and firm-wide risk assessments to ensure they remain appropriate.
Ways to offer support
The scale of the humanitarian disaster facing the Ukrainian population is immense. You might have already taken steps to help or you may be considering how best to do so. This is a complex and immediate situation. Information on how to support Ukraine, and a list of organisations taking donations, can be found here.
ICAS is not aware of any Members who are based in Ukraine, but if you are affected by these events support is available through ICAS’ benevolent charity, SCABA.