ICAS vision for excellence in regulation shared in new strategy
Ethical leadership and regulating our members to the highest standards is at the heart of everything we do.
We have launched a new ICAS Regulation Strategy setting out our new vision for regulation to promote trust in the accountancy profession through excellence in regulation.
We perform a range of regulatory functions, issuing more than 1,700 practising certificates to our members, and supervising more than 800 firms. We are authorised to supervise our firms across different statutory schemes, including audit, insolvency and anti-money laundering.
The new strategy, which has been approved by ICAS Council, sets out how we will foster increased confidence in accountants and accountancy by providing excellent activity across our regulatory functions.
Robert Mudge, ICAS Executive Director of Regulation, outlines why regulation is essential for protecting and promoting trust in the accountancy profession.
Acting in the public interest
Acting in the public interest is underpinned by our Royal Charter and is the key foundation that the regulatory work of ICAS is based on. Our regulatory functions – including licensing, monitoring and enforcement – are designed and exercised to place the public interest first, with appropriate oversight and independence throughout our regulatory framework.
Our vision for regulation takes account of our requirement to act in the public interest. As a professional body, we will also seek to represent our members’ views and protect their interests, but the public interest will always be paramount for the teams working in regulation.
As robust regulatory processes benefit our members and firms as much as they benefit the public interest, we are confident that we can act in the best interests of all our stakeholders.
Responding to the future of regulation
The ICAS Regulation Board is the body appointed by Council to be responsible for regulatory policy at ICAS, and for maintaining professional standards amongst members, student, affiliates and firms.
Introducing the new ICAS Regulation Strategy, the Regulation Board members said:
“The regulatory landscape in the UK has been the subject of much discussion and change over recent years, with every indication that this trend will continue in 2023 and beyond. It is important that ICAS remains relevant and influential in these discussions, whether in Scotland, the wider UK, or beyond. This will require strong regulatory teams, staffed by individuals who can respond with agility and expertise to whatever regulation may look like in 2030.”
Read more on our vision for regulation – Promoting trust in the accountancy profession through excellence in regulation – in the full strategy.