Independent oversight
Each member of ICAS is expected to act in a manner that maintains and enhances their own professional reputation and that of their fellow members. In order to comply with this ICAS is subject to the independent oversight by each of these bodies.
Financial Reporting Council (FRC)
The FRC is the UK's independent regulator responsible for promoting high quality corporate governance and reporting to foster investment.
The Conduct division encompasses the FRC's monitoring, oversight, investigative and disciplinary functions. In particular, the Conduct Committee of the FRC exercises oversight of the regulation of the audit and accountancy professional by ICAS and operates a public disciplinary scheme for serious public interest cases. For further information please visit the FRC website.
A message from the FRC about its oversight of ICAS's audit monitoring work
The FRC would like to remind firms that as the UK Competent Authority of statutory audit, the FRC remains responsible for the tasks delegated to Recognised Supervisory Bodies (RSBs) under the Delegation Agreements and Regulation 3(4) of the Statutory Auditors and Third Country Auditors Regulations 2016 (SATCAR). Schedule 2 of SATCAR provides powers for the UK Competent Authority to request information from a statutory auditor for any purpose related to inspecting or investigating statutory audit work.
There is no provision that says that the FRC loses these powers if it has delegated any functions to RSBs. There is no requirement for the FRC to reclaim a task to exercise this power. Therefore, the FRC is entitled to ask audit firms for any information or access to information if it is considered necessary for inspecting or investigating statutory audit work even though the audit monitoring work is carried out by ICAS.
The Insolvency Service
The Insolvency Service is an executive agency of the Department for Business, Innovation and Skills.
ICAS insolvency regulation and disciplinary processes are subject to oversight by the Insolvency Service. For further information please visit the Insolvency Service's website.
Financial Conduct Authority (FCA)
The FCA is an independent organisation responsible for regulating financial services in the UK.
The FCA regulates most financial services markets, exchanges and firms. It sets the standards that must be met and has the power to take action against firms if they fail to meet the required standards. Certain regulated functions are subject to oversight by the FSA. For further information please visit the FCA website.
The Office for Professional Body Anti- Money Laundering Supervision (OPBAS)
Part of the FCA, OPBAS was established on 1 January 2018 as a regulator set up by the government to strengthen the UK’s anti-money laundering (AML) supervisory regime and ensure the professional body AML supervisors provide consistently high standards of AML supervision.
For further information please visit https://www.fca.org.uk/opbas