FOR THE RECORD
Member information and updates from ICAS
FOR THE RECORD
Member information and updates from ICAS
ICAS calls for ownership review
ICAS has called for a thorough review of the framework governing the ownership of audit firms, following a surge in the amount of private equity investment in the sector.
The call follows the publication of a new paper, “Private Equity and Audit: A Threat or an Opportunity?”, by ICAS’ private-equity working group, which assesses both the risks and opportunities of such investment. It highlights that the rules on ownership of audit firms have not been revisited in depth for several years.
ICAS is recommending further review of private-equity ownership, and other external investors, with a key focus on “recognising the risk that financial considerations can unduly influence behaviours”. It says: “The restrictions contained in the extant model [of ownership] are there to mitigate the threat that providers of capital will unduly look to influence behaviour.”
CEO Bruce Cartwright CA said the “time is right to review the rules”. He added: “The audit profession is evolving at an unprecedented rate, driven by developments in AI, increasing focus on sustainability and global economic uncertainty. In fact, we expect more change in the next five years than we’ve seen in the past 50.
“As the landscape shifts, it’s crucial that government, regulators and professional bodies keep the public interest at the heart of any decisions. Audit plays a vital role in how capital is allocated in our economy, and that responsibility must guide any changes to the current framework.”
Read the “Private Equity and Audit” report
The right path
The first ICAS Ethical Leadership Forum in June saw experts from across the profession, business and media discuss how we can create a culture of openness and handle the ethical challenges of AI, among other issues.
It could hardly have been better timed, with the first stage of the Post Office inquiry due to report in July and with every passing day bringing stories about the use and misuse of AI.
We would love to hear from anyone who watched online. In the meantime, here’s a selection of the best soundbites.
“There are two things that astound me about the way British corporations are run… In the Post Office scandal, you have IT specialists coming to the executive committee who then present a report to the board, and no one has the deep-level technical knowledge to properly challenge it.
“…You should have legal specialists on the boards of companies – someone who’s trained and worked as a solicitor, and is now a non-executive director who can understand what games might be being played in the language that they’re hearing [so that they can] challenge effectively and appropriately.”
Nick Wallis, author of The Great British Post Office Scandal
“If you’re in an organisation where people speak up, where the board gets to hear what’s working well, what’s not working quite so well, there’s an honesty around the dialogue, there’s respectful listening. You know you’re in a culture where trust is at the centre of things, and therefore people are more inclined to do the right thing.”
Mary Campbell CA OBE, Founder, Resilient Corporates; Founder and CEO, Blas
“An ethical organisation is an organisation which is the opposite of hypocritical; where if we say something, we mean something, and if someone does not apply the rule, first of all we find out – and then we address the wrongdoing. We have a free advice line for whistleblowers, and every day we hear, ‘Yes, of course I’ve reported that wrongdoing, but it’s as if I’ve thrown a pebble into a dark hole.’ So wrongdoing continues, and that breeds impunity, and that brings a sense of disconnect between what the organisation proclaims its values are and what actually happens on the ground.”
Sybille Raphael, Legal Director, Protect
“In the area where I work… the awareness of AI, both the opportunities and the ethical risks, are now being discussed at board level. But there’s more work to do in order to get the right skills into the boardroom. Just as maybe 15 years ago, roles like chief data officer became almost an executive role. I think potentially having a chief AI officer or a chief responsible AI officer at the board level would be a good move forward.”
Dr Paul Dongha, Head of Responsible AI and AI Strategy, NatWest Group
Registrees for the Ethical Leadership Forum can log in to watch video of the event
Find more resources on ethics
The right path
The first ICAS Ethical Leadership Forum in June saw experts from across the profession, business and media discuss how we can create a culture of openness and handle the ethical challenges of AI, among other issues.
It could hardly have been better timed, with the first stage of the Post Office inquiry due to report in July and with every passing day bringing stories about the use and misuse of AI.
We would love to hear from anyone who watched online. In the meantime, here’s a selection of the best soundbites.
“There are two things that astound me about the way British corporations are run… In the Post Office scandal, you have IT specialists coming to the executive committee who then present a report to the board, and no one has the deep-level technical knowledge to properly challenge it.
“…You should have legal specialists on the boards of companies – someone who’s trained and worked as a solicitor, and is now a non-executive director who can understand what games might be being played in the language that they’re hearing [so that they can] challenge effectively and appropriately.”
Nick Wallis, author of The Great British Post Office Scandal
“If you’re in an organisation where people speak up, where the board gets to hear what’s working well, what’s not working quite so well, there’s an honesty around the dialogue, there’s respectful listening. You know you’re in a culture where trust is at the centre of things, and therefore people are more inclined to do the right thing.”
Mary Campbell CA OBE, Founder, Resilient Corporates; Founder and CEO, Blas
“An ethical organisation is an organisation which is the opposite of hypocritical; where if we say something, we mean something, and if someone does not apply the rule, first of all we find out – and then we address the wrongdoing. We have a free advice line for whistleblowers, and every day we hear, ‘Yes, of course I’ve reported that wrongdoing, but it’s as if I’ve thrown a pebble into a dark hole.’ So wrongdoing continues, and that breeds impunity, and that brings a sense of disconnect between what the organisation proclaims its values are and what actually happens on the ground.”
Sybille Raphael, Legal Director, Protect
“In the area where I work… the awareness of AI, both the opportunities and the ethical risks, are now being discussed at board level. But there’s more work to do in order to get the right skills into the boardroom. Just as maybe 15 years ago, roles like chief data officer became almost an executive role. I think potentially having a chief AI officer or a chief responsible AI officer at the board level would be a good move forward.”
Dr Paul Dongha, Head of Responsible AI and AI Strategy, NatWest Group
Find more resources on ethics
Council approves new audit regulations
ICAS Council has approved changes to the audit regulations. While the changes, which came into effect on 1 June, will not impact many ICAS firms, it’s important to review and understand the two new requirements.
Firstly, sole practitioner auditors will be required to have an alternate in place from 1 December onwards. This should be someone who could assist with the transfer of clients to a new audit firm in the event of the practitioner’s incapacity or death, easing the burden on the sole practitioner’s family and colleagues. A similar rule has been in place for sole practitioners with practising certificates since 2023.
Secondly, there is a new requirement for audit firms to inform ICAS where audits of a certain size or complexity are taken on. Full details of the requirement can be found in Regulation 3.15A, and include listed entities; non-listed entities with a turnover of more than £750m; public interest entities (PIEs); and audit fees which will be twice the firm’s existing highest audit fee (subject to a de minimis of £25,000).
Firms expecting to make frequent notifications to ICAS can apply for a waiver, reducing the administrative burden for both parties. The requirement does not cover PIEs, which firms must otherwise report to the FRC.
Read the updated regulations or email regulatoryauthorisations@icas.com for more information
Council approves new audit regulations
ICAS Council has approved changes to the audit regulations. While the changes, which came into effect on 1 June, will not impact many ICAS firms, it’s important to review and understand the two new requirements.
Firstly, sole practitioner auditors will be required to have an alternate in place from 1 December onwards. This should be someone who could assist with the transfer of clients to a new audit firm in the event of the practitioner’s incapacity or death, easing the burden on the sole practitioner’s family and colleagues. A similar rule has been in place for sole practitioners with practising certificates since 2023.
Secondly, there is a new requirement for audit firms to inform ICAS where audits of a certain size or complexity are taken on. Full details of the requirement can be found in Regulation 3.15A, and include listed entities; non-listed entities with a turnover of more than £750m; public interest entities (PIEs); and audit fees which will be twice the firm’s existing highest audit fee (subject to a de minimis of £25,000).
Firms expecting to make frequent notifications to ICAS can apply for a waiver, reducing the administrative burden for both parties. The requirement does not cover PIEs, which firms must otherwise report to the FRC.
Read the updated regulations or email regulatoryauthorisations@icas.com for more information
ICAS Insolvency and Restructuring Conference 2025
Stay ahead of the curve and gain invaluable insights into the latest insolvency updates at the ICAS Insolvency and Restructuring Conference 2025.
This is a must-attend for insolvency practitioners, restructuring professionals, lawyers and the wider business community.
The conference, chaired by Shona Campbell CA, Partner at Henderson Loggie and Chair of the ICAS Insolvency Committee, will see our speakers share their expertise across a range of sessions of practical relevance to the day-to-day work of professionals in the sector.
The line-up includes Stuart Clubb, Partner, Shoosmiths, who will deliver the corporate legal update; Eilidh MacEwan, Senior Associate, Anderson Strathern, who will provide the key takeaways from recent insolvency monitoring visits; and Lesley Byrne CA and Steven Wood, both members of the ICAS regulatory monitoring team, who will update us on insolvency monitoring.
You can look forward to key legislative and regulatory updates, plus expert analysis and commentary on the latest issues – all delivered by the leading lights of the profession and aimed at boosting your professional development.
Date: 9–10 September 2025
Time: 09.30–13.00 BST (day 1)
and 09.30–12.40 BST (day 2)
Location: Online only
Free for ICAS students, members and insolvency practitioners; £60 + VAT per day for others
Find more information and register here
ICAS Insolvency and Restructuring Conference 2025
Stay ahead of the curve and gain invaluable insights into the latest insolvency updates at the ICAS Insolvency and Restructuring Conference 2025.
This is a must-attend for insolvency practitioners, restructuring professionals, lawyers and the wider business community.
The conference, chaired by Shona Campbell CA, Partner at Henderson Loggie and Chair of the ICAS Insolvency Committee, will see our speakers share their expertise across a range of sessions of practical relevance to the day-to-day work of professionals in the sector.
The line-up includes Stuart Clubb, Partner, Shoosmiths, who will deliver the corporate legal update; Eilidh MacEwan, Senior Associate, Anderson Strathern, who will provide the key takeaways from recent insolvency monitoring visits; and Lesley Byrne CA and Steven Wood, both members of the ICAS regulatory monitoring team, who will update us on insolvency monitoring.
You can look forward to key legislative and regulatory updates, plus expert analysis and commentary on the latest issues – all delivered by the leading lights of the profession and aimed at boosting your professional development.
Date: 9–10 September 2025
Time: 09.30–13.00 BST (day 1) and 09.30–12.40 BST (day 2)
Location: Online only
Free for ICAS students, members and insolvency practitioners; £60 + VAT per day for others
Find more information and register here
Silver award for ICAS
ICAS has received the silver-level award in recognition of its work in creating a diverse and inclusive culture.
The accreditation, issued by the National Centre for Diversity, is judged against its “Fredie” (fairness, respect, equality, diversity, inclusion and engagement) framework. ICAS received bronze last year for committing to Fredie; the silver is for embedding that framework and inviting feedback.
Commenting on the award, Helen Cardno, ICAS HR Director, said: “We’re delighted to have reached this significant milestone in our Investors in Diversity journey. We’ve worked hard to build a fair and inclusive culture at ICAS and so it’s reassuring to know that the lived experience of our people reflects those aims and aspirations.
“Having this fair and inclusive culture is good for everyone at ICAS, but it also helps to ensure that we’re high-performing and is reflected in the first-class support we provide to our students, members and firms.”
Find more EDI resources
Silver award for ICAS
ICAS has received the silver-level award in recognition of its work in creating a diverse and inclusive culture.
The accreditation, issued by the National Centre for Diversity, is judged against its “Fredie” (fairness, respect, equality, diversity, inclusion and engagement) framework. ICAS received bronze last year for committing to Fredie; the silver is for embedding that framework and inviting feedback.
Commenting on the award, Helen Cardno, ICAS HR Director, said: “We’re delighted to have reached this significant milestone in our Investors in Diversity journey. We’ve worked hard to build a fair and inclusive culture at ICAS and so it’s reassuring to know that the lived experience of our people reflects those aims and aspirations.
“Having this fair and inclusive culture is good for everyone at ICAS, but it also helps to ensure that we’re high-performing and is reflected in the first-class support we provide to our students, members and firms.”
T.M.Lewin: The destination for modern workwear
For 125 years, T.M.Lewin has been crafting quality clothing for working professionals. Today, that expertise is being applied to the modern wardrobe – combining timeless tailoring with relaxed, versatile essentials for life in and out of the office.
From iconic shirts and sharply tailored suits to premium chinos, casual shirts and elevated basics, every T.M.Lewin piece is designed with comfort, performance and style in mind. Whether you’re dressing for a big presentation, hybrid working or weekend plans, T.M.Lewin delivers dependable pieces that help you look sharp and feel confident.
As a valued ICAS member, you can now enjoy an exclusive discount on full-price T.M.Lewin items – the perfect opportunity to refresh your wardrobe with premium pieces built on 125 years of craftsmanship.
Visit tmlewin.co.uk and use your unique code TMLICAS10 to redeem your offer
T.M.Lewin: The destination for modern workwear
For 125 years, T.M.Lewin has been crafting quality clothing for working professionals. Today, that expertise is being applied to the modern wardrobe – combining timeless tailoring with relaxed, versatile essentials for life in and out of the office.
From iconic shirts and sharply tailored suits to premium chinos, casual shirts and elevated basics, every T.M.Lewin piece is designed with comfort, performance and style in mind. Whether you’re dressing for a big presentation, hybrid working or weekend plans, T.M.Lewin delivers dependable pieces that help you look sharp and feel confident.
As a valued ICAS member, you can now enjoy an exclusive discount on full-price T.M.Lewin items – the perfect opportunity to refresh your wardrobe with premium pieces built on 125 years of craftsmanship.
Visit tmlewin.co.uk and use your unique code TMLICAS10 to redeem your offer
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