In October the ICAEW updated its Guidance on the Duty to Report Misconduct. The ICAEW first issued Guidance on this topic way back in 1993. While amendments have been made since then to update references to legislation, bye-laws and guidance, this is the first wholesale re-issue. So what’s changed? The fundamental principle that it’s in the public interest to report matters which, if left unreported, could adversely affect the reputation of the profession, remains the same . However, there are some quite significant changes to the detail of what should be reported, reflecting a shift in attitudes since 1993 in the requirements and expectations of professionals. The new Guidance adds to this the need to report matters which, if left unreported, could adversely affect the reputation of the ICAEW, as the regulator.
Headlines such as “Spain becomes cannabis hub as criminals fill tourism void” (The Guardian 9 October 2020) serve to remind us of the endemic demand for marijuana, the resultant profits to be made and enforcement agencies’ inability to control Europe’s illegal trade run by drug mafias. By contrast, Canada, on 17 October 2018 and following the example of Uruguay, elected to legalise adult personal possession, sharing and cultivation of recreational cannabis.
The regulatory focus on audit standards continues. The ICAEW has now published its Audit Monitoring Report 2020 , which summarises the findings from the audit monitoring visits of its Quality Assurance Department (“QAD”) in 2019. What does the Report tell us about audit standards, and does it offer any assistance for firms seeking to improve the quality of their audits?
There is no buzzword in the legal sector right now louder than ‘Innovation’. The disruption caused by COVID has rapidly accelerated both the appetite and timescale for technological progress in the sector. It has created the urgency for change which is so often required before people to move out of their comfort zone, in particular lawyers.
After months of many solicitors working from home, it's easy to get comfortable. But with complacency comes the risk of non-compliance with your regulatory obligations. Jessica Clay provides a refresher on your duties, the risks involved in remote working, and how you can stay compliant.