Accountants in England and Wales (ICAEW) is a professional membership organisation for accountants in England and Wales. Founded in 1880, the ICAEW has over 150,000 members worldwide, making it one of the largest and most respected accounting bodies in the world. 

The organisation provides a wide range of services to its members, including training, support, and networking opportunities. Members of the ICAEW are highly trained and skilled professionals, and the organisation is committed to promoting the highest standards of professionalism and ethical behaviour in the accounting industry. 

The ICAEW also plays an important role in influencing public policy on issues related to accounting and finance, and its members are widely regarded as experts in their field.

The ICAEW is a professional membership organisation for accountants based in the UK. The organisation has a network of firms that are members and adhere to its high standards of professionalism and ethics. 

ICAEW firms offer a range of services, including audit and assurance, tax planning, company administration, liquidation and business advisory. These firms are known for their expertise and are trusted by clients from various sectors, including financial services, healthcare, manufacturing, and retail. ICAEW firms are required to maintain the highest standards of quality in their work and are subject to regular review to ensure that they meet the organisation’s standards. 

ICAEW Regulation

ICAEW regulates a wide range of sectors in the accountancy profession. Some of the main sectors include audit, accounting, tax, and business advisory services such as insolvency, company administration, pre-pack administration, members voluntary liquidation, creditors voluntary liquidation, business turnaround and rescue. 

It also provides training and support to its members to help them stay up-to-date with the latest industry developments and best practices. The ICAEW regulates both large and small accounting firms, as well as individual accountants who work in a range of sectors, including financial services, healthcare, retail, and manufacturing. 

Overall, the ICAEW is committed to promoting the highest standards of professionalism and expertise in the accounting industry, and its members are widely respected for their knowledge and skill.

Managing the professional liability of accountants

ICAEW takes the professional liability of accountants very seriously and has established a number of measures to manage this risk. One of the main ways that the ICAEW manages professional liability is by setting high standards of professionalism and ethics for its members. Members are required to adhere to these standards, and failure to do so can result in disciplinary action or revocation of membership. 

The ICAEW also provides training and support to its members to help them manage professional liability, including regular updates on legal and regulatory changes that could impact their work in regards to accountant negligence claims. Additionally, the ICAEW operates a Professional Indemnity Insurance Scheme, which provides members with access to insurance coverage to protect against claims of negligence or other professional misconduct. 

Overall, the ICAEW’s approach to managing professional liability helps to ensure that its members operate in a responsible and ethical manner, and that clients can have confidence in the services provided by ICAEW members.

As a result, businesses and individuals can have confidence in the services provided by ICAEW firms.