The CARB Board is pleased to announce the appointment of Dr Don Thornhill as Chairman of CARB. He takes over the helm from Dr Chris Gibson who has stepped down as Chairman for personal reasons. Dr Gibson will continue his valuable work with CARB in the capacity of Vice-Chairman.

Brief biographies of CARB Board members are available by clicking here.

CARB, as part of its commitment to continuously improve the manner in which it carries out its functions, has conducted a review of its disciplinary arrangements. The aim was to develop proposals for an ‘optimum’ disciplinary process, having regard to CARB's stated values, its strategic objectives and the established principles of good regulation. In the course of this project CARB has sought to use its experience to devise a more efficient, more effective disciplinary process which:

• protects the public interest;
• is fair to members;
• is broadly consistent with the regimes adopted by other accountancy bodies and other professional bodies;
• utilises the resources available to best effect; and
• is capable of being responsive to changes in the profession and regulatory environment.

The proposals for reform are set out in a consultation paper issued by CARB on 26 June 2013; to view the Consultation Paper click here.

CARB is keen to engage with members over the course of the consultation period, which ends on 30 August 2013. A number of briefing sessions have been scheduled; for more information and to reserve a place click here.

• the purpose of the disciplinary process
• the role of complainants
• the functions of the disciplinary bodies
• the functions of the CARB executive
• the meaning of a 'prima facie case'
• public concern cases
• the selection of individual tribunals from panels
• the granting of adjournements of hearings
• evidence
• conflicts
• sanctions
• policy on publication
• the award of costs
• confidentiality 

• the establishment of a single Gateway for Complaints by the Insolvency Service of Great Britain
• the application of Common Sanctions Guidance by the Recognised Professional Bodies

These developments are explained in greater detail in the Insolvency section of the Regulatory Bulletin which can be accessed through the cover page or by clicking on the links above.

Pursuant to Chapter 6 of the Public Practice Regulations, regulation 6.28, Insolvency Practising Certificate Holders (IPC holders) are required to complete an annual Insolvency Compliance Review.

If you are an IPC holder, CARB will also be seeking confirmation of the completion of such a review upon submission of your Insolvency Practising Certificate renewal form (when applicable).

To assist all IPC holders, CARB has developed an Insolvency Compliance Review Checklist with Guidance which is available by clicking here.

A single Gateway for Complaints against insolvency practitioners (IPs) has been developed and will be operated by the Insolvency Service of Great Britain. This means that complaints against GB/NI licensed IPs, which come within the jurisdiction of the Insolvency Service of Great Britain, must all be sent to the Gateway for initial consideration by the Gateway staff. The Gateway does not cover complaints made against IPs in relation to insolvency procedures governed by Northern Irish legislation. These complaints need to be made directly to the relevant authorising body of the IP concerned.

For more information click on the links below.

• Information for GB/NI Licensed Insolvency Practitioners
• Information for Complainants 

The Recognised Professional Bodies (RPBs), as insolvency regulators, have developed Common Sanctions Guidance. This aims to provide transparency and ensures that, if the findings against an insolvency practitioner are consistent, the outcome and sanction across the RPBs are comparable. The following RPBs are implementing this common guidance: ICAEW, ACCA, IPA, ICAS and Chartered Accountants Ireland (through CARB).

To view the Common Sanctions Guidance click here.

Following discussions between R3 and HMRC on tax-related issues the following Notices have been issued:

• The Operation of the Real Time Information System in formal insolvency situations
• Further Update on the VAT treatment of Supervisors’ Fees in the wake of the Paymex decision

• the QAC structure and governance arrangements
• organisational aspects of QAC meetings
• roles and responsibilities of the QAC
• powers and processes of the QAC

CARB has updated its existing compliance review checklist to reflect recent changes in regulatory requirements.  The new document also introduces anti-money laundering compliance review checklists to assist firms in assessing their compliance with the Money Laundering Regulations 2007 (UK) and the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (ROI), as amended by the Criminal Justice Act 2013.  The new compliance review checklist comprises seven parts as outlined below:

The Quality Assurance Committee (QAC) is becoming increasingly concerned by the number of firms failing to document audit work in accordance with the requirements of ISA 230 Audit Documentation.

The QAC is taking deficiencies in audit documentation very seriously and would like to remind firms of the requirements of ISA 230 Audit Documentation, in particular paragraphs 8 to 11.