Oversight by the IRB

The ICAEW Regulatory Board (IRB) is responsible for ensuring ICAEW’s regulatory and disciplinary work, undertaken by the Professional Standards Department (PSD) is carried out in the public interest. It also provides assurance to government, oversight regulators and the public that these tasks are carried out independently and objectively.

The IRB also oversees the performance of ICAEW regulatory and disciplinary committees. These committees are not answerable to the IRB for their decisions in individual cases.

The IRB has 12 members, including the chair. For accountancy oversight purposes, it has an equal number of lay and non-lay members.

A lay member is someone who is not, and has never been, a member, affiliate or employee of ICAEW or any accountancy body. For legal services oversight purposes, it has a lay majority where a lay member is someone who is not legally qualified. To enforce the principle of independence within ICAEW’s governance structure which separates regulatory and membership activities, ICAEW office holders, ICAEW Board and council members are not allowed to sit on the IRB or regulatory and disciplinary committees.

The accountancy members of the IRB have different backgrounds and specialisms including audit, insolvency, and tax. They provide the perspective and insight not only as members in practice but also as members working in business. Many of the lay members have significant experience in other regulated sectors. The combination of technical experts and lay representatives ensures a broad range of views and insights while keeping the public interest at the centre of the IRB’s work.

The appointment, performance evaluations and remuneration of chairs and members of the IRB are dealt with by the Regulatory & Conduct Appointments Committee (RACAC). The RACAC reports to the IRB on its activities but is independent of the IRB.

Terms of reference

The IRB’s terms of reference set out the role and responsibilities of the IRB and contain practical information on how the IRB operates, for example its quorum. The terms of reference also detail the powers delegated to the IRB and the powers the IRB itself has delegated to other committees.
Access IRB’s terms of reference