ICAS was established by Royal Charter in 1854, which was amended by a Supplementary Charter in 1951. The Charters are in turn supported by ICAS Rules, which are agreed by the Privy Council. The Charters state that the Rules shall be duly kept, observed and obeyed.
In addition, there are the ICAS Regulations that are mandatory for all members.
The Rules and Regulations are designed to ensure that ICAS meets its objectives, which are to:
- Maintain and promote the status of the profession of Accountant.
- Promote and safeguard the rights and interests of members in all matters affecting the profession.
- Uphold and enforce among its members a high standard of efficiency and professional conduct in the interests of the profession and the public generally.
- Give concentrated expression to their opinions upon all questions and laws affecting the business of the profession.
Additionally, there is a Memorandum of Understanding between ICAS and the Financial Conduct Authority (FCA). The MoU provides a guide for the working relationship between both parties and enables them to discharge their respective functions under the Financial Services and Markets Act 2000.
The Royal Charter permits ICAS to set the rules by which its affairs will be administered. Any changes to the rules must be approved by two-thirds of the eligible members at a Special General Meeting (SGM).
The ICAS Rules contain the constitution which governs all Members. The latest version incorporates the amendments that were approved by the Members at SGM on 30 November 2020.
View the ICAS Rules January 2021Memorandum of Understanding
The Memorandum of Understanding between the Financial Conduct Authority (FCA) and ICAS, as at April 2013. This document covers exempt professional firms and authorised professional firms.
View the Memorandum of Understanding
