Professional Standards have published Issue 41 of the Regulatory Bulletin. Please click on the link provided to access this publication.

The Institute has revised its Air Travel Organisers Licence (ATOL) Reporting Regulations with effect from 15 June 2025.  The revisions at this time are conforming amendments to align with the Institute’s suite of Regulations generally.  In particular, the ATOL Reporting Regulations are revised to reflect a simplification of the Institute’s affiliate regime across all Institute Regulations.  The simplification of the affiliate regime includes the following: A single category of ‘affiliate’ is now being used across all Institute Regulations.  Therefore, the revised ATOL Reporting Regulations refer to ‘affiliates’ where appropriate rather than ‘ATOL Registered Firm affiliate’. Across all Institute Regulations, it is a requirement that each principal at a firm regulated by the Institute should be either a member of the Institute or an affiliate - there is no longer an exemption from affiliate status for members of other professional accountancy bodies for example.  Therefore, the ATOL Reporting Regulations require each principal at an ATOL Registered Firm to be either a member of the Institute or an affiliate of the Institute. The obligations of all affiliates are be set out in a single place in Institute Regulations – that is chapter 7 of the Public Practice Regulations .  Therefore chapter 4 of the Institute’s ATOL Reporting Regulations is simplified as regards affiliate requirements and reference is made instead to the Public Practice Regulations. Institute firms can direct any queries in relation to the Institute’s Air Travel Organisers Licence (ATOL) Reporting Regulations to professionalstandards@charteredaccountants.ie.

The Institute’s UK Audit Regulations have been revised with effect from 1 June 2025.  The revision introduces a requirement for a sole practitioner firm with UK audit registration to put in place alternate arrangements.   Such arrangements enable a person/firm appointed as alternate to step in promptly where a sole practitioner is incapacitated by illness or other major event that would disrupt and disadvantage the service to their clients. The appointed alternate can be a member of any UK Recognised Supervisory Body (RSB) including the Institute and does not have to be a registered auditor.    In April 2022 the Institute’s Audit Regulations for Ireland introduced the requirement for sole practitioner audit firms in Ireland to put in place alternate arrangements.   Therefore, sole practitioner audit firms with audit registration in both Ireland and the UK should already be compliant with this mandatory alternate requirement now in the UK Audit Regulations. A transitional period of six month is allowed before the obligation becomes compulsory in the UK context. FAQs for Sole Practitioner Auditors (alternate arrangements) are available on the Institute’s website.