The ICAS constitutional documents comprise of the Royal Charter of 1854 and a Supplementary Charter of 1951. The Charters are supported by Rules, which are agreed by the Privy Council, and the Charter states that the Rules shall be duly kept, observed and obeyed. There are also regulations that are mandatory.
The Royal Charter and Supplementary Charter
The Royal Charter and Supplementary Charter provided here consist of:
• the original Charter of 1854 granted to The Society of Accountants in Edinburgh; and
• the Supplementary Charter of 1951 when The Society of Accountants in Edinburgh, The Institute of Accountants and Actuaries in Glasgow, and The Society of Accountants in Aberdeen joined together as The Institute of Chartered Accountants of Scotland. Amendments which were made in 1992, 2006 and 2012 have been incorporated.
Rules
The ICAS Rules contain the constitution which governs all Members. Following the SGM in June 2012 and the approval by HM Privy Council on 10 July 2012, ICAS has new redrafted Rules.
Regulations
The ICAS Rules require Council to make Regulations in relation to certain areas. In general, overarching powers are in the rules whilst the more detailed specific powers are in the regulations. The ICAS Rules and Regulations need to be adhered to by members.
Regulated Activities
A Member may provide services within certain 'regulated areas', so called because there are externally imposed regulatory requirements attaching to each type of work. ICAS is authorised to license and monitor the following regulated areas:
audit
insolvency
- investment business, which is often referred to as 'DPB licensing' - the Designated Professional Body regime.
View the Audit Regulations
View the DPB Handbook
View the Insolvency Regulations
The Memorandum of Understanding between The Financial Conduct Authority (FCA) and ICAS, as at April 2013, can be viewed here. This document covers exempt professional firms and authorised professional firms.