ICAEW is calling on HMRC to work with them and use its code of conduct and ethics to improve standards so the tax authority can focus on areas of the tax system, including advisers, who present a higher risk profile
As HMRC comes under pressure, ICAEW is urging the tax authority to work with the professional body as it will allow HMRC to concentrate its funding and ‘scarce resources’ on monitoring areas of the system that ‘pose significantly higher risks to the public purse’.
This includes the 30% of tax agents that according to HMRC figures are not members of a professional body.
The ICAEW has republished its 2013 framework with 2021 adaptations in response to HMRC’s programme of work published in November 2020 that aimed to raise the standards of professional accountancy bodies.
HMRC should ‘place reliance’ on the ICAEW’s registered accountancy practices as its code of ethics is able to identify, address problem areas, and identify how they can be tackled.
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