'Final revised returns' sent out by ICAEW - Professional Indemnity for Accountants

24/06/2008

The Institute of Chartered Accountants in England and Wales (ICAEW) is currently sending out the final revised versions of its annual returns form, the industry body reveals.

June marks the final month for the new version of the form to be sent out to members, with the institute advising that recipients check the Professional Indemnity (PI) coverage of any connected entities which may require it.

"You should consider whether your firm has any such connected entities which lack PI insurance cover," the organisation advises.

Should such cover not be obtained before the relevant submission date, the ICAEW warns that its Practice Assurance Committee would have no option but to "refer your firm to the Professional Conduct Department for non-compliance with the Institute's PI insurance regulations".

PI cover may be needed by connected entities which themselves provide accountancy services, the institute adds.

As of January 2008, the institute notes that the minimum PI coverage for its members now stands at 2.5 times the firm's income for the previous year.

This is subject to boundaries of £100,000 minimum and £1.5 million and should be calculated on income including any non-recurring earnings.

Click here for more information about PI for accountants.

Click here for more information about PI in general.

PYV are one of the UK's leading providers of professional indemnity insurance.

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