May 11 ,2018 | by LSBF Blog Staff

ICAEW issues checklist to help accountants comply with GDPR

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The Institute of Chartered Accountants in England and Wales (ICAEW) has issued a checklist to help accountants follow the General Data Protection Regulations (GDPR).

All European Economic Area (EEA) countries and those who trade with them, including accountants and accountancy firms, will be required to comply with GDPR, which will be put into action on 25th May 2018.

Preparations

Whilst businesses are not required to fully comply with GDPR by the deadline, preparations for the regulations must be in place, with businesses that do not adhere being at risk of facing substantial fines.

Under the regulations, which are not new but are instead a revamp of existing EU legislation on data protection, businesses must take action to protect client and company data, with ICAEW suggesting that accountancy firms review their contracts with clients, suppliers and employees to make sure that they comply with the regulations.

ICAEW’s checklist also advises businesses to provide staff training, stating that whilst employees do not need to have a full grasp of GDPR, they should know that data protection is an issue for everyone.

Daunting 

Commenting on how businesses should prepare for GDPR, ICAEW Business Law Manager Jane Berney said: “It may seem daunting but there are a few key steps firms need to take to begin the process to get GDPR ready.”

She stated that the Information Commissioner’s Office is not expecting every business to have all policies and procedures in place on the GDPR deadline, but it will expect all businesses to have made a start and have a plan as to how and when they will be prepared for the regulations.

LSBF Blog Staff

The official profile of the World's Business School. Follow us on Twitter at @LSBF

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