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Blogs

  • A Watershed Moment

    As I said on the Today programme last Wednesday, I believe the report on Carillion published last week by the Work and Pensions and the Business, Energy and Industrial Strategy Select Committees, represents a watershed moment for our profession. The ...
    • 21 May 2018
  • A Review of Audit Culture

    It is often overlooked that the UK is the home of the modern global accountancy profession. Indeed, many of those who founded the largest international audit firms were members of ICAEW. And it is still where regulators and professional bodies look f...
    • 10 May 2018
  • From Digital Disruption to Digital Readiness

    There is no doubt that our economy and our society are being digitally disrupted. That is, our expectations, behaviours and processes are being transformed by emerging digital technologies. This has huge implications for our profession, and thus for ...
    • 4 May 2018
  • Introducing our New Business Advisor Platform

    Small businesses are often described as the “backbone” or “engine” of our economy. Over 99% of all companies registered at Companies House are SMEs, and between them they employ over 15 million people across the UK. They&rsquo...
    • 2 May 2018
  • Public responses to Monitoring Group paper will make for better proposals

    The International Federation of Accountants (IFAC) has published a detailed analysis of public responses to the Monitoring Group consultation paper – and it makes for fascinating reading. This is one of those areas where we can struggle to expl...
    • 27 Apr 2018
  • Insight from the Gulf

    Those who follow me on Twitter (@MichaelIzza) will probably have noticed that last week I was in the Middle East, meeting members, firms, regulators, ministers and other stakeholders. Whilst I have travelled to the region regularly in recent years, I...
    • 26 Apr 2018
  • Catching Up with the Digital Revolution

    Our world is increasingly driven by data. The “digital revolution” has built an environment in which the majority of us – and the vast majority of young people – work, shop and socialise, virtually and online. As a result, mil...
    • 20 Apr 2018
  • Stirring the VAT

    With less than a year to go until the UK officially leaves the European Union, businesses should be turning their attention to what might change, and where they may be at risk. The recent success in agreeing transition arrangements is a hopeful sign ...
    • 12 Apr 2018
  • A Transition to Progress

    Today, the Prime Minister travels to Brussels to confirm Brexit transition arrangements. On Monday, we learned that broad political consensus has already been reached on transition and other issues relating to the UK’s withdrawal, including cit...
    • 22 Mar 2018
  • Breaking Up the Big Four

    There is a convenient syllogism to which all of us are prone – you may recognise it yourself. It goes “Something must be done. This is something, therefore we must do this.” It is perhaps in this light that we are currently hearing ...
    • 16 Mar 2018
  • Tunnelling to Prosperity

    Today’s Spring Statement was never going to break any new ground. Rather than policy announcements, we were expecting a review of where our economy stands, and a laying out of the options ahead. That's exactly what we got. I wrote last week...
    • 13 Mar 2018
  • ...and Now for the Debt

    The recent announcement that the UK ran a budget surplus of £3.8bn for 2017 is fantastic news. Eliminating the deficit has required considerable fiscal discipline and should be applauded, particularly as it’s been achieved in the face of ...
    • 9 Mar 2018
  • Keeping Up the Good Work

    Last month, the Government published its response to Matthew Taylor’s review into modern working practices. It has also published four consultation documents to explore in more detail some of the review’s recommendations – employmen...
    • 6 Mar 2018
  • Not a Good Day for the Accountancy Profession

    Yesterday was not a good day for the accountancy profession. The latest joint hearing into Carillion by the Work and Pensions and the Business Select Committees produced some damning verdicts on the limitations of audit and the role it plays in corpo...
    • 23 Feb 2018
  • Matters of Material Significance

    Today, the Charity Commission published their findings on auditors’ reporting of matters of material significance. Members working in the sector will know that auditors are obliged to report matters of material significance to the respecti...
    • 22 Feb 2018
  • Who Can You Trust?

    The world is undergoing a crisis in trust. It’s become common parlance that “trust in experts” has been emphatically withdrawn by the public. It’s happened to politicians, the media, NGOs, and following the financial crash and...
    • 20 Feb 2018
  • Big Data in Big China

    Accountants need to consider their skillset in order to remain effective and relevant in a world of big data and changing technology. We can be the guardians of data, but we’re facing tough competition from marketing, operations and data scienc...
    • 15 Feb 2018
  • As Carillion Falls, Questions Arise

    The Financial Reporting Council (FRC) has announced it will be investigating KPMG over its audit of Carillion. Whilst it's clearly regrettable that this is necessary, ICAEW wholeheartedly supports this step, and we commend the urgency with which ...
    • 12 Feb 2018
  • Chartered Accountants are a Force for Good

    Like many members, I was frustrated by Shadow Chancellor John McDonnell’s remarks in the Evening Standard last week. As you can read in this morning’s City A.M, I don’t believe there is any need for a ‘Hippocratic Oath’ ...
    • 30 Jan 2018
  • Monitoring the Reform of Audit

    Many members will be aware of the Monitoring Group (MG) consultation currently underway on setting international audit and ethics standards. Such standards are fundamental to our profession and to the economy more widely, and this consultation seeks ...
    • 23 Jan 2018
  • Reforming Corporate Governance

    Improving trust in business has arguably never been more important. Companies need to consider what steps they can take to help bridge the widening gap between them and the public. As we mark the 25th anniversary of the UK Corporate Governance Code (...
    • 16 Jan 2018
  • ...And the Partridge could be Tax Free

    Christmas is upon us, and we at ICAEW are keen to offer our insight to help you through the festive season. With that in mind, I would like to remind everybody of the tax takeaways from the Twelve Days of Christmas - with a particular focus on VAT. ...
    • 20 Dec 2017
  • Common Sense Prevails

    Last week, the Financial Reporting Council (FRC) concluded its triennial review of UK GAAP, by publishing amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. The changes are important. The FRC believe ...
    • 19 Dec 2017
  • Phasing In Progress

    Over the past few days, we have been unpicking the UK-EU joint report on progress during phase one of Brexit negotiations. We have long called for greater certainty and clarity from these negotiations, and it seems as if we may finally have some. The...
    • 13 Dec 2017
  • A Cloudy Forecast

    There is a lot of economic doom and gloom out there. The instability ignited by Brexit and exacerbated by an unclear General Election result, was further highlighted by the recent Autumn Budget statement. Today we have released our Economic Forecast ...
    • 8 Dec 2017