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Blogs

  • Reflecting on the Chequers Agreement

    Notwithstanding the events of the last 48 hours, the Cabinet’s agreement on Friday on what the UK’s relationship with the EU should be post-Brexit, is a significant step forward. After two years of broad generalities from the Government a...
    • 11 Jul 2018
  • The Importance of Professional Scepticism

    Scepticism is at the heart of audit; as chartered accountants, our fundamental responsibilities include remaining alert to potential error, bias and misstatement. Recent scrutiny of audit has focused on concerns that auditors aren’t being suffi...
    • 10 Jul 2018
  • 20th Anniversary of the Fraud Advisory Panel

    I would like to bring to members’ attention, the invaluable work undertaken by the Fraud Advisory Panel, as it marks its 20th anniversary. The Panel’s overriding mission is to enable as many people as possible to protect themselves agains...
    • 3 Jul 2018
  • How to End Excessive Pay

    We recently published a new thought leadership report on the controversial matter of excessive pay. As long as executive pay packets are perceived as excessive and unfair, they will undermine the pivotal role that business plays in building strong ec...
    • 29 Jun 2018
  • Brexit Negotiations Must Consider Statutory Audit

    At its meeting later this week, the European Council will assess progress on the Brexit negotiations. As last week’s update provided by the European Commission and the UK Government demonstrated, negotiations are moving forward - but there are ...
    • 26 Jun 2018
  • We Must Get This Right

    The conclusion reached by the Financial Reporting Council (FRC) in its Audit Quality Review published today, does not make for pretty reading. Like many members, I am disappointed, frustrated and feel let down. At a time when the profession is u...
    • 19 Jun 2018
  • Finance for the Future

    Some members will already be aware of the Finance for the Future initiative, which ICAEW co-founded with HRH The Prince of Wales’ Accounting for Sustainability Project (A4S) in 2011. Now also run in partnership with Deloitte, the programme...
    • 8 Jun 2018
  • Connecting Communities Against Cybercrime

    Our world is getting smaller, and technology is becoming more pervasive. This brings benefits and opportunities, but also challenges and threats, including cybercrime. Boardrooms across the world are rightly highly concerned about the risk of cybercr...
    • 4 Jun 2018
  • Our Year in Review

    We recently published our Annual Review and Financial Statements for 2017. It was a year in which the world began to fully absorb the political and economic upheavals of 2016, most notably Brexit and the US Presidential election. It was also a p...
    • 29 May 2018
  • Are You Ready for GDPR?

    This Friday, 25th May, sees the introduction of the General Data Protection Regulation (GDPR) across the European Union. GDPR is an overhaul of existing EU legislation on data protection, and will apply to all members and accountancy firms. Broadly s...
    • 23 May 2018
  • 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