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Blogs

  • 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 It’s become common parlance that “trust in experts” has been emphatically withdrawn by the public.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
  • Make it About Accountability, Not Just Accountancy

    This week, the Chief Executive of the FRC, Stephen Haddrill, wrote to the Chair of the Treasury Select Committee to enlist her support for the regulator getting increased powers to hold accountants to account. The FRC has come under fire for the...
    • 1 Dec 2017
  • Accounting for Mental Health

    Mental health is now one of the biggest threats to public health and thus, inevitably, to our economic health too. It is welcome that a much brighter light has been shone on the issue in recent years, but there is still a long way to go. The recentl...
    • 29 Nov 2017
  • Not Strong, but Stable

    There were low expectations heading into today’s Budget statement. Whilst the Chancellor did manage to provide some modest assurances, we are still lacking the long-term vision that is truly needed. We have been reminded of the fiscal and econo...
    • 22 Nov 2017
  • The Generation Game

    Last week, we launched our report, Intergenerational Fairness: A Survey of Citizens in 10 European Countries. This report has analysed responses from 10,000 Europeans across Bulgaria, the Czech Republic, France, Germany, Greece, Italy, Poland, S...
    • 20 Nov 2017
  • A New Generation of Trailblazers

    We recently received the good news that the Government has approved our assessment plan and funding band for the new Level 7 Trailblazer. As of 1st November, employers have been able to offer this apprenticeship to both new and existing employees. IC...
    • 13 Nov 2017
  • The Challenge of Paradise

    The so-called Paradise Papers have put tax firmly back on the global media and political agenda. Over the last three days, we’ve seen a succession of stories highlighting how individuals and corporations have been able to take advantage of diff...
    • 7 Nov 2017
  • Brand New World

    One of the greatest strengths of our profession is our recognition of the responsibility we hold to the global economy. The current volatility and uncertainty in the world means there is a greater need for business to be prepared than perhaps ever be...
    • 6 Nov 2017
  • Budgeting for Confidence

    Now more than ever, the United Kingdom needs clear leadership from the Chancellor and the Government.  Our country is at a crossroads and the decisions we make now will determine our economic prosperity for generations. With sluggish growth and ...
    • 1 Nov 2017
  • Extended audit reports need support from everyone involved

    Transparency has always been key for investors, so in 2013 when the extended audit report was introduced, it was warmly welcomed. The practice promotes reliability, transparency, and willingness to share perspectives, and it was therefore quickly emb...
    • 17 Oct 2017
  • Updating the framework for prospective financial information

    There are an increasing number of funding options available to businesses of all sizes. Typically, to access this, businesses will be required to prepare high quality, credible prospective information. A framework for preparers, Prospective Financial...
    • 2 Oct 2017
  • Let's not lose sight of what has changed over the last ten years

    The decision by the FRC not to pursue the HBOS investigation has reignited the debate about the role of audit. The intervention of the Treasury Select Committee has understandably increased public awareness of a discussion that has exercised the profession for the last decade; but the high profile, and high feelings, around the case risk obscuring the very real improvements we have been working towards for the last ten…

    • 22 Sep 2017
  • Moving on from the cost of exit

    Tomorrow, the Prime Minister travels to Florence to make a much trailed speech that aims to break the current impasse in the Brexit negotiations. Until we hear what she has to say, we don’t know whether it will be the game changer that many are hoping for. Expectations are currently high, especially given the EU Summit next month which will determine if sufficient progress has been made on the key withdrawal issues to…

    • 21 Sep 2017
  • Tackling the weak links in AML supervision

    In the accountancy sector, unqualified accountants who have a duty to report suspicious activity but aren’t members of a professional body are some of the weakest links in the fight against money laundering and terrorist financing. These unqualified accountants often sit on the perimeter of the profession with their AML activities supervised and monitored by HMRC, an organisation that we know is subject to significant…

    • 11 Sep 2017