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Today’s news in brief – 16/4/2024

The Chartered Institute of Taxation (CIOT) has appointed Charlotte Barbour as president, Nichola Ross Martin as deputy president, and Paul Aplin as vice-president. Barbour, a former ICAS director, emphasises CIOT’s role in promoting good tax policy. Ross Martin, managing director of Tiger Dog Media and Ross Martin Tax Consultancy, and Aplin, a renowned tax writer, bring diverse expertise to their roles. The appointments aim to strengthen CIOT’s commitment to serving the public interest and supporting members’ professional development.

WithumSmith+Brown has resigned as auditor for Trump Media and Technology Group (TMTG) shortly after appointment, citing association concerns. BF Borgers replaces Withum, targeting small and microcap companies. Despite a significant client list, Borgers faces scrutiny for poor inspection records and professional standards issues. Withum’s resignation follows New York’s attorney-general’s investigation into the Trump Organization, leading to fraud indictments. TMTG’s use of Borgers coincides with regulatory scrutiny, highlighting challenges in auditing and corporate governance.

The Institute of Chartered Accountants of Scotland (ICAS) is celebrating a record year with the highest number of annual admissions in its history. Nearly 850 Chartered Accountants (CAs) join the profession, reflecting the qualification’s appeal and strength. ICAS emphasises the CA qualification’s role in advancing careers and business leadership. The ICAS Foundation plays a crucial role in diversifying talent by supporting students from various backgrounds. With increasing admissions and socio-economic diversity, ICAS anticipates continued growth and influence in the accounting profession.

Consilium Chartered Accountants has advised Cofficient on its successful transition to employee ownership, facilitating a smooth process. Cofficient, a provider of Oracle NETSuite and SAP solutions, sells its shareholding to an employee ownership trust. This move aligns with Cofficient’s values of putting people first and empowering employees. The transition ensures continuity and rewards employees’ dedication. Such transitions are increasingly popular in Scotland as founders seek to exit while safeguarding their company’s legacy and supporting their teams’ future.

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