Today’s news in brief – 27/11/2024
The National Audit Office (NAO) has, for the first time, issued a “disclaimer of audit opinion” on the Whole of Government Accounts (WGA) due to severe local authority audit backlogs. Only 10% of England’s 426 local authorities submitted reliable data, leaving 90% non-compliant or unverified. Comptroller and auditor general Gareth Davies highlighted the challenges in providing assurance for the WGA, which consolidates accounts across 10,000 UK public sector bodies. The ACCA described the situation as alarming, likening it to a corporate audit failure. Davies called for urgent government action to address delays and restore confidence in public sector accounting.
Tax and accountancy firm Kilsby Williams has promoted two employees, Abi Cornford and Phoebe Hughes, to managerial roles and appointed nine new staff members across its business services and tax teams. The firm, which specializes in serving private businesses and SMEs, has achieved a 20% growth in fee income this year. The tax team was strengthened with the addition of manager James Davies and trainee Lewis Sincock. Partner Jonathan Harrhy emphasized the importance of these appointments for preparing the firm for continued growth in 2025. Established in 1991, Kilsby Williams serves clients locally in South Wales and internationally.
A report by Cranfield University and EY reveals a two-year decline in female executive directorships on FTSE 250 boards, down 11% to 42 in 2024. Women now occupy 12% of executive roles, while overall female directorships rose to 42%, driven by non-executive director (NED) positions. Only 10 women are CEOs, down 17% since 2022. Despite meeting Women Leaders Review targets, the gap between NED and executive roles highlights persistent barriers. Professor Sue Vinnicombe stressed the need for workplace changes to support women in top roles and address the “executive gender paradox” that continues to hinder meaningful progress.
A Caba report reveals that 36% of chartered accountants experienced insomnia in the past year, while 74% reported burnout symptoms such as exhaustion and detachment. Chronic stress led 41% to consider leaving the profession, with excessive workloads and work-life imbalances cited as top contributors. Burnout impaired job performance for 45%, and 32% reported financial difficulties. While 54% felt their employers provided sufficient resources, many turned to external professional help or reduced work hours. Caba CEO Cristian Holmes urged accountants to seek support, emphasizing the charity’s confidential mental health services to help those struggling with the high demands of the profession.
