Today’s news in brief – 29/4/2025
Grant Thornton has promoted Sreekanth Gaddamanugu and Dylan Rees to partners within its audit practice. Gaddamanugu, based in Birmingham, will lead and expand the private capital audit team, focusing on mid-market clients and sectors such as automotive and manufacturing. Rees, based in Cardiff, serves a wide variety of mid-market and private equity-backed clients across Wales and the South West. Both partners bring substantial experience and are praised for embodying the firm’s values and commitment to quality. Their appointments align with Grant Thornton’s strategic focus on growth, inclusivity, and talent development across local markets and industry sectors.
Ami Jack has been appointed partner and head of Saffery’s National Tax team, bringing over 20 years’ experience in corporate tax, financial services, and regulatory compliance. She previously led National Tax at Smith & Williamson and worked at a Big Four firm. In her new role, Jack will oversee the firm’s tax knowledge base, risk management, and engagement with policy developments, supporting 25 partners and 400 staff. Under partner Sean McGinness, the team aims to enhance service quality and respond to legislative changes. Jack’s appointment strengthens Saffery’s ability to navigate the evolving tax landscape and serve clients effectively.
The Financial Reporting Council (FRC) has identified persistent issues in UK-listed companies’ digital annual reports, which are submitted using the structured iXBRL format. While progress has been made since mandatory digital reporting began in 2021, companies continue to misuse custom tags, apply irrelevant standards, and design reports poorly for usability. The FRC’s 2024 review, supported by the CODEx project, assessed filings and introduced tools to aid improvements. Enhanced monitoring will accompany its reviews moving forward. The FRC emphasises the importance of digital reporting for investor insight and market transparency and urges companies to improve data quality and accessibility.
The Association of Chartered Certified Accountants (ACCA) has urged the FRC to ensure SME audit standards are proportionate and complexity-focused, rather than based on size. Responding to the FRC’s SME audit consultation, ACCA highlighted challenges facing SME auditors and expressed disappointment over the FRC’s decision not to adopt the IAASB’s ISA for LCE. ACCA has called for scalable standards, improved stakeholder understanding of audits’ value, and further efforts to ensure cost-effectiveness. Input from member roundtables informed ACCA’s response, which advocates for consistent global standards, clarity on FRC’s approach, and collaborative efforts to enhance audit relevance for smaller entities.
