Opinion

FRC fines KPMG £690k over auditor independence breach

The FRC has fined KPMG £690,625 for breaching auditor independence rules in its 2021 audit of Carr’s Group by relying on work carried out by a non-network component auditor.  The UK accounting regulator also imposed a £38,675 fine on KPMG’s audit engagement partner Nick Plumb, who was the statutory auditor…

Read More »

ICAEW audit report finds 67% of work of good or acceptable quality

The ICAEW has revealed its quality assurance team visited 401 firms and reviewed work on 790 audits in the year and found 67% of those audits were rated as either good or generally acceptable. The work is selected as those likely to be the firms’ most complex or challenging audits…

Read More »

How apprenticeships are reshaping talent in accountancy

Apprenticeships have long been seen as a practical alternative to university, but in the accounting industry, they are becoming an essential pipeline for talent. With the government’s recent announcement of 10,000 additional apprenticeship opportunities and efforts to remove bureaucratic barriers, the conversation about vocational training is gaining momentum.  Industry leaders…

Read More »

The importance of the competent professional in R&D tax claims

Helping your clients identify the right person in a business to champion their research and development (R&D) tax relief claims is crucial for success.At the heart of the R&D requirements is the concept of the “competent professional” which has become an increasingly important factor in claims. The issue was put…

Read More »

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…

Read More »

NAO refuses to sign off gov accounts over ‘severe’ council audit backlogs

The National Audit Office (NAO) has refused to sign off this year’s government accounts over “severe” backlogs in local authority audits that have resulted in missing data.  For the first time, the NAO announced a “disclaimer of audit opinion” on the latest Whole of Government Accounts (WGA). The WGA, based…

Read More »

Budget attack on IHT ‘could harm the economy’, Hurst says

Entrepreneurs could be driven away from the UK if the Labour government “attacks business relief” on inheritance tax in the autumn budget, according to Hurst tax expert Karen Chadwick. Her warning follows PM Sir Keir Starmer’s admission that the budget, scheduled for Wednesday 30 October, would be “painful”. While Labour…

Read More »

Leveraging data analytics for strategic financial decision making

In today’s business landscape, data analytics has emerged as a transformative tool, reshaping the way organisations approach strategic financial decision-making. The increasing availability of data, combined with advancements in analytics technologies, enables companies to derive actionable insights, enhance their financial strategies, and maintain a competitive edge.  By harnessing the power…

Read More »

R&D risk for accountants has increased: what you need to know

Regulations around research and development (R&D) submissions are evolving, including a new requirement for accountants to include their name on clients’ R&D claim submissions. The requirement, which has been in place since August 8 2023, means accountants have had to take a degree of responsibility for client claims, something which…

Read More »

Chartered IIA to launch new Internal Audit Code to improve corporate governance

The Chartered Institute of Internal Auditors (Chartered IIA) has announced an overhaul of its two Codes of Practice (for financial services and non-financial services), that aims to deliver a stronger internal audit profession to support efforts to improve audit and corporate governance. A draft version of a new combined Internal…

Read More »