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A selection of the latest accounting news and blog posts.
Why is the UK behind on insolvency reform? The key proposals for the UK's insolvency regime include a new moratorium, a new restructuring plan and the prohibition of terminating suppliers' contracts on insolvency grounds. Also detailed were proposals to strengthen the UK's corporate governance framework, though these were only at the outline stage.
Stockton accountancy firm celebrates first anniversary with mayor A growing Stockton accountancy company has celebrated its first year with the town's mayor. Guidon Group was set up by practice partners Tony McNally and Kathryn Barnes. Since then it has steadily grown and now employs an additional three part-time staff as it takes on new clients from across Teesside and the North East.
Big Four audit conflicts One needs to go little further into the detail to discover that this will only apply to FTSE 350 and large unlisted public interest entity audit clients. We must all applaud a decision that should help make the profession look a little more respectable, given recent high-profile disasters such as Carillion.
Funding Expert Tips from Grant Thornton, Oxford Innovation, Xero and Spotcap In the recent Access to Finance webinar, experts from Grant Thornton, Oxford Innovation, Xero and Spotcap shared their top tips. Plan ahead. How do you know when your client needs funding?
KPMG, Deloitte and the audit dilemma KPMG has made the decision to stop providing any non-audit services for FTSE 350 clients, unless it is essential; Deloitte has followed suit. It has been reported that KPMG's latest annual figures secured through working with FTSE 350 clients considered of £198m in audit fees and £79m in non-audit fees.
Five things internal audit must provide in 2019 At the Metric Stream Governance Risk and Compliance Summit held in London this week, Mazars' partner of internal audit and risk management Matt Dalton laid out his vision for the future. "The impact the volatility and speed of change is having on internal audit is profound," he said.
Reaction to Budget: the public sector With insufficient political leeway to raise the headline rates of income tax or VAT, corporation tax held low to encourage industry wary of the consequences of Brexit, and commitments to keep fuel duty and some alcohol duties frozen, the chancellor has mostly chosen to live within his means than to engage in significant tax-raising measures.
Accountancy firm appoints trainees as it looks to capitalise on successful year A Newport-based accountancy firm has appointed additional trainees as it continues to grow its client base amid consecutive years of success. HSJ Accountants has appointed Karen Yumol, Mollie Jones to its accounts department, and Bryony Hughes to its tax department, who join Elena Harris, Matt Jones and Demi Hurley on HSJ's training programme.
Grant Thornton respond to CMA review It is notable that changes have resulted in an increase in companies switching auditor with more regularity. However, Grant Thornton has pointed out that this switching has mainly been limited to the Big Four, thus not generating as much effective change as is needed in the industry.
Finance bill changes 'devastating for young farmers' This will be very bad news for young farmers. "If the Bill is not amended to address these issues it will turn the Young Farmers stamp duty relief from being a relatively simple relief into a massively complicated one which will not be kind to the up and coming new generation of farmers.
Yorkshire accountancy with a difference branches out into commercial finance Yorkshire-based accountancy firm Bohoruns have expanded their business offer, by branching out into the commercial finance sector.
How the Big Four accountancy firms have become guardians of greed They signed off the accounts of the banks which collapsed, failed to raise the alarm over BHS and Carillion and helped firms avoid tax on an industrial scale. If you want to know why capitalism has such a bad reputation you need to look at the very people supposedly responsible for policing it.
What is the future of audit? As the CMA prepares to release its study on the market for statutory audit, we look at the options for change which are getting more support from professional bodies and industry insiders.
BDO appoints new audit partner for charities BDO has appointed Jill Halford as a new audit partner for its not-for-profit section. She has extensive knowledge of reporting under UK GAAP and Charities SORP and she has taken part in extensive speaking engagements on the topic of building public trust in the charity sector.
World Congress of Accountants: Learning for the future In his final dispatch from the World Congress of Accountants, Alan Nelson reports on the ACCA's presentation of its new research report, Learning for th.
CASS 7 for Designated Investment Firms - Client Money Reconciliations - Menzies One of the most time intensive requirements of being authorised by the FCA is completing Client Money Calculations. These are essential to ensure that if anything were to go wrong, clients' money is always protected.
Who should pay for Carillion? You, like me, may have been less than impressed by Philip Hammond as he stood at the dispatch box cracking bad jokes while announcing that the nation would graciously provide some extremely worthy causes and others rather more questionable with relatively insignificant allocations of government funds.
Five reasons why your IFRS 9 project may have already failed Finastra's Nitin Iyer details some of the signs to look out for if you want to know why your IFRS 9 project hasn't been as successful as hoped.
Cheshire accountancy firm invests in new IT infrastructure ready for new government scheme Congleton and Stoke based accountancy firm Paul Austen Associates has heavily invested in a new computer system in preparation for the 'Making Tax Digital' initiative by HMRC.
KPMG stops consultancy for audit clients These are external links and will open in a new window. Accountancy firm KPMG has said it will no longer do consultancy work for the UK's biggest companies if it is also auditing them. The firm's chairman said the move was to "remove even the perception of a possible conflict" of interest.
Why the Big Four give audits a bad name And the role of the profession in scandals such as Carillion has led many to question the social utility of the audit function altogether, particularly the services and oversight provided by the so-called Big Four. Challenges in the media industry.
World Congress of Accountants: Can accountants save the planet? In his final dispatch from the World Congress of Accountants down under in Sydney, Alan Nelson explores the pressing issue of climate change and how account.
KPMG forced to halt working as auditor for top British companies Accountants KPMG will stop doing consulting work for top British companies where it is the auditor to avoid conflicts of interest following a string of scandals. It audits 90 FTSE 350 companies and is the first of the 'Big Four' - Deloitte, KPMG, E&Y and PwC - to take this step.
Accountancy firm announces launch of third office Home / Yorkshire / News / Accountancy firm announces launch of third office A Yorkshire accountancy firm has announced the opening of a third office in Skipton. DSC Accountants was founded in Harrogate in the 1960's and opened its second office in Leeds in 2016.
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