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Image for aqi 2020 frc finds third audits need improvement

Finance | AQI 2020: FRC finds a third of audits need improvement

The Financial Reporting Council (FRC) has branded the level of audit quality in the UK’s top seven firms as ‘unacceptable’, after its annual inspection cycle found a third of the audits reviewed needed improvements.

14 Jul 2020

Auditing

Corporate Governance

Image for blick rothenberg bleak winter follow summer statement

Tax | Blick Rothenberg: Bleak winter to follow summer statement

The chancellor’s moves on job retention bonuses and VAT cuts could be delaying the inevitable failure of many companies, says Blick Rothenberg’s Nimesh Shah

14 Jul 2020

Finance | AQI 2020: KPMG needs faster progress on audit inconsistency

The Financial Reporting Council’s (FRC’s) annual review has criticised KPMG for failing to achieve high audit quality consistently, and called for the firm to make improvements more quickly, including strengthening its culture of challenge

14 Jul 2020

Auditing

Corporate Governance

Image for aqi 2020 ey disappointed results reveal lack challenge

Finance | AQI 2020: EY ‘disappointed’ as results reveal lack of challenge

With a third of its audits failing to hit the top grade, EY has been pulled up by the accountancy watchdog for shortcomings over challenging management assessments of impairments and inadequate oversight of component audit teams

14 Jul 2020

Auditing

Corporate Governance

Image for mps accuse government delaying audit reforms

Finance | MPs accuse government of delaying audit reforms

MPs have hit out at the slow progress of audit reforms, including establishing the successor body to the Financial Reporting Council (FRC), accusing the government of dragging its feet on the changes promised in the wake of a series of high profile corporate failures and industry reviews

14 Jul 2020

Auditing

Audit Regulations

Image for qa vat recoverable electric cars

Tax | Q&A: is VAT recoverable from electric cars?

In our regular Q&A series from Croner Taxwise, VAT advice consultant, Sally Atkins explores whether VAT is recoverable on the purchase of an electric car, and the input tax implications on usage of a green vehicle

14 Jul 2020

Finance | Woolf: same fraud, bigger cakes

From crumbs to corporate collapse, the way fraudsters cook the books has changed little, although the ingredients have become far from immaterial, warns Emile Woolf

13 Jul 2020

Auditing

Corporate Governance

Audit Regulations

Image for covid 19 last day self employment scheme applications

Business | Covid-19: last day for Self Employment scheme applications

This is the final day to apply for the first Self Employment Income Support Scheme (SEISS) grant, taxpayers need to claim before midnight tonight in order to receive their first grant worth 80% of their average trading profits

13 Jul 2020

Business

Companies

Careers

Image for brexit ready campaign launches

Business | ‘Brexit ready’ campaign launches

With under six months to go until the UK leaves the EU, the government has announced a major new public information campaign for businesses, while research from the Institute of Directors (IoD) indicates only a quarter are fully ready for the end of the Brexit transition period

13 Jul 2020

Business

Companies

Image for scotland cut land and buildings transaction tax

Tax | Scotland to cut Land and Buildings Transaction Tax

The Scottish government is to cut the rate of its devolved Land and Buildings Transaction Tax (LBTT) from this week, after Chancellor Rishi Sunak announced a limited time reduction in stamp duty land tax (SDLT), as part of plans to revitalise the housing market

13 Jul 2020

Tax

Property Tax

Tax Compliance

Image for ciot president joins croner tax writing team

Business | CIOT president joins Croner-i’s tax writing team

Glyn Fullelove has been appointed as a senior tax writer at multinational information services company Croner-i as the next phase in a more than thirty year career in tax and finance, Zak Jakubowski reports

10 Jul 2020

Finance | 10 lessons from first virtual year-end close

Facing many challenges, finance departments have been forced to rewrite the year-end playbook on the go, but lessons on priorities, clarity and effective communication can now be applied in the future, says BlackLine’s Andy Bottrill

10 Jul 2020

Business | First arrest over £495K ‘furlough fraud’

A West Midlands man has been arrested in connection with a suspected £495,000 fraud involving the government’s Coronavirus Job Retention Scheme (CJRS), the first such action over potential furlough fraud

10 Jul 2020

Business

Called to Account

| FRC strengthens auditing standard ISA 315

The Financial Reporting Council (FRC) has revised its standard for the identification and assessment of risks of material misstatement in an audit of financial statements, with the aim of introducing a more robust and consistent approach

10 Jul 2020

Auditing

Image for hmrc ceos warning over job retention bonus

Tax | HMRC CEO’s warning over job retention bonus

HMRC CEO Jim Harra has challenged the Chancellor over the Job Retention Bonus Scheme set out in this week’s summer economic update, saying that the £1,000 bonus to be paid to employers who bring back furloughed staff may not be cost effective

10 Jul 2020

Leadership & Management