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Image for quality bdo and mazars audits unacceptable says frc

Finance | Quality of BDO and Mazars audits ‘unacceptable’, says FRC

Nearly one in five audits need improvement, with the quality of audit by BDO and Mazars labelled as ‘unacceptable’ by audit regulator's annual inspections

20 Jul 2022

Auditing

Corporate Governance

Image for aqi 2022 pwc raises audit quality after significant investment

Finance | AQI 2022: PwC raises audit quality after significant investment

Big Four firm PwC has addressed a number of audit issues over the past year and has improved the quality of audit work with none requiring significant improvement in annual audit inspections

20 Jul 2022

Auditing

Corporate Governance

Image for aqi 2022 mazars must take urgent action improve audit quality

Finance | AQI 2022: Mazars must take urgent action to improve audit quality

Mazars has been heavily criticised over the quality of its audit work in the latest round of audit inspections by the Financial Reporting Council (FRC) with no progress on last year

20 Jul 2022

Auditing

Corporate Governance

Image for aqi 2022 complexity bdo portfolio led sub standard audits

Finance | AQI 2022: complexity of BDO portfolio led to sub-standard audits

A third of BDO audits inspected by Financial Reporting Council inspectors needed significant improvements with revenue recognition and challenge of management flagged as key problem areas

20 Jul 2022

Auditing

Corporate Governance

Image for recovery loan scheme extended two years

Business | Recovery loan scheme extended for two years

The government has extended the recovery loan scheme for small businesses for a further two years but has added a requirement for a personal guarantee from borrowers

20 Jul 2022

Business

Companies

Image for hmrc revises covid 19 fraud total down ps45bn

Tax | HMRC revises covid-19 fraud total down to £4.5bn

HMRC has revised estimates of total losses to covid grants such as the furlough scheme putting the likely figure at £4.5bn, down from the original £5.8bn

20 Jul 2022

Business | Hawksford acquires two global trust firms

Global corporate, private client and fund services provider, Hawksford, has acquired Dublin-based Pearse Trust and Mauritius-based Griffon Solutions

20 Jul 2022

Leadership & Management

Image for inflation rate hits 40 year high 94

Business | Inflation rate hits 40-year high of 9.4%

The rate of inflation rose by 9.4% in the 12 months to June 2022, up from 9.1% in May as price rises were hit by rising fuel and food prices

20 Jul 2022

Business

Companies

Accountancy Firms

Image for two thirds tax agents critical hmrc helpline

Tax | Two thirds of tax agents critical of HMRC helpline

Confidence in the quality of the tax agents dedicated helpline has fallen to 36% over the past year as HMRC service levels have declined post pandemic

19 Jul 2022

Tax

HMRC

Tax Compliance

Image for frc tells audit firms prevent exam cheating risk

Business | FRC tells audit firms to prevent exam cheating risk

The Financial Reporting Council (FRC) has written to the major audit firms to find out what action they are taking to prevent cheating at professional exams

19 Jul 2022

Business

Accountancy Firms

Careers

Leadership & Management

Image for second payment account tax due 31 july

Tax | Second payment on account tax due 31 July

Individuals who fill in a self-assessment tax returns and owe more than £1,000 in tax need to pay their latest instalment by 31 July

19 Jul 2022

Tax

Personal Tax

Tax Compliance

Image for begbies traynor reports record ps110m revenue

Business | Begbies Traynor reports record £110m revenue

Restructuring specialists Begbies Traynor has reported strong performance with results ahead of expectations as revenue hits £110m

19 Jul 2022

Business

Companies

Accountancy Firms

Restructuring & Insolvency

Image for fca fines tjm partnership ps2m over cum ex trading

Tax | FCA fines TJM Partnership £2m over cum-ex trading

The Financial Conduct Authority (FCA) has fined the TJM Partnership Limited (in liquidation) £2,038,700 for failing to ensure it had effective controls to identify tax evasion and money laundering

19 Jul 2022

Tax | Q&A: VAT on commissions and referral fees

In this week’s Q&A, Croner-i VIP VAT consultant Phuong Nguyen considers the various tax requirements for independent financial advisers when charging commission

19 Jul 2022

Tax

VAT

Image for court winds online broker after misleading investors

Business | Court winds up online broker after misleading investors

A company purportedly trading as an online investment broker was wound up in the court after falsely claiming to be regulated before misleading investors

19 Jul 2022

Business

Called to Account

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Business | Digitalisation: how accountants can keep ahead of the game

The pandemic has forced quick digital transformation and adoption of new technology across the sector to ensure business continuity. John Edwards, CEO of the Institute of Financial Accountants (IFA) examines the impact on accountants

18 Jul 2022

Business | Grant Thornton fined £1.3m for Sports Direct audit

Mid-tier audit firm Grant Thornton has been issued with a £1.3m sanction over problems with audits of Sports Direct International for 2016 and 2018

18 Jul 2022

Business

Accountancy Firms

Called to Account

Image for pension fraudsters jailed over ps20m scam

Business | Pension fraudsters jailed over £20m scam

Two sham pension ‘advisers’ have been imprisoned for a pension fraud worth over £20m which caused many of the victims to lose their entire pensions

18 Jul 2022

Business

Called to Account

Image for nearly half smes plan cut overheads

Business | Nearly half of SMEs plan to cut overheads

Three quarters (75%) of SMEs are focusing on improving their customer relations and services as the economic situation creates challenges, but pressure on cashflow is growing

18 Jul 2022

Business

Companies

Accountancy Firms

Image for how register professional tax agent

Tax | How to register as a professional tax agent

HMRC has issued guidance about how to register as a professional tax agent, outlining the steps to take

18 Jul 2022

Tax

HMRC

Tax Compliance

| EY launches virtual internal auditor tool

EY has made a move into tech tools with the launch of EY Virtual Internal Auditor (VIA), a digital platform which provides an overview of an organisation’s risks across their audit processes

18 Jul 2022

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Tax Services

Latest news

Finance | Quality of BDO and Mazars audits ‘unacceptable’, says FRC

Finance | AQI 2022: PwC raises audit quality after significant investment

Finance | AQI 2022: Mazars must take urgent action to improve audit quality

Finance | AQI 2022: complexity of BDO portfolio led to sub-standard audits

Business | Recovery loan scheme extended for two years

Tax | HMRC revises covid-19 fraud total down to £4.5bn

Business | Hawksford acquires two global trust firms

Business | Inflation rate hits 40-year high of 9.4%

Tax | Two thirds of tax agents critical of HMRC helpline

Business | FRC tells audit firms to prevent exam cheating risk

Tax | Second payment on account tax due 31 July

Business | Begbies Traynor reports record £110m revenue

Tax | FCA fines TJM Partnership £2m over cum-ex trading

Tax | Q&A: VAT on commissions and referral fees

Business | Court winds up online broker after misleading investors

Business | Digitalisation: how accountants can keep ahead of the game

Business | Grant Thornton fined £1.3m for Sports Direct audit

Business | Pension fraudsters jailed over £20m scam

Business | Nearly half of SMEs plan to cut overheads

Tax | How to register as a professional tax agent

| EY launches virtual internal auditor tool