ICAEW Insights
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In this podcast series from the Institute of Chartered Accountants in England and Wales, a panel of guests dissect the latest headlines and provide expert analysis on the top stories from across the world of business, finance and accountancy.
Available episodes
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Nov 6, 2023
ICAEW Insights: ICAEW/CIPFA dual membership, cyber security trends, and economic renewal
The ICAEW Insights podcast explores the month’s top stories in accountancy.
In this episode, we explain how ICAEW members can apply for dual membership with the Chartered Institute of Public Finance and Accountancy (CIPFA). We also discuss the key points and learnings from this year’s Cyber Security Awareness Month and hear how ICAEW’s Resilience and Renewal campaign is progressing.
Philippa Lamb is joined by Will Holt, Managing Director of Education and Training; Bani Lamba, Data Analytics and Tech Manager; and Suren Thiru, Economies Director.
*Links*
* ICAEW: Dual membership expression of interest form: https://www.icaew.com/about-icaew/who-we-are/accelerated-route-to-gain-aca-and-cpfa-designation-and-dual-membership
* Current route for ICAEW members to join CIPFA: https://www.cipfa.org/join/joining-from-another-membership-organisation
* ICAEW Cyber Security Awareness Month 2023 hub: https://www.icaew.com/technical/technology/cyber-security/cybercrime-awareness-month
* ICAEW Resilience and Renewal hub: https://www.icaew.com/technical/economy/resilience-and-renewal
*Host*
Philippa Lamb
*Guests*
* Will Holt, Managing Director, Education and Training, ICAEW
* Bani Lamba, Data Analytics and Tech Manager, ICAEW
* Suren Thiru, Director, Economies, ICAEW
*Producer*
Natalie Chisholm
Episode first published: 3 November 2023
Podcast recorded: 26 October 2023
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Oct 27, 2023
ICAEW Insights In Focus: How to build a workforce of the future
In this Insights In Focus episode, we explore strategies to expand and upskill Britain’s workforce.
Low unemployment is currently twinned with high vacancies, leading to a tight labour market. One cause is an increase in the number of economically inactive. And ICAEW’s Business Confidence Monitor has flagged a lack of non-management skills as an escalating challenge for the nation’s employers.
So, how can we tackle these big, structural problems in the economy? Host Philippa Lamb discusses possible solutions with Suren Thiru, ICAEW Economies Director; Dan Lucy, HR Research and Consulting Director at the Institute for Employment Studies; and April Homer, Chief People Officer at accountancy practice Cooper Parry.
Links
ICAEW Resilience and Renewal hub
https://www.icaew.com/technical/economy/resilience-and-renewal
ICAEW Business Confidence Monitor
https://www.icaew.com/technical/economy/business-confidence-monitor
Host
Philippa Lamb
Guests
Suren Thiru, Director, Economies, ICAEW
Daniel Lucy, Director, HR Research and Consulting, Institute for Employment Studies
April Homer, Chief People Officer, Cooper Parry
Producer
Natalie Chisholm
Episode first published: 27 October 2023
Podcast recorded: 18 October 2023
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Oct 5, 2023
ICAEW Insights: Building a resilient economy, plus self assessment deadlines
In this episode, we discuss a new content series recently launched by ICAEW: ‘Resilience and renewal: building an economy fit for the future’.
The campaign explores the main challenges facing the UK economy and how chartered accountants are integral in addressing them. Plus, we share key deadlines for those filing self assessment returns and the penalties that may be handed down should they be missed.
Philippa Lamb is joined by ICAEW’s Suren Thiru, Economies Director, and Mei Lim Cooper, Technical Manager, Personal Tax.
*Links*
* Resilience and renewal: building an economy fit for the future: https://www.icaew.com/technical/economy/resilience-and-renewal
* UK Regions: Economic Summit (9 November 2023): https://events.icaew.com/pd/27584/uk-regions-economic-summit-9-november-2023
* Self assessment registration deadline approaches: https://www.icaew.com/insights/tax-news/2023/sep-2023/self-assessment-registration-deadline-approaches
*Host*
Philippa Lamb
*Guests
*
* Suren Thiru, Director, Economies, ICAEW
* Mei Lim Cooper, Technical Manager, Personal Tax, ICAEW
*Producer*
Natalie Chisholm
Episode first published: 6 October 2023
Podcast recorded: 29 September 2023
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Sep 28, 2023
ICAEW Insights In Focus: Why do good people do bad things?
In this Insights In Focus episode, we discuss professional ethics and seek to answer the age-old question: why do good people do bad things?
Accountants are increasingly acting as an ethical compass for their employers and clients. It’s a natural fit for a profession that has a deep understanding of business and a professional duty to act in the public interest, but it’s also a weighty responsibility where situations aren’t always black-and-white.
To discuss how accountants can best inhabit this role, as well as ensuring they are acting ethically themselves, host Philippa Lamb is joined by Laura Hough, ICAEW director of trust and ethics, and Christopher Cowton, emeritus professor at the University of Huddersfield and associate of the Institute of Business Ethics.
*Links *
* ICAEW Ethics hub: https://www.icaew.com/technical/trust-and-ethics/ethics
* ICAEW technical and ethics support: https://www.icaew.com/membership/support-throughout-your-career/technical-and-ethics-support
* ICAEW Continuing Professional Development: https://www.icaew.com/membership/cpd
*Host*
Philippa Lamb
*Guests*
* Laura Hough, director, trust and ethics, ICAEW
* Christopher Cowton, emeritus professor, University of Huddersfield; associate, Institute of Business Ethics
*Producer*
Natalie Chisholm
Episode first published: 29 September 2023
Podcast recorded: 11 September 2023
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Sep 8, 2023
ICAEW Insights: VAT exemptions for private schools and final CPD update
The ICAEW Insights podcast explores the month’s top stories in accountancy.
In this episode, we discuss Labour’s proposals for removing VAT exemptions from private schools and the disagreement over just how much money it would raise for the public purse. Plus, in our final CPD update before the new regulations come into force on 1 November, we answer ICAEW members’ most frequently asked questions.
Philippa Lamb is joined by ICAEW’s Ed Saltmarsh, Technical Manager, and Liz Shaw, Senior Manager, Professional Standards.
*Links*
* ICAEW TAXline: https://www.icaew.com/technical/tax/tax-faculty/taxline
* ICAEW: Would removing the VAT exemption for private schools make VAT simpler?: https://www.icaew.com/technical/tax/tax-faculty/taxline/2023/articles/would-removing-the-vat-exemption-for-private-schools-make-vat-simpler
* ICAEW Continuing Professional Development: https://www.icaew.com/membership/cpd
* ICAEW CPD learning resources: https://www.icaew.com/membership/cpd/cpd-resources
*Host*
Philippa Lamb
*Guests*
* Ed Saltmarsh, Technical Manager, ICAEW
* Liz Shaw, Senior Manager, Professional Standards, ICAEW
*Producer*
Natalie Chisholm
Episode first published: 8 September 2023
Podcast recorded: 4 September 2023
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Sep 1, 2023
ICAEW Insights In Focus: The PM’s pledges: where are we now?
In this Insights In Focus episode, we analyse the health of the UK economy through the lens of the Prime Minister’s pledges for 2023.
Back in January, Prime Minister Rishi Sunak made five pledges for the year ahead. Three of those related to indicators of economic and fiscal health: halving inflation, stimulating growth, and reducing the national debt. With 2024 rapidly approaching, how is the Prime Minister faring in meeting his goals?
Host Philippa Lamb is again joined by Iain Wright, Managing Director, Reputation and Influence, at ICAEW, and Frances Haque, Chief Economist at Santander UK, to discuss the key issues.
*Links*
* ICAEW Economy hub: https://www.icaew.com/technical/economy
*Host*
Philippa Lamb
*Guests*
* Iain Wright, Managing Director, Reputation and Influence, ICAEW
* Frances Haque, Chief Economist, Santander UK
*Producer*
Natalie Chisholm
Episode first published: 1 September 2023
Podcast recorded: 29 August 2023
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Aug 11, 2023
ICAEW Insights: ISSB standards, E-Commerce Trade Commission, and CPD update
The ICAEW Insights podcast explores the month’s top stories in accountancy.
In this episode, we discuss the contents of the International Sustainability Standards Board’s first two published standards; ICAEW’s role in the newly launched E-Commerce Trade Commission; and firms’ responsibilities under new CPD regulations launching 1 November 2023.
Philippa Lamb is joined by Sally Baker, Head of Corporate Reporting Strategy; Ed Saltmarsh, Technical Manager; and Sophie Wales; Head of Regulatory Affairs.
*Links*
* ICAEW non-financial reporting hub: www.icaew.com/nfr
* ICAEW: By All Accounts: www.icaew.com/byallaccounts
* ICAEW Corporate Reporting Faculty: www.icaew.com/joincrf
* ICAEW joins newly formed E-Commerce Trade Commission: www.icaew.com/insights/tax-news/2023/jun-2023/icaew-joins-newly-formed-e-commerce-trade-commission
* ICAEW: CPD is changing: www.icaew.com/membership/cpd/cpd-is-changing
* ICAEW: Firm responsibilities for revised CPD Regulations: www.icaew.com/membership/cpd/cpd-is-changing/firm-responsibilities-for-revised-cpd-regulations
* ICAEW webinar - CPD is changing, is your firm ready?: https://events.icaew.com/pd/27422/cpd-is-changing-is-your-firm-ready?pk_vid=74016cd0fb237a4716914827100e0ced
*Host*
Philippa Lamb
*Guests*
· Sally Baker, Head of Corporate Reporting Strategy, ICAEW
· Ed Saltmarsh, Technical Manager, ICAEW
· Sophie Wales, Head of Regulatory Affairs, ICAEW
*Producer*
Natalie Chisholm
Episode first published: 11 August 2023
Podcast recorded: 4 August 2023
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Jul 28, 2023
ICAEW Insights In Focus: Commercial property - economic bellwether or laggard?
In this Insights In Focus episode, we analyse the UK’s current economic turbulence through the lens of the commercial property sector.
With capital values down 15% in the last year, has bricks and mortar lost its attractiveness to investors? And, with inflation remaining stubbornly persistent, what do trendlines in the sector tell us about the UK economy as a whole?
Host Philippa Lamb is joined by Suren Thiru, Director of Economies at ICAEW, and Mat Oakley, Head of European commercial research at Savills, to discuss the key issues.
*Links*
* ICAEW Business Confidence Monitor: https://www.icaew.com/technical/economy/business-confidence-monitor
* ICAEW Commercial Property hub: https://www.icaew.com/technical/business/business-start-up-and-finance/commercial-property
* ICAEW Economy hub: https://www.icaew.com/technical/economy
*Host*
Philippa Lamb
*Guests*
* Suren Thiru, Director, Economies, ICAEW
* Mat Oakley, Head of European commercial research, Savills
*Producer*
Natalie Chisholm
Episode first published: 28 July 2023
Podcast recorded: 24 July 2023
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Jul 7, 2023
ICAEW Insights: Digitalisation and gender bias in tax, plus CPD update
The latest ICAEW Insights podcast shares the month’s top stories in accountancy.
This episode analyses the tax system from two different angles: progress made in digitalisation and towards gender equality. Plus, details of changes to ICAEW member CPD are explored ahead of their November live date.
Philippa Lamb learns more from ICAEW experts Caroline Miskin, Senior Technical Manager, Digital Taxation; Anita Monteith, former Head of Tax Policy; and Debbi Francis, Head of Member Service Centre.
*Links*
* ICAEW TAXline: https://www.icaew.com/technical/tax/tax-faculty/taxline
* TAXline feature - does tax policy reflect gender?: https://www.icaew.com/technical/tax/tax-faculty/taxline/2023/articles/does-tax-policy-reflect-gender
* TAXline feature - policymaking for a digitally advanced tax administration: https://www.icaew.com/technical/tax/tax-faculty/taxline/2023/articles/policymaking-for-a-digitally-advanced-tax-administration
* ICAEW CPD is changing: https://www.icaew.com/membership/cpd/cpd-is-changing
*Host*
Philippa Lamb
*Guests*
* Caroline Miskin, Senior Technical Manager, Digital Taxation, ICAEW
* Anita Monteith, former Head of Tax Policy, ICAEW
* Debbi Francis, Head of Member Service Centre, ICAEW
*Producer*
Natalie Chisholm
Episode first published: 7 July 2023
Podcast recorded: 4 July 2023
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Jun 29, 2023
ICAEW Insights In Focus: can SMEs keep up with ESG?
In this Insights In Focus episode, we explore how the introduction of sustainability assurance, both voluntary and mandatory, is affecting firms of all sizes.
Back in April 2022, the UK became the first G20 nation to bring recommendations from the Task Force on Climate-related Financial Disclosures (TCFD) into law. TCFD requirements only apply to the UK’s largest organisations, but many SMEs are facing pressure from stakeholders to follow suit. And as the sustainability of entire supply chains comes under greater scrutiny, that pressure is only set to intensify.
So, how are firms navigating sustainability assurance at a time of economic instability and tight margins? And what role will accountants play in the transition to wider forms of reporting and disclosure?
Host Philippa Lamb discusses the issues with Richard Spencer, ICAEW Director of Sustainability; Heather Buchanan, Cofounder of Bankers for Net Zero; and Vandana Saxena Poria, ICAEW adviser and member of the B20 Action Council for ESG in Business.
*Links*
* ICAEW Sustainability hub: https://www.icaew.com/technical/sustainability
* ICAEW Sustainability and Climate Change community: https://www.icaew.com/groups-and-networks/communities/sustainability-and-climate-change
*Host*
Philippa Lamb
*Guests*
* Vandana Saxena Poria, ICAEW adviser and B20 Action Council for ESG in Business
* Heather Buchanan, Cofounder, Bankers for Net Zero
* Richard Spencer, Director of Sustainability, ICAEW
*Producer*
Natalie Chisholm
Episode first published: 30 June 2023
Podcast recorded: 27 June 2023
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Jun 16, 2023
How can tax design better deliver tax policy?
In this special Insights In Focus episode, we discuss the changes to tax architecture and design that may strengthen the UK’s national bargain as economic turbulence continues.
The national bargain – the broad agreement that taxation is a fair exchange for the provision of public services – has fluctuated over time. Most recently, polling by YouGov found the prevailing attitude among the British public is one of fiscal tightening. However, following unprecedented financial support during the pandemic and cost-of-living crisis, the tax burden is set to continue rising until 2027/28.
That leaves the government with a difficult conundrum: how can it meet people’s expectations around fiscal policy while paying down its debt at a time of slow economic growth?
To explore the best use of tax architecture and design, host Bronwen Maddox is joined by Bill Dodwell, Tax Director at the Office of Tax Simplification; Helen Miller, Deputy Director at the Institute for Fiscal Studies; and…
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Jun 8, 2023
ICAEW Insights: Cyber security, taxing green travel and public finances
On the latest ICAEW Insights podcast, we explore the month’s key developments in accountancy.
This episode discusses the findings of the government’s Cyber Security Breaches Survey, how hybrid working is affecting the taxation of greener forms of transport, and the release of public finance figures for April 2023.
Philippa Lamb goes beyond the headlines with Ian Pay, Head of Data Analytics and Tech, ICAEW; Steve Wade, Partner in People Advisory Services, EY; and Martin Wheatcroft, ICAEW adviser and Fellow.
*Links*
* ICAEW: Cyber security: How to keep your organisation safe and secure online: https://www.icaew.com/technical/technology/cyber-security/cyber-security-guidance/cyber-security-how-to-keep-your-organisation-safe-and-secure-online
* ICAEW May cyber round-up: https://www.icaew.com/insights/viewpoints-on-the-news/2023/may-2023/ICAEW-May-cyber-roundup
* ICAEW: Incentivising green travel in a hybrid working world: https://www.icaew.com/technical/tax/tax-faculty/taxlin…
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May 25, 2023
ICAEW Insights In Focus: Managing talent in a hybrid world
In this Insights In Focus episode, we discuss best practice in hiring, training and safeguarding talent under hybrid working.
It has been more than three years since the pandemic saw office workers decamp to living rooms, kitchens and bedrooms, upending decades of established working practices. Now, hybrid working is the norm and considered essential in recruiting and retaining staff.
While the rapid pace of change may have slowed, organisations are still grappling with how talent and people management practices must evolve to accommodate the new normal. How can staff be inducted, upskilled and safeguarded when physically dispersed?
To learn more, host Philippa Lamb is joined by those leading the way forward: Nick Bishop, partner at BKL; Kevan Hall, CEO at Global Integration; and Jo Ludlam, Senior Manager in change management at Deloitte.
*Links*
* ICAEW Attractiveness of the profession hub: https://www.icaew.com/about-icaew/who-we-are/attractiveness-of-the-profession
*Host*
P…
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May 5, 2023
ICAEW Insights: VAT at 50, TAM Day and engaging in public practice
On the latest ICAEW Insights podcast, we discuss the month’s key developments in accountancy.
This episode examines VAT as the tax reaches its 50th birthday, announcements made by the government at Tax Administration and Maintenance Day on 27 April, and upcoming changes to ICAEW’s statement on engaging in public practice.
Philippa Lamb is joined by the experts at ICAEW to learn more: Ed Saltmarsh, Technical Manager; Anita Monteith, Head of Tax Policy; and Christopher Greenhalgh, Manager, Quality Assurance Department.
*Links*
* ICAEW event: VAT at 50 – where next?: https://events.icaew.com/pd/26356/vat-at-50-where-next
* ICAEW: Happy birthday, VAT: https://www.icaew.com/insights/tax-news/2023/mar-2023/happy-birthday-vat
* ICAEW: VAT as a digital tax: HMRC needs a roadmap: https://www.icaew.com/insights/viewpoints-on-the-news/2023/mar-2023/vat-as-a-digital-tax-hmrc-needs-a-roadmap
* ICAEW: Tax administration and maintenance day: summary of announcements: https://www.ica…
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Apr 28, 2023
ICAEW Insights in Focus: Getting SME investment back on track
In this Insights In Focus episode, we discuss the obstacles and incentives to SME investment.
In recent years, a string of crises and ongoing economic uncertainty has dampened investment across the board. Office for National Statistics figures show that business investment remains lower than pre-pandemic levels and fell 0.2% in Q4 2022.
The March Budget attempted a shot in the arm by announcing three years’ capital expensing, but questions remain over whether SMEs can access the finance they need to make their investment plans a reality.
Host Philippa Lamb is joined by Simon Gray, ICAEW Head of Business, and executives from three tech-intensive SMEs: Adam Lauffer, Deputy CEO of Doddle; Tanuvi Ethunandan, CEO of Data Duopoly; and Ciaran Burke, COO of Swoop.
*Links*
* ICAEW Small and Micro Business Community: https://www.icaew.com/groups-and-networks/communities/small-and-micro-business-community
* ICAEW Insights Special: Cost of doing business: https://www.icaew.com/technical…
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Apr 21, 2023
ICAEW Insights In Focus: Ageing population – a public finance timebomb?
In this special Insights In Focus episode, we discuss how the UK’s changing demographics are having an impact on public finances and policymaking.
The latest census revealed that almost a quarter of the UK’s population is now aged 60 or over. Meanwhile, recent research claims NHS spending will have to increase yearly by 3% to meet demand. There’s also a growing need to lay out plans for funding effective adult social care.
Finding politically sensitive and financially viable solutions is made all the more challenging by the impact of successive crises on public finances and the UK economy. How can the government meet this growing demand for services when it is committed to restricting spending?
To discuss the options available to policymakers, host Bronwen Maddox is joined by David Miles, Professor of Financial Economics at Imperial College and member of the Budget Responsibility Committee at the Office for Budget Responsibility; Carl Emmerson, Deputy Director of the Institute…
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Apr 5, 2023
ICAEW Insights: ChatGPT, corporation tax and FRED 82
On the latest ICAEW Insights podcast, we examine how recent developments are affecting the accountancy profession.
This month, we discuss the responsible use of generative artificial intelligence tools such as ChatGPT; the impact of rising corporation tax and changing R&D credits; and how to get involved in the FRED 82 consultation on UK GAAP.
Philippa Lamb is joined by the experts at ICAEW to learn more: Sally Baker, Head of Corporate Reporting Policy; Lindsey Wicks, Technical Editor; and John Pearce, Director of Digital and Publishing.
*Links*
· ChatGPT and accountancy: know its limits | ICAEW
· Corporation tax rate to increase to 25% from 1 April 2023 | ICAEW
· What is happening in the world of R&D tax relief? | ICAEW
· ICAEW responds to proposed merger of R&D schemes | ICAEW
· Budget for growth: ICAEW's Tax Faculty assesses key measures | ICAEW
· Key measures in Spring Finance Bill 2023 | ICAEW
· TAXline | ICAEW
· Periodic review of UK GAAP | ICAEW
· By All Acc…
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Mar 31, 2023
ICAEW In Focus: What's the problem with local audit?
In this Insights In Focus episode, we discuss the effectiveness of local authority audit and assurance.
Many local authorities are facing a difficult financial situation, with pressure to deliver services at a time of stretched resources. There are also questions regarding the timely delivery and usefulness of their audited accounts – and whether councillors require financial training to support decision making.
Host Philippa Lamb discusses the issues with Meg Hillier MP, Chair of the Public Accounts Committee; James Jamieson, Chair of the Local Government Association; and Alison Ring, Director of Public Sector and Taxation at ICAEW.
*Links*
* ICAEW public sector hub: https://www.icaew.com/technical/public-sector
* ICAEW Public Sector Community: https://www.icaew.com/groups-and-networks/communities/public-sector
* ICAEW vision for local audit: https://www.icaew.com/technical/public-sector/public-sector-audit-and-assurance/uk-public-sector-audit/icaew-vision-for-local-audit…
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Mar 16, 2023
ICAEW Insights: Budget 2023 - a hope or hindrance for business?
On the latest ICAEW Insights podcast, we explore the contents of the 2023 Spring Budget and the likely impacts on UK businesses and the work of finance professionals alike.
Coming only five months after Chancellor Jeremy Hunt’s Autumn Statement, which hastily course-corrected from September 2022’s ‘fiscal event’, the Spring Budget was expected to be a quieter affair.
Going beyond the headlines, host Iain Wright is joined again by Frances Haque, Chief Economist at Santander UK, and David Williamson, Political Editor at the Sunday Express, to discuss Wednesday’s announcements.
*Links*
* ICAEW Spring Budget 2023 hub
*Host*
Iain Wright
*Guests*
* David Williamson, Political Editor, Sunday Express
* Frances Haque, Chief Economist, Santander UK
*Producer*
Natalie Chisholm
Episode first published: 17 March 2023
Podcast recorded: 16 March 2023
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Mar 2, 2023
ICAEW Insights In Focus: How accountancy can win the talent war
In this ‘Insights In Focus’ episode, we discuss ways to attract and retain talent in the accounting profession.
Last year saw the UK accountancy sector’s graduate intake fall for the first time since 2008. Meanwhile, job applications across the sector fell by more than a third, compared with 2021.
While the numbers have coincided with significant economic challenges, questions remain about how accountancy is perceived as a profession – and, in particular, whether it is seen to offer a rewarding career over the long term.
Host Philippa Lamb discusses the issues with Gillian Woolman, Audit Director at Audit Scotland; Dave Payne, Head of Access and Volunteer Programmes at ICAEW; and Jackie Crane, an ICAEW member who chose to leave accountancy.
*Links*
* ICAEW attractiveness of the profession hub: https://www.icaew.com/about-icaew/who-we-are/attractiveness-of-the-profession
* ICAEW: ACA for Employers: https://www.icaew.com/learning-and-development/aca/aca-employers
* ICA…
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Mar 2, 2023
ICAEW Insights In Focus: How is HMRC digitalising taxation?
In this special ‘Insights In Focus’ episode, we discuss the ways in which HMRC is using digital technology to influence tax calculation and collection.
The UK’s first electronic tax return was filed in 1997. Since then, technology has dramatically transformed the calculation of tax, the filing of forms and the way that HMRC and tax authorities abroad receive and use data.
The pace and scale of change is only set to accelerate in the years ahead. So how does HMRC anticipate harnessing digital technology beyond the ongoing rollout of Making Tax Digital?
To find out more, host Paul Aplin is joined by Joanna Rowland, HMRC Director General of Transformation, and Jonathan Athow, HMRC Director General of Customer Strategy and Tax Design.
*Links*
* ICAEW Tax Faculty: https://www.icaew.com/technical/tax/tax-faculty
* ICAEW Insights Special: The future of tax and public spending: https://www.icaew.com/insights/insights-specials/the-future-of-tax-and-public-spending
*Host*
Paul A…
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Feb 15, 2023
ICAEW Insights: Carillion five years on – can we regulate ‘good’ judgement?
On the latest ICAEW Insights podcast, we consider the future of audit – and the impact of the government’s proposed reforms on professionals in the sector.
It has now been five years since Carillion was liquidated, leaving behind debts of £7bn and the taxpayer a bill for £150m. The collapse of the construction services giant increased scrutiny on audit and corporate reporting, raising questions over whether present frameworks are fit for purpose.
After commissioning several reviews, the government finally announced its plan for the sector in 2022, seeking to curb the market dominance of the Big Four and create a new regulatory body with enhanced powers. But will the measures achieve their goals? And how should audit professionals think about their role in this new context?
To consider those questions and more, host Philippa Lamb is joined by Sir Andrew Likierman, former Dean and now Professor of Management Practice in Accounting at the London Business School; sector expert And…
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Feb 14, 2023
ICAEW Insights In Focus: How should a board approach exec pay and what are the risks of getting it wrong?
In this special Insights In Focus episode, we discuss the thorny and often contentious topic of executive pay.
The highly experienced panel doesn’t ignore the most common exec pay conversation – the eye-watering amounts sometimes paid to senior managers – but the discussion doesn’t stop there either. We hear first about the growing use of ESG metrics in assessing executives’ performance and rewarding them accordingly, and whether this is a good idea.
The panel then moves on to discuss the pressures on businesses to strike the right approach to exec pay, including from the chair of the remuneration committee at listed asset manager, Liontrust, and the risks of getting executive compensation decisions wrong. The conversation has pointers not only for senior managers and board members who might face a similar situation but also for anyone who aspires to be in senior roles in the future.
Host Peter van Veen, Director, Corporate Governance and Stewardship, ICAEW discusses the t…
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Jan 25, 2023
ICAEW Insights: How can accountants make sense of crypto?
In this Insights In Focus episode, we discuss the pros and cons of crypto and its impact on the work of finance professionals.
The collapse of crypto exchange and hedge fund FTX in December took $8bn of its customers’ money with it and raised fresh questions about the sector. Fans claim crypto will revolutionise how businesses and customers interact and, potentially, democratise the global flow of money. For detractors, the sector is little more than an unregulated casino, rife with opportunities for investors to lose their money.
Finance professionals are caught in the middle. So, where could or should crypto go next? And how significant might the sector become?
Host Philippa Lamb is joined by Paul Munson, Head of Financial Crime at social investment app Shares; Esther Mallowah, ICAEW Head of Technology Policy; and Vivienne Artz of the data privacy expert group, Global Coalition to Fight Financial Crime.
Links
ICAEW Blockchain and crypto assets hub
https://www.icaew.com/technica…
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Jan 3, 2023
ICAEW Insights: What can we expect from 2023?
On the latest ICAEW Insights podcast, we look ahead to what 2023 might hold for the UK economy and the work of finance professionals.
While 2020 and 2021 were dominated by the need to mitigate the effects of the pandemic, 2022 posed new challenges. Economic and political pressures collided at home and abroad, resulting in significant uncertainty that is set to also define the year ahead.
Many of the economic trends that dominated 2022 – rising inflation, rising interest rates and stalling growth – are expected to continue. But questions remain about their duration and effects. And, of course, there are sure to be some surprises along the way.
Host Philippa Lamb is again joined by Frances Haque, Chief Economist at Santander UK; Iain Wright, ICAEW Managing Director, Reputation and Influence; and David Williamson, Political Editor at the Sunday Express.
Links
ICAEW Business Confidence Monitor
https://www.icaew.com/technical/economy/economic-insight/business-confidence-monitor-nati…
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Dec 15, 2022
ICAEW Insights In Focus: Untangling the events and impacts of 2022
In this Insights In Focus episode, we review the major events of 2022 and their contribution to ongoing economic uncertainty.
Despite inflation already beginning to rise, the year began with optimism, as tracked by the ICAEW Business Confidence Monitor. But events moved quickly and the effects of the invasion of Ukraine in February and successive political crises back home have challenged the resilience of businesses and individuals alike.
With Rishi Sunak and Jeremy Hunt now installed in Numbers 10 and 11, the year is closing with the new government’s promise of ‘Big Bang 2.0’ – a package of post-Brexit legislation designed to boost the financial services sector. But how far-reaching are the reforms and will they sufficiently differentiate the UK from Europe’s major financial hubs?
Host Philippa Lamb is joined by Frances Haque, Chief Economist at Santander UK; Iain Wright, ICAEW Managing Director, Reputation and Influence; and David Williamson, Political Editor at the Sun…
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Dec 7, 2022
ICAEW Insights In Focus: What’s in the second Economic Crime Bill?
In this episode of the ICAEW Insights podcast, we look at the Economic Crime Bill currently passing through Parliament.
The Bill follows the Economic Crime Act, which became law in March. That legislation was fast tracked in response to the Russian invasion of Ukraine and included a raft of measures to sever economic ties with Russia. Now, this new Bill aims to bring about wider changes on how financial information is gathered and shared in the UK.
Reforming Companies House is front and centre. As registrar of companies, the aim is to make it more active in spotting misbehaviour and in working with law enforcement. So what will that mean for chartered accountants as reporting and filing requirements for companies change and what else is in the Bill?
Philippa Lamb discusses the Bill with ICAEW’s Head of Corporate Reporting Policy Sally Baker, Paul Brehony, Partner at Signature Litigation, and Edmund Smyth, Partner at Kingsley Napley.
Links
Economic Crime Bill 2: what it means for…
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Nov 30, 2022
ICAEW Insights In Focus: How will quantitative tightening affect the UK economy?
In this Insights In Focus episode, we explore the Bank of England’s recent policy switch from quantitative easing to quantitative tightening.
The Bank of England has been supporting the UK economy by buying government bonds since 2009. The policy has been a stabilising force through successive economic shocks: the global financial crisis, the euro crisis, the Brexit vote and, most recently, the COVID-19 pandemic.
Now, the Bank of England is on a mission to reduce inflation, raising interest rates and beginning to sell the £895bn of government bonds that sit on its balance sheet. But how much should be sold and how soon?
Host Philippa Lamb discusses the role that QE has played within the economy, and the process of quantitative tightening, with Reuben Wales, ICAEW Head of Financial Services; Martin Wheatcroft, external adviser on public finances to ICAEW; and Michael Saunders, economist and member of the Monetary Policy Committee from 2016 until very recently.
*Links
*ICAEW infla…
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Nov 25, 2022
ICAEW Insights In Focus: How a Board should balance major strategic issues with staff retention and wellbeing
We hear an update from the CFO about how advanced the company’s merger plans are and how this will secure their future in a competitive industry dominated by far larger global players. But the HR director has more worrying news about the numbers of staff that are quitting the company, especially the large amount of trainees leaving before they complete their training contracts. There are also concerns about stock pilfering and a largely blue-collar workforce who are struggling with the cost of living crisis. Despite the merger promising a bright future, the board can’t ignore either employee retention problems or wider issues around how to support their workforce through difficult times.
Our panel talk through the situation and provide their advice on how a board might manage a situation like this. The conversation has pointers not only for senior managers and board members who might face a similar situation but also for anyone who aspires to be in senior roles in the future.
Hos…
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Nov 21, 2022
ICAEW Insights In Focus: How a board should maintain the right culture during periods of fast growth
Our panel talk through the situation and provide their advice on how a board might manage a situation like this. The conversation has pointers not only for senior managers and board members who might face a similar situation but also for anyone who aspires to be in senior roles in the future.
Host Peter van Veen, Director, Corporate Governance and Stewardship, ICAEW, discusses the dilemma with Sandy Pepper, Emeritus Professor of Management Practice at the London School of Economics and Political Science, and Janet Williamson, Senior Policy Officer for Corporate Governance and Capital Markets at Trades Union Congress.
*Links
*For more on ICAEW’s major content series on boards and corporate governance
www.icaew.com/newboardagenda
*Host
*Peter van Veen
*Guests
*Sandy Pepper, Emeritus Professor of Management Practice at the London School of Economics and Political Science
Janet Williamson, Senior Policy Officer for Corporate Governance and Capital Markets at Trades Union Congress
*…
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Nov 16, 2022
ICAEW Insights In Focus: Countdown to ISQM 1 – is your practice ready?
In this Insights In Focus special episode, we discuss the rollout of the International Standard on Quality Management (ISQM) and what firms need to do before ISQM 1 is implemented on 15 December 2022.
The aim of ISQM is to raise audit quality and encourage practitioners to think about the risks that may affect their work. But the imminent arrival of ISQM 1 has the potential to be tricky and time-consuming for practices – perhaps even prohibitively so at a time of economic uncertainty and volatility.
Host Iain Wright, ICAEW Managing Director, Reputation and Influence, discusses how firms and practitioners can navigate these issues with Louise Sharp, ICAEW Senior Technical Manager in Audit and Assurance; Catherine Hardinge, Technical Partner at Price Bailey; and Peter Hollis, owner of Hollis & Co.
Links
ICAEW Quality management in audit firms hub
https://www.icaew.com/technical/audit-and-assurance/audit/quality-management-in-audit-firms
ICAEW Overview of standards
https://www.icaew…
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Nov 2, 2022
ICAEW Insights: The energy crisis – what can businesses do?
On the latest ICAEW Insights podcast, we discuss the impact of the energy crisis on how businesses are sourcing their energy as well as planning for the longer term.
With government support for business energy bills only lasting six months, many firms are looking at securing their own energy supply. We learn what some of the options are – and whether the benefits of going ‘off grid’ outweigh the upfront costs.
There are also fears that the scramble to regain control of energy supply and pricing will lead to net-zero commitments being forgotten or delayed. And as fracking returns to the public debate, we explore whether the use of fossil fuels can be minimised at a time of national crisis.
Host Philippa Lamb is joined by Suresh Aggarwal, Director of serviced office provider Airvovo; energy solutions expert Mark Kissack of Kissack Advisory; and Matthew Clayton, Managing Director of Thrive Renewables.
Links
ICAEW cost of doing business hub
https://www.icaew.com/technical/economy…
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Oct 19, 2022
ICAEW Insights In Focus: Protecting SMEs against cyber criminals
In this Insights In Focus episode, we explore why SMEs are tempting targets for cyber criminals, and what can be done to protect smaller firms against attacks.
Databases full of sensitive client information are a huge draw for cyber criminals and there are signs that attackers know all about the yearly rhythm of an accountant’s work, waiting until busy seasons to strike.
The cost of a successful attack can be huge. The immediate financial impact alone can be devastating, but the reputational and emotional costs can be even longer lasting. So what can be done to improve cyber security?
Host Philippa Lamb is joined by Jessica Pillow, director of Pillow May Accountancy which experienced a cyber attack, and Richard Jackson, partnerships manager at security experts Moore ClearComm.
Links
ICAEW cybercrime awareness month 2022
https://www.icaew.com/technical/technology/cyber-security/cybercrime-awareness-month-2022
ICAEW cyber security resources
https://www.icaew.com/technical/technolo…
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Oct 12, 2022
ICAEW Insights: Making sense of Russia, M&A and conflicts of interest
On the latest ICAEW Insights podcast, we explore how accountants can go about approaching some of the year’s most challenging professional issues.
World events have moved quickly this year. Successive waves of sanctions against Russia and the return of M&A activity – as well as the subsequent spike in conflict-of-interest queries – have meant that accountants are increasingly needing to make sense of grey areas.
With accountants typically used to being the ones with the answers, who assists them when the path forward is unclear? Enter the ICAEW Technical and Ethics helpdesk.
Host Philippa Lamb is joined by David Stevens and Cerys Freemantle, professional consultants at the helpdesk, to make sense of these tricky topics and provide advice on next steps where there is no clear right answer.
Links
ICAEW Technical and Ethics helpdesk
https://www.icaew.com/membership/support-throughout-your-career/technical-and-ethics-support
ICAEW Ukraine crisis central resource hub
https://www.…
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Oct 5, 2022
ICAEW Insights In Focus: Surviving the cost-of-doing-business crisis
In this Insights in Focus episode, we discuss the major challenges facing UK businesses, including energy costs, recruitment and retention of staff, and wage inflation.
Recent headlines haven’t made easy reading. A recession looms, inflation continues to rise, and sterling plunged following the ‘mini-Budget’ on 23 September.
Understandably, businesses are nervous. ICAEW’s Business Confidence Monitor for Q3 2022 found business sentiment turning negative for the first time since late 2020. Businesses in all sectors and regions reported a ‘cost-of-doing-business’ crisis.
To explore what comes next, host Philippa Lamb is joined by Simon Gray, ICAEW Head of Business, and Katy Davies, Managing Director at manufacturer CamdenBoss.
Links
ICAEW inflation hub
https://www.icaew.com/technical/economy/inflation
ICAEW energy crisis hub
https://www.icaew.com/technical/economy/energy-crisis
ICAEW Business Confidence Monitor
https://www.icaew.com/technical/economy/economic-insight/bus…
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Sep 7, 2022
ICAEW Insights: The PM’s first 100 days - what needs to happen?
On the latest ICAEW Insights podcast, we discuss the economic challenges facing new Prime Minister Liz Truss, and the policy commitments made during the summer’s campaign trail.
The Prime Minister has a sizeable in-tray to tackle. Stalling growth and rising inflation have led to warnings of economic stagnation for the UK. The energy crisis and industrial action this coming winter complicate matters, too.
It leaves little wiggle room for policymaking at Number 10, but the Prime Minister has promised to enact tax cuts and hinted at sweeping regulatory reforms.
Host Philippa Lamb discusses what the first 100 days of Liz Truss’s leadership may look like with ICAEW experts Suren Thiru, Iain Wright and Richard Jones.
*Links:
- *ICAEW: new Prime Minister urged to restore growth
https://www.icaew.com/insights/viewpoints-on-the-news/2022/sept-2022/new-prime-minister-urged-to-restore-growth
- ICAEW Energy crisis hub
https://www.icaew.com/technical/economy/energy-crisis
- ICAEW Inflation…
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Aug 31, 2022
ICAEW Insights in focus: How to bring a business back from the brink
In this Insights In Focus episode, we explore the multifaceted role of the insolvency professional by hearing from both practitioner and client.
Fraser Dick, managing director of Perfection Alloys, shares how the technical and emotional support of Tyrone Courtman, partner at RSM UK Restructuring Advisory, steered the business away from insolvency and towards recovery.
Tyrone goes on to explain his process for assessing the viability of businesses experiencing difficulties; and what motivated him to specialise as an insolvency professional early in his career.
It’s a timely discussion as insolvencies continue to surge, having tripled from January 2021 to March 2022, and further pressures are expected to press down upon UK businesses.
Show Links:
ICAEW insolvency hub
ICAEW Future of Insolvency insights special
ICAEW Restructuring and Insolvency Community
Host:
Philippa Lamb
Guests:
* Tyrone Courtman, partner, RSM UK Restructuring Advisory
* Fraser Dick, managing director…
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Aug 11, 2022
ICAEW Insights: How to fix the airline industry
On the latest ICAEW Insights podcast, we explore the problems facing the aviation sector with experts Matthew Davy, director at Strategy& UK, and Eleni Kaloyirou, CEO of Hermes Airports, Cyprus.
The panel discuss the business drivers behind this summer’s flight woes, including the effects of ongoing staff shortages. Plus, we examine the long-term pressures facing the industry as passenger travel finds new equilibrium following the pandemic.
We then meet ICAEW climate change executive Sarah Reay to hear how aviation is taking its first steps towards a greener future, as well as how the Institute is supporting members on their own climate journeys.
*Links:
- *UK aviation: reform for take-off (House of Commons’ Transport Committee)
https://publications.parliament.uk/pa/cm5802/cmselect/cmtrans/683/report.html
- The six secrets of profitable airlines (McKinsey)
https://www.mckinsey.com/industries/travel-logistics-and-infrastructure/our-insights/the-six-secrets-of-profitable-airlines…
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Jul 21, 2022
ICAEW Insights In Focus: Levelling Up won’t leave with Boris, and the big opportunity ahead
*In this special edition of Insights In Focus, Iain Wright, ICAEW’s Managing Director, Reputation & Influence, is joined by Majeed Neky, Head of Policy, Levelling Up Taskforce at the Department for Levelling Up, Housing and Communities, Gill Morris, Chief Executive, Devo Connect and Sarah Longlands, Chief Executive, Centre for Local Economic Strategies.
*
In the interregnum between Boris Johnson’s resignation speech and a new leader taking over, it’s easy to declare an end to the Conservatives’ flagship Levelling Up policy. But Majeed and Gill are quick to tell Iain how unlikely that is. As Majeed points out: “The diagnosis of the problem is very difficult to argue with, it’s going to be a priority under a government of whatever stripe.”
Regional inequality has been a blight on the UK population and economy for over a century and generations of politicians have struggled with the issue. As the guests point out, the analysis in February’s White Paper comprehensively det…
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Jul 18, 2022
ICAEW Insights In Focus: Recession? What recession? Time for business to stop worrying and start investing
In this special edition of Insights In Focus, Iain Wright, ICAEW’s Managing Director, Reputation and Influence is joined by Kitty Ussher, Chief Economist at the Institute of Directors, and Suren Thiru, ICAEW’s Director, Economies.
Talking on the morning that UK GDP figures for May were released showing an unexpected return to economic growth, Kitty and Suren both tell Iain why managers and business owners should be more confident in the economy’s medium-term health. Inflation rates are likely to come back within a manageable margin by next year, and the fundamentals of the UK economy are in better shape than many business leaders think.
As Kitty points out, “Everyone’s feeling worried at the moment. That means your competitors are also feeling worried. And so if you think the fundamentals of your business are actually okay … then you should be investing for your future because it may be that your competitors are too nervous to do so.”
Beyond advising everyone to stop w…
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Jul 13, 2022
ICAEW Insights: The pain – and potential gains – of rising inflation
On the latest ICAEW Insights podcast, we speak to Martin Wheatcroft about rising inflation and what that means for businesses, plus capital allowances reforms.
Inflation is rising at a record pace across the world, triggered by the COVID-19 pandemic and exacerbated by a perfect storm of world events, including the war in Ukraine. We explore the impacts of this, both negative and positive, and what it might mean for public finances.
We also take a look at the government’s plans for capital allowance reforms. As the end of the superdeducton approaches, the UK government is considering reforms to capital allowances to support and encourage business investment. ICAEW has responded to the government plans. Richard Jones from ICAEW’s Tax Faculty to discuss this and the ongoing delays to R&D processing.
*Links:
*- https://www.bankofengland.co.uk/monetary-policy/inflation/inflation-calculator
- https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/consumerpriceinflation/may2…
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Jun 30, 2022
ICAEW Insights In Focus: What are the issues with tackling fraud?
*In this Insights In Focus episode, we take a look at the upward trend in instances of fraud: what factors make it easier for fraudsters, and what can the profession do about it?
*Instances of fraud have been on the rise since 2019, particularly during the pandemic, as economic criminals exploited new weaknesses created as a result of the rapid introduction of COVID-19 measures.
Last month, the UK government issued its feedback statement on audit and corporate governance reform, which outlined how auditors and businesses should monitor and respond to potential instances of fraud.
What’s the real picture when it comes to the prevalence of fraud? We look at the common types of fraud, the challenges of trying to combat it, the red flags that accountants might come across, and how professionals should respond.
*Host:*
Philippa Lamb
*Guests:
- Arun Chauhan*, founder of Tenet Law and Fraud Advisory Panel trustee.*
- Chris Osborne*, partner and head of the forensic services team, FRP.…
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Jun 7, 2022
ICAEW Insights: Levelling up - data and devolution
On the latest ICAEW Insights podcast, we speak to Ed Humpherson, Director General of The Office for Statistics Regulation about the importance of data for the Levelling Up agenda.
The levelling up agenda aims to bring a better balance to the UK economy, but this is no easy undertaking, involving huge infrastructure projects and changes to everything from tax to devolution to regional funding. Ed discusses the importance of good data in moving the Levelling up agenda, where the critical gaps lie, and how statistics can be used to monitor and measure progress.
Then, ICAEW’s Head of Taxation Strategy Frank Haskew discusses the possibilities for the further devolution of tax, in light of Levelling up. He weighs up the pros and cons of what is a complex and divisive issue.
*Links:*
- https://www.gov.uk/government/publications/levelling-up-the-united-kingdom.
- https://www.ons.gov.uk/peoplepopulationandcommunity.
- https://osr.statisticsauthority.gov.uk/.
- https://osr.statisticsauthori…
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Mar 29, 2022
ICAEW Insights: Economic crime, Russia/Ukraine and the Spring Statement
The horrific situation in Ukraine has had wide-ranging impacts and implications across the world, not least the fight against economic crime.
In the UK, this is a huge undertaking. Will the new Economic Crime Act make a difference? Solicitor and economic crime specialist Matt Corn discusses the climate for economic crime in the UK and how the new Act will work in the context of existing UK law.
Last week, the Chancellor Rishi Sunak delivered his Spring Statement with expectations high for measures to lessen the pain of inflation, rising energy and fuel costs, and the larger cost of living crisis. Did he do enough?
Frank Haskew, Head of Taxation Strategy, Tax for ICAEW, analyses the Chancellor’s decisions and discusses the implications of high inflation.
*Links:
*- https://www.legislation.gov.uk/ukpga/2022/10/contents/enacted.
- https://commonslibrary.parliament.uk/research-briefings/cbp-9013/.
- https://www.politico.eu/article/uk-new-economic-crime-legislation-russia/.
- https://…
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Mar 21, 2022
ICAEW Insights In Focus: Death and digital assets
In this Insights in Focus episode, we look at what happens to your digital assets after you die.
A large proportion of our lives are now lived online. The digital footprint of the average person on the street is getting bigger and bigger. Some of that includes assets that we really value, both from an emotional and financial perspective. Journalist and author Jamie Bartlett looks to answer the question: what happens to those assets when we die, and what do we need to consider?
Catherine Mayer understands how hard it can be to deal with a loved one’s digital assets. When her husband, Andy Gill, guitarist from the band Gang Of Four, died in 2020, his death trended on Twitter. Getting hold of his digital assets and accounts has been an uphill battle. She speaks about her experiences and what she’s learned from them.
Then Elaine Kasket, Bereavement Lead at the Digital Legacy Association and author of All the Ghosts in the Machine, explains the various complexities of people’s digi…
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Feb 28, 2022
ICAEW Insights: Digital assets and inflation issues
On the latest ICAEW Insights podcast, we speak to Jamie Bartlett, author and presenter about the importance of digital assets.
These assets can include NFTs, cryptocurrencies and prizes email addresses and social media handles. What happens to them when we die? Jamie discusses how to look after your digital shadow.
Then, Sunday Times Economics Editor and author David Smith discusses the conditions that have created the rising inflation we’re seeing in the UK. Are those conditions easing? What will this mean for the cost of living? What’s the impact of the Great Resignation? Who suffers most from high inflation?
Links to resources on topics discussed in the show:
https://myshadow.org/animation
https://www.forbes.com/sites/philippsandner/2021/08/24/digital-assets-the-future-of-capital-markets/
https://time.com/5579737/facebook-dead-living/
https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/consumerpriceinflation/january2022
https://petapixel.com/2022/02/23/expe…
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Feb 16, 2022
ICAEW Insights In Focus: How do we tackle domestic modern slavery?
We take a look at the issue of domestic modern slavery, and how authorities and prosecutors look to build a case under the Modern Slavery Act.
*
*Before the Modern Slavery Act came into force in 2015, criminals would get a longer sentence for moving 3kg of cocaine than for trafficking 300 people. It is a critical piece of legislation in tackling modern slavery in the UK, where it is still a significant issue.
Businesses are feeling considerable pressure as a result of rising inflation, supply chain issues, and other spiralling costs. Some struggle to find the workers they need. This could mean greater bargaining power for workers; equally it could mean greater numbers of people being coerced.
In challenging times, some people are willing to push, and breach, the limits to succeed, or simply survive. Such conditions can also heighten the risk of modern slavery, and Chartered Accountants need to be aware of the risks and know what to look out for.
*Host:
*Philippa Kelly, Director of F…
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Jan 20, 2022
ICAEW Insights: Charity challenges, non-financial misconduct and tax fraud
In this episode of ICAEW Insights, we look at the issues facing charities in the UK, the increasing focus of regulators, investors and stakeholders on non-financial misconduct and what’s new with tax.*
*Host and ICAEW financial services director Philippa Kelly is joined by the Institute’s head of charities and voluntary sector, Kristina Kopic, to discuss the challenges the sector has faced over the past two years. It has been difficult for charities to both operate sustainably and support users at a time when they particularly need it.
Barrister at 4-5 Gray’s Inn Square and Financial Services Faculty Board Member Nikesh Pandit discussed the Financial Conduct Authority’s (FCA) increased focus on non-financial misconduct. The FCA takes a fairly strong stance on non-financial misconduct; some individuals have been banned from working in the financial services industry because of it. Nikesh looks at the parallels for Chartered Accountants.
Finally, Lindsey Wicks, ICAEW’s techn…
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Dec 23, 2021
ICAEW Insights In Focus: What to expect from 2022 – part 2
In the second of a two-part special Insights In Focus podcast, ICAEW Chief Executive Michael Izza discusses non-financial reporting, public sector finances, and the big tech trends of 2022.
At the end of 2021, we saw some significant developments towards a coherent framework for non-financial reporting standards. The formation of the International Sustainability Standards Board by IFRS in November was a huge step forward.
But if we’re going to make progress in tackling climate change issues, we will have to deal with the rising levels of public debt. Fiscal resilience will be under the spotlight as much as sustainability issues.
Emerging technologies are also transforming the way we live and work, from the need for new data skills to the digitalisation of tax.
The implications of all of this are discussed in part two of our special Insights In Focus podcast.
*Host:
*Michael Izza, Chief Executive, ICAEW
*Guests:
*Philippa Kelly, ICAEW’s Director of Financial Services;
Richard…
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Dec 23, 2021
ICAEW Insights In Focus: What to expect from 2022 – part 1
In the first ICAEW In Focus podcast of 2022, Chief Executive Michael Izza looks at the biggest issues facing business and the wider economy, with help from experts from around the Institute.
The global economy is going through significant change at the moment, some of it long term, some of it short. For instance, we’re seeing the start of a gradual transition away from fossil fuels, starting with coal. At the same time, we’re seeing a huge increase in inflation – a symptom of more immediate economic challenges.
With the messages from COP26 still ringing in our ears, businesses and governments are considering how to turn promises into action. Much has been made of the ‘green and fair recovery’ as we come out of the pandemic. We will need new skills in order to facilitate that.
In the first part of an in-depth discussion between ICAEW Chief Executive Michael Izza and its experts in sustainability, the public sector, financial services and technology, we look at the impacts o…
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Dec 16, 2021
ICAEW Insights: Greenwashing, EBITDAC and TAM Day
Welcome to this ICAEW Insights podcast, where we analyse the latest news from the world of accountancy, business and finance.
On the show, ICAEW’s financial services director Philippa Kelly joins host Tom Herbert to assess the potential for regulating ‘greenwashing’ and ask whether 2022 will be another year of calculating EBITDAC for the nation’s businesses.
ICAEW Tax Faculty’s Lindsey Wicks puts the government’s Tax Administration and Maintenance day under the microscope and outlines the next milestone in the government’s phased timetable for border controls with the EU.
And joining the podcast to outline the challenges posed to local audit by the pandemic and the steps auditors are taking to overcome them is Ann-Marie Harkin from Audit Wales and Oliver Simms from ICAEW’s public sector team.
*Links to resources discussed in the show:*
- Tax administration and maintenance day: a Budget without a speech.
- Get ready for full customs declarations for EU imports and ex…
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Nov 29, 2021
ICAEW Insights In Focus: What next after COP26?
On the latest Insights In Focus podcast, we reflect as the dust settles on the COP26 discussions in Glasgow, it’s time to assess and reflect on what was – and wasn’t – achieved.
For almost 30 years, governments and policy makers have been meeting at the Conference Of Parties (COP) to try to solve the problem of climate change. In that time, it has gone from a seemingly distant issue to an imminent existential threat.
Paris 2015 was the first major COP event to feel significant to the wider population. There, governments agreed to limit global warming to below two degrees, with an ultimate goal to keep it to 1.5 degrees. To achieve this, countries would adapt to the impacts of a changing climate, and make funds available to deliver on those aims.
Six years on from the Paris Agreement, COP26 felt like a crunch point: it was essential for the assorted countries to make progress and outline a plan that would further limit emissions.
Now that COP26 is over and done with, is the…
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Nov 18, 2021
ICAEW Insights: SME recovery, sustainability standards and cryptoassets nudge
Welcome to this ICAEW Insights podcast, where we analyse the latest news from the world of accountancy, business and finance.
On the show, we speak to Small Business Minister Paul Scully about how the government intends to help small businesses hit hard by the pandemic, what chartered accountants working in or advising small businesses can do, and how to tackle the UK’s productivity puzzle.
With the resolutions from the COP26 climate conference fresh in our minds, ICAEW’s Sarah Dunn outlines why the formation of the International Sustainability Standards Board (or ISSB) is an important step forwards for better-quality climate disclosures.
And ICAEW Tax Faculty’s Lindsey Wicks unpacks key pieces of legislation from the recent Finance Bill, assesses HMRC’s efforts to clear a backlog of self assessment registrations, and outlines the content of recent ‘nudge’ letters sent to holders of cryptoassets encouraging them to consider their capital gains tax position.
*Links to re…
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Oct 27, 2021
ICAEW Insights In Focus: Prizing the public pound
On the latest ICAEW Insights in Focus podcast, we take a look at The Fabian Society’s new pamphlet on delivering value for money on public spending.
Transparency in public spending has never been more important. With public services under increasing pressure, government debt rising and targets in areas such as carbon emissions to be met, any spending must be backed with evidence that it will deliver value to the taxpayer.
The Fabian Society, Britain’s oldest think tank, has been developing ideas around progressive political ideas and public policy for 140 years. Its recent pamphlet 'Prizing the public pound', outlines its thoughts and recommendations on how to deliver value for money to the taxpayer in the 2020s.
In it, the Fabian Society reviews the current architecture for public audit and value for money, recommending that all expenditure proposals should be assessed against its five ‘E’s of value for money: Effectiveness, Efficiency, Equity – ensuring fair allocation o…
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Oct 19, 2021
ICAEW Insights: Autumn Budget and Spending Review: turbocharge or temperance?
Welcome to this ICAEW Insights podcast, where we analyse the latest news from the world of accountancy, business and finance.
In this special edition, we’re joined by experts from across ICAEW’s tax and public sector team to preview the government’s Autumn Budget 2021 and Spending Review, which takes place on Wednesday 27 October.
Normally one of the biggest financial events of the year in its own right, this Budget has assumed even greater significance, being the first since the easing of lockdown measures and the tapering down of a number of key Covid support schemes, and also because the same day will see the first three-year government Spending Review in six years.
Will Rishi Sunak produce any tax rabbits from his hat, or has the biggest policy announcement already come in the form of the new Health and Social Care Levy? How much headroom does the Chancellor have to act? And what of longstanding issues such as Brexit, Making Tax Digital and the net zero agenda?
*Links to…
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Oct 13, 2021
ICAEW Insights In Focus: Anatomy of a cyber attack
On this week’s ICAEW Insights in Focus podcast, we take an in-depth look at a real-life cyber attack.
It was a seemingly ordinary day in Gareth’s* life. Then the phone started ringing, and it never stopped. His company was the target of a ransomware attack. Years later, he shares his story with journalist and author of 'The Dark Net', Jamie Bartlett, as part of ICAEW’s Cyber Crime Week.
Cyber attacks such as phishing and ransomware are on the increase, as cyber criminals identify new ways to breach company systems in the new hybrid working environment.
According to the latest Cyber Security Breaches Survey, four in 10 businesses and just over a quarter of charities experienced security breaches or attacks during the first 12 months of the pandemic.
*Host:*
Jamie Bartlett, internet culture and technology journalist, author of 'The Dark Net', 'The People Vs Tech' and 'Radicals', host of 'The Missing Cryptoqueen' podcast.
*Guests:*
- Gareth*. Gareth is an IT manager whose previ…
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Oct 6, 2021
ICAEW Insights In Focus: Less Complex Entity audits
Welcome to this ICAEW Insights ‘In Focus’ podcast. This is where we interrogate a specific but timely topic from the world of accountancy, business and finance. This time we examine Less Complex Entity (LCE) audits.
There’s been a lot of talk about LCE audits recently and that’s because the international auditing standard-setter, the IAASB, recently issued an exposure draft for a standard for LCE audits.
This is major progress. The exposure draft issued is far from perfect, but the fact that it has been issued is a cause for celebration. ICAEW has been a robust supporter of less complex auditing standards for the audit of LCEs for many years.
The issue of an exposure draft is the start of a journey. There are significant technical issues to address before we even think about the potential for adoption and it is important to remember for now that the exposure draft has been issued by the international standard setter, the IAASB – and not by the Financial Reporting Council i…
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Sep 23, 2021
ICAEW Insights: National Insurance rise, ransomware and charity fraud
Welcome to this ICAEW Insights podcast, where we analyse the latest news from the world of accountancy, business and finance.
On the show we speak to Eleanor Fairford, the National Cyber Security Centre’s Deputy Director for Incident Management, about the rising tide of ransomware, and how chartered accountants can protect themselves and their businesses.
ICAEW Tax Faculty’s Lindsey Wicks outlines the details of the government’s new health and social care levy and talks us through the Office for Tax Simplification’s report on the costs and benefits of moving tax year away from 5 April.
And ahead of Charity Fraud Awareness Week (18 – 22 October 2021), Mia Campbell, Head of Fraud Advisory Panel and Kristina Kopic, Head of Charity and Voluntary Sector, ICAEW tell us about fraud in the sector, how the pandemic has changed criminals’ behaviour, and how charities should react if the worst happens.
*Links to resources discussed in the show:
*- PM confirms 1.25% increase to NIC…
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Sep 14, 2021
ICAEW Insights In Focus: The gender pension gap
Welcome to this ICAEW Insights ‘In Focus’ podcast. This is where we interrogate a specific but timely topic from the world of accountancy, business and finance. This time we examine the gender pension gap.
We hear a lot about the gender pay gap – the difference between the average earnings of men and women, but the pensions gap has had little attention, yet it is actually more acute. While the gender pay gap among full-time employees in April 2020 was 7.4%, and it was 15.5% among all employees, the gender pension gap is much wider. A recent report found a 40% gap in pension savings between women and men – that's an average difference in pension income by gender of about £7,500 a year.
According to research released by Scottish Widows earlier this year, the average woman in her twenties is on course to have £100,000 less in her pension pot at retirement than a man of the same age. Women face a higher risk of retiring in poverty than men. And the pandemic appears to have incr…
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Aug 26, 2021
ICAEW Insights: Late payments, basis period reform and football finance
Welcome to this ICAEW Insights podcast, where we analyse the latest news from the world of accountancy, business and finance.
On this show, we’ll speak to Liz Barclay, the government’s new Small Business Commissioner, on efforts to tackle the scourge of late payments.
ICAEW Tax Faculty’s Lindsey Wicks outlines the implications of the government’s proposed reforms to basis periods.
Football finance expert and chartered accountant Kieran Maguire gives us the story behind his hit podcast ‘The Price of Football’.
And ICAEW’s Katharine Bagshaw explains why the IAASB thinks we need an audit standard for less complex entities.
*Links to resources discussed in the show:
*- Getting paid sooner: the vital role of accountants.
- Contact the Office of the Small Business Commissioner.
- TAFR gets real with consultation on basis period reform.
- Basis period reform – feedback needed.
- Speed of basis period reform risks integrity of tax system, warn professional bodies.
- Digita…
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Aug 18, 2021
ICAEW Insights In Focus: Access to finance - supporting small businesses
Welcome to this ICAEW Insights ‘In Focus’ podcast. ICAEW’s Head of Corporate Finance, David Petrie, is joined by a panel of experts to discuss debt, equity and other funding options for small businesses in the light of government intervention as a consequence of the pandemic and the return to growth.
*Host:
*David Petrie, Head of Corporate Finance, ICAEW;
*Guests:
- *Graeme Sands, Corporate and Growth Banking Director, Virgin Money UK;
- Steve Cordiner, Head of Unquoted Investment, Gresham House Ventures;
- Maggie Rodriguez-Piza, Chief Executive, Funding London;
- Asif Ahmed, Founder & Managing Director, Acclivity Advisors;
- Wendy Smith, Senior Innovation and Growth Specialist, Innovate UK EDGE North.
*Producer:
*Natalie Chisholm.
Episode first published: 19 August 2021.
Podcast recorded: 12 August 2021.
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Jul 21, 2021
ICAEW Insights: Blurring boundaries, e-money accounts and the future of tax
Welcome to this ICAEW Insights podcast, where we analyse the latest news from the world of accountancy, business and finance.
On this show, we’ll look at how the boundaries between accountants’ personal and business lives have blurred during the pandemic, resulting in a rising number of disciplinary cases involving social media. What are the professional bodies doing about this?
ICAEW has responded to the government’s future-facing Tax Administration Framework Review, which is likely to affect all taxpayers, businesses and those who advise them. We’ll examine the review and ask why the Institute has called for more resourcing for HMRC to deliver the government’s vision.
Details of the fifth self-employment income support scheme grant have been released - how different is it from its predecessors and what should you look out for?
And what is the difference between an e-money business account and a traditional business bank account, and why does it matter?
*Links to resour…
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Jul 9, 2021
ICAEW Insights In Focus: Women on boards - how do we reach equality?
The pandemic has pushed back gender parity across the UK FTSE 350 to 2036, with women holding just 22% of all executive committee roles. Just 15 of the top companies have female chief executives. While we’ve made some progress in recent years, what needs to change to reach true equality? ICAEW's Susanna Di Feliciantonio and Jane Berney discuss the issue with a panel of experts.
*The panel:
- *Andrew Weir, Regional Senior Partner of KPMG in Hong Kong and Vice-Chairman of KPMG China, and Global Chair of Asset Management for KPMG.
- Leda Condoyanni, Chair of the Non-Executive Directors’ Club in Greece + board member of ecoDa.
- Catherine Musakali, Advocate of the High Court of Kenya and Chairperson of Women on Boards in Kenya.
- Susannah Haan, a non-profit leader currently holding a portfolio of non-executive director roles.
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Jul 5, 2021
ICAEW Insights In Focus: The BEIS White Paper - how do we measure audit quality?
High profile frauds and corporate failures has put the spotlight on auditors. Regulators have questioned the quality of audits and the lack of competition in the audit market, leading to some of the more contentious elements of the BEIS whitepaper. What’s the right approach? Anna Draper, lead partner, BDO, Jayne Kerr, director audit strategy and public policy, PwC, Tracy Gordon, director of corporate governance, Deloitte, and Katharine Bagshaw, manager, auditing standards, ICAEW, join ICAEW’s Iain Wright to discuss.
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Jun 30, 2021
ICAEW Insights In Focus: The BEIS White Paper – is ARGA the corporate governance regulator we need?
The BEIS whitepaper proposes replacing the current regulator, the Financial Reporting Council, with a new, more powerful body, the Audit Reporting and Governance Authority – ARGA. ICAEW’s Iain Wright is joined by a mega-panel of experts to discuss this proposal: Mala Shah-Coulon, associate partner at EY; Tom Gosling, fellow at London Business School; Andrew Ninian, director of stewardship and corporate governance, The Investment Association; John Odada, head of board and committees at BP; and Elizabeth Richards, head of corporate governance, ICAEW. Part one of two.
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Jun 30, 2021
ICAEW Insights In Focus: The BEIS White Paper – how do we restore trust through corporate governance?
Trust in business and other institutions, such as Parliament and the press, has been declining for decades. How do we reverse the tide? Do the measures in the BEIS whitepaper set out a path to build back trust? In the second part of our corporate governance discussion, panellists Mala Shah-Coulon, associate partner at EY; Tom Gosling, fellow at London Business School; Andrew Ninian, director of stewardship and corporate governance, The Investment Association; John Odada, head of board and committees at BP; and Elizabeth Richards, head of corporate governance, ICAEW, talk trust with ICAEW’s Iain Wright.
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Jun 27, 2021
ICAEW Insights In Focus: The BEIS White Paper – why do we need audit and corporate governance reform now?
The BEIS consultation on audit and corporate governance reform proposes sweeping changes that will have a profound impact on the way corporate Britain operates. Why is this necessary now? What will it mean in practical terms? And is the timing right? Cosette Reczek, a Chartered Governance Professional with over 30 years' experience and a member of the ICAEW Corporate Governance Committee, Janet Williamson, Senior Policy Officer at the TUC, and John Boulton, Director of Technical Policy at ICAEW, speak to ICAEW’s Managing Director for Reputation and Influence Iain Wright to find out more.
Restoring trust in audit and corporate governance: explore the consultation and find out more about ICAEW’s views with this dedicated series of articles.
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Jun 23, 2021
ICAEW Insights In Focus: The Economics of Biodiversity: what the Dasgupta Review means for business and the profession
In 2019, the UK was the first major government to commission a review into the economics of declining biodiversity. Here Philippa Kelly speaks with Thomas Viegas, economic advisor to the Review, about the implications for the finance sector.
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Jun 23, 2021
ICAEW Insights: Tax year end, Bounce Bank Loans and cryptocurrency
ICAEW’s Philippa Kelly and Lindsey Wicks and PwC’s Mike Jervis join host Tom Herbert to discuss the potential moving of tax year end, Bounce Back Loan repayment options, business restructuring and cryptocurrency.
Welcome to this new ICAEW Insights podcast, where we analyse the latest news from the world of accountancy, business and finance.
On today’s show, with news that the government is considering moving tax year end away from 5 April, what impact could this have on businesses and individuals? The first coronavirus Bounce Back Loans are now falling due for repayment: what should businesses consider when drawing up their plans for the rest of 2021 and beyond? And you can’t get away from cryptocurrency in the press, but should chartered accountants be taking a closer look?
*Links to resources discussed in the show:
*- OTS to look at impact of moving tax year end.
- Wyman Symposium 2021 - Changing the end of the tax year.
- Bounce Back Loans: getting ready to repay.
- COVID…
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