Michael Izza Appointed CBE

 

Congratulations to Michael Izza for his honour.

ICAEW President Malcolm Bacchus has led messages of congratulations to Michael Izza after he was named in the King’s Birthday Honours list.

“I am delighted that our former Chief Executive, Professor Michael Izza, has been appointed CBE,” he said. “His wise stewardship and inspired leadership greatly strengthened ICAEW, growing its membership and making it a professional body of truly global standing.

“He has been an outstanding ambassador for the chartered accountancy profession, building its influence in public life and more widely in society and the economy. On behalf of ICAEW’s Council, its members and students and staff, I congratulate him on this thoroughly well-deserved recognition."

Responding to the news, Michael Izza said: “I feel very honoured to have been appointed CBE by HM The King, for services to accounting, audit and sustainability.

“It was a huge privilege to represent my profession as ICAEW Chief Executive for so many years, and I am proud of what we achieved together, especially with regard to the vital role that chartered accountants will play in the transition to sustainable economies around the world.

“I would like to thank my former colleagues, ICAEW members, students and volunteers for their support and commitment.”     

Izza led ICAEW for 18 years before his retirement at the end of March. Steering the Institute through the 2008 financial crisis, navigating the COVID pandemic, and grappling with the early stages of a global tech revolution.

During his tenure as chief executive, Izza was recognised as a leading advocate for the reform of audit and corporate governance, but also as a passionate believer in the role of chartered accountants in leading the transition to a more sustainable economy.

Alongside representing the accountancy profession to politicians, policymakers and regulators, he was on the HM Treasury steering group formed after Cop 26 that created a framework for net zero transitions – a gold standard planning tool to help businesses make the changes needed for a more sustainable future.

His appointment to CBE was made in recognition of his services to audit, accountancy and sustainability in his career so far, but in his last podcast for ICAEW, Izza confirmed that his desire to use his knowledge and experience in public service was undiminished.

“The things I’m gravitating towards are sustainability, and the net zero transition, and what I can do to help with that, but also technology. I’m really interested in where technology is going to take the profession, and indeed society going forward.” he said. “Giving something back either through the government or charities also appeals to me very strongly.”

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The Reality of An Audit

 

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CPD Course Salesmen Spy a Nice Little Earner - II

 

Further to my post yesterday about being targeted by a company offering CPD courses. 

I would like to ask fellow ICAEW members if they have had similar emails from the Canadian company called LearnFormula?

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CPD Course Salesmen Spy a Nice Little Earner

 

With the ICAEW change in CPD requirements coming into force on 1 November, companies that run CPD courses have spotted a nice little earner (which needless to say will cost the hapless members of the ICAEW dear).

One such company, based in Canada, somehow has my name, email address and knowledge of the fact that I am a member of the ICAEW. I was on the receiving end of this email from them this morning:

" Hi Ken,

Unless you are exempt from the CPD Regulations, then you are required at the start of the CPD year (1 November) to identify which CPD category is most applicable to you, based on the type of work you do - get all your hours during our once-a-year 2-day sale.

By taking online courses, you ensure compliance with your CPD Obligations - online courses are flexible, verifiable, and fit your busy schedule.

Best-selling product on an even bigger sale - until midnight on Wednesday, December 13, 2023, you can claim an additional 10% off on Triennial CPD Custom Package - get 60 hours just for £540.9 instead of £1,737*

• Long-Term Planning: Offers a longer planning horizon, allowing you to organize your learning and development over three years. 
• Time and Cost Efficiency: For just £180.3 per 20 hours (billed triennially £540.9) it provides the lowest pricing - cost savings and administrative convenience as you only need to manage and pay for CPD requirements once every three years instead of annually.
• Flexibility: Select and complete courses at your own pace within the three-year period.
• Reduced Administrative Burden: By streamlining these administrative tasks into a triennial plan, the overall administrative workload decreases significantly. This frees up time to focus on other critical tasks within the organization.

* Use code: DECEMBER

Lock the best price for your professional development credits today."

I have written to them asking them how is it they have my email address.

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#ICAEWROAR Top Online UK Influencers Accountancy 2023

 

I have been ranked 13th out of 60 in the ICAEW Top Online UK Influencers Accountancy 2023 list.

In the seventh #ICAEWROAR event, the ICAEW focussed specifically on UK individuals using Twitter within the realms of accountancy.

As per the ICAEW:

“Methodology

We focused on UK-based individuals tweeting and discussing accountancy related topics such as accountancy, tax, budget, assurance, insolvency, audit and finance.

Our values of integrity, objectivity and respect for others were applied to the tone of voice of the tweets and retweets, determining the data we’ve included in our metrics.

Working with Falcon we used their social media listening tool to pull data relevant to our specific keywords, looking at a metrics comprising of:

• Audience re-tweets;
• Author tweets;
• Positive and neutral sentiment
• Visibility and audience relevance.

Algorithm

The #ICAEWROAR algorithm values quality over quantity. Placing more emphasis on topical engagement of the authors’ tweets than the amount they’ve tweeted, the algorithm considers everything from visibility, relevance and tone of voice, to reaction and audience engagement.”

My thanks to the ICAEW, and congratulations to those others on the list.

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Happy International Accounting Day!

 

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ICAEW Appoints Alan Vallance As New CEO

 

The chartered accountant and CEO of the Chartered Insurance Institute is taking up the ICAEW leadership role in Spring 2024.

ICAEW has picked Alan Vallance as its new Chief Executive, to take over from current CEO Michael Izza from Spring 2024. Izza has been Chief Executive of the Institute since 2006.

Izza announced his intention to retire from ICAEW by the end of this year in March. He has agreed to stay in post until Vallance joins the Institute to ensure a smooth transition.

Vallance, an ICAEW Chartered Accountant, is currently Chief Executive of the Chartered Insurance Institute. He previously worked as Chief Executive of the Royal Institute of British Architects and the Group Chief Operating Officer at the Law Society.

Prior to this, Vallance was the Chief Operating Officer and Deputy Head of Australian Bureau of Meteorology, the national weather agency based in Melbourne, where he spent time participating in and leading Australian delegations at the United Nations in Geneva, Switzerland. 

He qualified as a chartered accountant at Ernst & Whinney’s (now EY) London office. He is a Fellow of ICAEW, Chartered Accountants Australia and New Zealand and the Australian Institute of Company Directors. He is also an Honorary Fellow of the Korean Institute of Architects. He obtained a bachelor’s degree in Economics from the University of York.

Mark Rhys, ICAEW President and chair of the recruitment panel, announced Vallance’s appointment as ICAEW Chief Executive after an open and extensive recruitment process. The role attracted a strong field of candidates, with Vallance the outstanding choice to take up the role as Chief Executive.

The ICAEW Board was impressed with Vallance’s track record of leading successful membership organisations and working alongside different stakeholders, and with his vision for the Institute and for the evolution of the profession. Vallance’s focus on values and the role ICAEW can continue to play as it looks to its 150th anniversary in 2030 was also an important consideration.

“I would also like to take this opportunity to thank Michael for his leadership of the Institute and tremendous contribution to the wider profession,” said Rhys. “The changes he has led to ICAEW’s strategy and structure since he became Chief Executive in 2006 leave us well placed for future success. I am grateful for his commitment to the organisation and wish him well for the future.”

Peter Wyman, Chair of the ICAEW Board, added: “I am greatly looking forward to working with Alan in the coming years as we address together the challenges and opportunities facing our Institute in a fast-changing world. I would also like to pay my own tribute to Michael for the quite extraordinary contribution he has made to ICAEW and the accountancy profession during his long and distinguished tenure as Chief Executive.”

Vallance said: “I am delighted to be joining ICAEW. As a chartered accountant it is a genuine honour to have been asked to lead the organisation of which I am a member and to succeed Michael Izza as Chief Executive.” 

He thanked Michael Izza for his leadership and the contribution he has made to the Institute during his time as Chief Executive, and pledged to build on the foundation that Izza created over the past 17 years. 

“The accountancy profession today plays a vitally important leadership role on the key issues facing society. I am determined to make sure that ICAEW leads from the front and that this role continues, indeed evolves in the future, with an unwavering focus on the public interest so that our members play their rightful part in building a world of sustainable economies.”

Michael Izza, ICAEW Chief Executive, said:

 “It has been a huge privilege to lead ICAEW through the last seventeen years of accelerating change in business, the economy and society, and to see the Institute grow and strengthen. Our touchstone has always been the public interest, and I passionately believe in the accountancy profession as a force for good in national life and the wider world. I am therefore delighted that Alan has been appointed as my successor and I know that the vision and the energy he brings to this role will ensure that ICAEW does not rest on its laurels.”

 

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KPMG Fined £21M For Being "Exceptionally Bad"

 

Another day, another fine for a Big Four auditor.

KPMG has been slapped with a record £21 million fine by the Financial Reporting Council (FRC) over its botched auditing of Carillion, the construction company that went spectacularly bust in 2018.

The FRC said that KPMG's audits of Carillion were "exceptionally bad" and that the firm had failed to "discharge its professional duties properly".

The fine is the latest blow to KPMG, which has been under increasing scrutiny in recent years over its auditing practices. The firm has been fined a number of times for audit failings, including a £14.4 million fine last year for misleading the FRC during spot checks on its audit of Carillion.

The Carillion collapse was one of the biggest corporate failures in British history. The company went bust with debts of almost £7 billion, leaving thousands of workers and suppliers out of pocket.

A public inquiry into the collapse found that KPMG's audits of Carillion were "deeply flawed" and that the firm had failed to spot a number of red flags, such as the company's aggressive accounting practices and its over reliance on debt.

The FRC's latest fine is a welcome sign that the regulator is taking a tougher stance on audit failings. However, it is clear that the Big Four auditors still have a long way to go to improve their standards.

This is just the latest in a string of audit failings by the Big Four. It is clear that these firms need to do much more to improve their standards.

Here's what needs to happen:

• The FRC needs to be given more powers to hold auditors to account. This could include the power to impose larger fines and to disqualify individuals from working as auditors.
• The Big Four auditors need to be split up. This would create more competition in the audit market and would make it more difficult for the Big Four auditors to collude.
• There needs to be more transparency in the audit process. This could involve requiring auditors to publish more detailed reports on their audits and to give shareholders a greater say in the appointment of auditors.

Only by taking these steps can we restore confidence in the audit profession and protect investors from audit failings.

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Go Woke, Go Broke - UN Sustainable Development Goals

 

For reasons best known to itself, the ICAEW has waded into geopolitics in the form of an open letter to the UK government on the subject of the UN sustainable development goals.

These goals will achieve nothing, other than bankrupt the Western nations who are foolish enough to impose them on their unwilling and increasingly ignored/put upon taxpayers.

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The Merger That Dare Not Speak Its Name

Amazed that, based on the importance of a two-thirds majority vote requirement of both ICAEW and CIPFA members, the latest announcement has been made. A merger in all but name, and apparently without a vote. #icaew #cipfa https://t.co/3zauziNp2F

— Kevin Reed (@Goonerreed) September 11, 2023

As Kevin Reed correctly points out, this is a merger in all but name.

Why are the ICAEW and CIPFA so reluctant to use the word "merger"?

The answer is because they know they would have to ask their members to vote on it!

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