KPMG Raking It In

KPMG partners receive bumper payouts despite Carillion fallout. https://t.co/8n2CK0b5CJ

— Prem Sikka (@premnsikka) December 5, 2018

Why Do Women Leave The ICAEW?

Follow and contribute to these threads:

28% of @ICAEW members are women

That took 100 years ….. bloody hell

So by 2118 it'll be 50% 😱😱😱😱😱 https://t.co/DIQwsIKD42

— Elaine Clark (@cheapaccounting) November 9, 2018

The intake is still fairly equal. What is it that ICAEW (or accountancy careers) aren’t giving women? I had 5 years off accountancy with kids (learning patience and teaching English while living in France) on a reduced membership fee so maternity breaks aren’t the problem.

— Della Hudson (@DellaHudsonFCA) November 9, 2018

@DellaHudsonFCA I have always felt it a real rip off that having passed the exams the ICAEW will happily take your qualification & certificate away from you if you stop paying fees (as they did once when I forgot to pay, then charge a few hundred extra admin fee to readmit me!)

— Ken Frost (@ken_frost) November 9, 2018

ICAEW's Deficit - Deja Vu

Members may be forgiven for thinking that the £2M deficit that the ICAEW is forecasting is a one off.

Not so!

As a loyal reader has pointed out, we have been down this route before in October 2001.

AccountancyAge at the time reported a £2M deficit, brought about by amongst others the costs of regional restructuring and, of course, improvements in the ICAEW bunker in Moorgate!

ICAEW's Forecast Profit Turns To Loss

It seems that the student recruitment drive, the continuing investment in renovating Moorgate Place and transforming business systems across the organisation have resulted in the ICAEW facing a potential budget deficit for 2018 after five years of surpluses.

Economia reports that instead of the predicted surplus of £200,000 out of a budget of £106m for the year, additional costs have pushed the figure to a deficit of just under £2m.

You would have though that the ICAEW, given its well qualified membership, could get its financial projections right!

Chief operating officer Vernon Soare described the situation as “highly unusual”. He stressed the strength of ICAEW’s balance sheet and made it clear that the organisation was “not in financial crisis”.  

Much of the cost, he said, could be attributed to the “investment phase” which has covered extensive restructuring and updating of the Grade 1 listed Chartered Accountants’ Hall, as well as the ongoing digital transformation.

The ICAEW would not be seeking to cover the deficit by increasing member subscriptions beyond the usual annual rise.

Which is all very well and jolly, but I would ask why is it group think within the ICAEW bunker that we have to have a rise every year anyway; as though it is written into stone the membership are milch cows for the milking?

Regarding the refurbishment of the ICAEW bunker in London, that is all very nice too; but I wonder what the membership who don't reside/work in/near London feel about that?

Call For Evidence For Kingman Inquiry

Looking for more people to help @icaew_london with evidence on the Financial Reporting Council's work and its impact on smaller businesses and smaller firms of accountants so that we can respond to the Kingman inquiry. Send us a private tweet if interested.

— Malcolm Bacchus (@BaccmaConsult) June 14, 2018

The Carillion Clusterfuck - When Will The Profession Ever Learn?

 
The Carillion clusterfuck has brought well justified criticism and condemnation down upon the heads of both the board and the accounting/auditing profession, with calls for the Big Four to be broken up.

FFS, has the profession learned nothing from Enron, Parmalat, Polly Peck, Marconi etc etc?

WTF Is "Seriously Poor Audit Work"??

"seriously poor audit work" wtf does that mean? Either the audit is professional or it isn't?? https://t.co/GspJf0YCCJ

— Ken Frost (@ken_frost) April 9, 2018

The Accountant’s Twitter List 2018

AccountingWEB have put together a list of accountants, finance professionals and other interested parties who generally send informative, entertaining and non-promotional tweets out into the accountancy Twittersphere.

I have been included in that list:

“Ken Frost (@ken_frost) Expect irreverence and expertise in equal measure from this FCA member of ICAEW, consultant, company director, banker and writer.”

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

The ICAEW Finally Wakes Up To Social Media

Good afternoon Twitter. With increasing numbers of members engaging with us on social media, it’s time for me to follow suit. Stay tuned for updates on my meetings with members and stakeholders, thoughts on our key projects and links to my regular blog.

— Michael Izza (@MichaelIzza) February 19, 2018

Better late than never.

A Hippocratic Oath for Accountants!

Large accounting firms should make their staff take a 'Hippocratic Oath' to curb tax avoidance, according to Labour’s shadow chancellor John McDonnell.

A totally bollocks and pointless idea.

Avoidance is not illegal, and accountants aren't doctors!