Tuesday, December 12, 2023

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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Monday, December 11, 2023

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 EfficiencyFor 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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Thursday, December 07, 2023

#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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Friday, November 10, 2023

Happy International Accounting Day!


 

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Monday, October 30, 2023

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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Thursday, October 12, 2023

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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Monday, September 18, 2023

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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Tuesday, September 12, 2023

The Merger That Dare Not Speak Its Name



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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Monday, September 11, 2023

CIPFA and ICAEW Fast-track Pathway To Dual Membership - Merger By The Backdoor


 

Today's announcement by CIPFA and the ICAEW of a fast-track pathway to dual membership has raised eyebrows among some in the accountancy profession. Some see it as a positive development, as it will allow accountants to move more freely between the public and private sectors. Others, however, are more sceptical, and believe that it is simply a backdoor to a merger between the two bodies.

There are a number of reasons why this scepticism is justified. First, the two bodies have been working more closely together in recent years. In 2021, they signed a memorandum of understanding to "explore opportunities for closer collaboration". This collaboration has included sharing resources and expertise, and working together on joint initiatives.

Second, the fast-track pathway to dual membership is not the only way that accountants can move between the two bodies. CIPFA members with less than five years' experience can already apply to join ICAEW through the Pathways to Membership programme. And ICAEW members with less than five years' experience can already apply to join CIPFA through the Fast Track Route.

So why did CIPFA and ICAEW feel the need to create a new fast-track pathway? 

One possibility is that they are simply trying to make it easier for accountants to move between the two bodies. However, it is also possible that they are laying the groundwork for a merger which would dilute the ICAEW brand.

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Monday, July 03, 2023

Insolvency Service Raps ICAEW Over Banned Member


 

The Insolvency Service has reprimanded the Institute of Chartered Accountants in England and Wales (ICAEW) for its failure to monitor a banned member who stole nearly £4 million in estate assets.

The banned member, who was not named in the Insolvency Service's report, was convicted of fraud in 2017 and banned from practician as an insolvency practitioner for 15 years. However, the ICAEW did not take any steps to monitor the member after his conviction, and he was able to continue to practice as an insolvency practitioner under a different name.

The Insolvency Service found that the ICAEW's failure to monitor the banned member was "a serious lapse in professional conduct" and that the institute had "failed to protect the public interest." The ICAEW has been ordered to pay £10,000 in costs to the Insolvency Service.

In a statement, the ICAEW said that it "deeply regrets" the lapse in professional conduct and that it has "taken steps to ensure that this does not happen again." The institute said that it has "strengthened its monitoring procedures" and that it is "committed to protecting the public interest."

The ICAEW's failure to monitor the banned member is a serious lapse in judgement and it is clear that the institute needs to do more to protect the public interest. The Insolvency Service's reprimand is a wake-up call for the ICAEW and it is essential that the institute takes steps to ensure that this does not happen again.

In the meantime, the public should be aware of the risks associated with working with an ICAEW member who has been banned from practicing. If you are considering hiring an ICAEW member, you can check their status on the ICAEW's website.

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Friday, June 30, 2023

KPMG and PwC Get a Scolding From The FRC

 


Two of the world's largest accounting firms, KPMG and PwC, have been fined by the Financial Reporting Council (FRC) for their audits of Eddie Stobart Logistics.

KPMG was fined £877,500 for its 2017 audit of the lorry company, and also fined one of its former partners, Nicola Quayle, £45,000. PwC was fined £1.9 million for its 2018 audit of Eddie Stobart.

The FRC found that both audits had failed to meet certain requirements, including gathering enough relevant and appropriate evidence regarding the services provided by Eddie Stobart during certain transactions. This prevented them from attributing the revenue generated by those services and recognising it upfront in the financial year.

In a statement, KPMG said it "accepted the findings of the FRC and has taken steps to improve its audit processes". 

PwC said that it "is committed to high quality audits and takes the findings of the FRC seriously." The firm said that it has "implemented a number of actions to address the issues identified" and that it is "confident that our audits meet the highest standards."

The sanctions against KPMG and PwC are the latest in a series of fines and reprimands that have been handed down to the Big Four firms in recent years. In May 2022, KPMG was fined £14.4 million for its audit of Rolls-Royce.

The FRC's actions are a sign that it is taking a tougher stance on audit quality. The regulator has said that it wants to see the Big Four firms "raise their game" and improve the quality of their audits.

The sanctions against KPMG and PwC will also have a knock-on effect on the companies that they audit. Investors and other stakeholders will be more likely to question the reliability of the financial statements of companies that are audited by these firms.

This could lead to higher costs for companies, as they may need to invest more in their internal controls and risk management systems. It could also make it more difficult for companies to raise capital from investors.

The sanctions against KPMG and PwC are a reminder that the audit function is vital to the financial markets. Investors and other stakeholders rely on auditors to provide an independent and objective assessment of a company's financial statements.

When audits fail to meet the required standards, it can have a significant impact on the markets and the businesses that are affected. The FRC's actions are a step in the right direction to ensure that the Big Four firms take their audit responsibilities seriously.

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Thursday, June 22, 2023

A Year of Influence - #ICAEWROAR





 

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Tuesday, June 20, 2023

ICAEW in Hot Water Over Lavish CEO Severance Package


 

The Institute of Chartered Accountants in England and Wales (ICAEW) is facing intense scrutiny over a secret six-figure severance package being handed to its retiring chief executive, Michael Izza.

The payment, which could amount to as much as twice Izza's annual base salary of £492,000, has been met with anger and disbelief by many in the accounting profession.

It comes at a time when the ICAEW is already under fire for its retention of fines imposed on audit firms. In 2021, the ICAEW pocketed a £13.5 million penalty from Silentnight, the mattresses retailer, rather than using the money to reimburse pensioners who had been disadvantaged by corporate governance failings.

The ICAEW has defended the payment to Izza, saying that it is "in line with market rates" and that it is "appropriate" given his length of service and achievements.

However, critics argue that the payment is excessive and that it sends the wrong message at a time when the ICAEW is supposed to be promoting high standards of corporate governance.

"This is a staggering amount of money to pay to someone who is already very well-paid," said one industry insider. "It's a slap in the face to the thousands of accountants who work for the ICAEW and who are paid a fraction of what Izza is getting."

The ICAEW has said that it will publish the full details of the severance package in its next annual report. However, that is unlikely to do much to quell the anger that is already brewing.

This is just the latest in a series of controversies to hit the ICAEW in recent years. The organization has been criticized for its handling of the Carillion collapse, its close ties to the Big Four audit firms, and its failure to crack down on widespread corporate fraud.

The decision to hand Izza a six-figure severance package is likely to further damage the ICAEW's reputation and raise questions about its commitment to transparency and accountability.

The ICAEW is in hot water. They're handing a lavish sum to their retiring CEO, Michael Izza, amid a row over fines imposed on audit firms.

People are angry. They say the payment is excessive and sends the wrong message.

The ICAEW has defended the payment, saying it's in line with market rates. But critics say that's not good enough.

This is just the latest in a series of controversies to hit the ICAEW. They're in danger of losing the public's trust.

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Wednesday, May 17, 2023

ICAEW To Change CPD Requirements

 


The Institute of Chartered Accountants in England and Wales (ICAEW) is changing its Continuing Professional Development (CPD) requirements from November 2023. The new rules will introduce a minimum number of hours that members must complete each year, as well as a mandatory ethics requirement.

The following are the key changes to the ICAEW CPD requirements:

  • Minimum number of hours: From November 2023, all members will be required to complete a minimum of 20 hours of CPD per year.
  • Verifiable hours: A minimum of 10 of the 20 hours must be verifiable, meaning that members must be able to provide evidence of the CPD activity they have undertaken.
  • Ethics requirement: Members will be required to complete a minimum of one hour of ethics training each year.

The new CPD requirements are designed to ensure that ICAEW members remain up-to-date with the latest developments in their profession and that they are able to demonstrate high standards of ethical conduct.

The following are some of the benefits of the new CPD requirements:

  • Members will be better equipped to deal with the challenges of the modern workplace.
  • Members will be able to demonstrate their commitment to continuous learning and professional development.
  • Members will be able to uphold high standards of ethical conduct.

ICAEW members can find more information about the new CPD requirements on the ICAEW website.

Here are some additional details about the new CPD requirements:

  • CPD categories: Members will be placed in one of four CPD categories, based on the type of work they do. The categories are:
    • Category 1: Accounting and finance professionals
    • Category 2: Business professionals
    • Category 3: Other professionals
    • Category 4: Retired members
  • Ethics training: The ethics training that members are required to complete must be aligned to the ICAEW Code of Ethics. The training can be delivered in a variety of formats, including online courses, webinars, and workshops.
  • CPD record keeping: Members are required to keep a record of their CPD activities. The record should include the following information:
    • The title of the CPD activity
    • The date of the CPD activity
    • The provider of the CPD activity
    • The number of hours of CPD
  • CPD audit: ICAEW may audit members' CPD records. Members who fail to comply with the CPD requirements may be subject to disciplinary action.

 

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Wednesday, April 12, 2023

EY Squanders Hundreds of Millions on Everest The Molehill


 

EY has scrapped plans to break up its audit and consulting businesses after months of internal disagreement and opposition from executives in the US. 

The plan, codenamed Project Everest, would have represented the biggest shake-up to the accounting industry in more than two decades. 

EY’s 18-person global leadership team, which approved the plan last September, sent partners a note on Tuesday saying the firm would now pursue a different deal.

Project Everest was championed by global chief executive Carmine Di Sibio as a way to free both sides of the business from conflict-of-interest rules that prevent consultants from selling many of their services to a firm’s audit clients. The independent consulting and tax advisory businesses would have been floated on the stock market. 

Under the break-up plan, consultants would have received shares in the new business worth up to nine times their annual pay, while audit partners would have been handed cash windfalls of up to four times their annual earnings. 

However, leaders of the US firm were unconvinced that cutting EY’s tax business down the middle was wise, and that the remaining audit-focused firm would be financially strong enough to maintain audit quality. 

EY has spent hundreds of millions of dollars on Project Everest, with more than 2,000 of its staff engaged in the planning. Doubtless EY's clients will end up footing the bill, one way or another!

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Monday, March 27, 2023

Izza To Retire


 

After 17 years as CEO of the ICAEW, Michael Izza has announced that he will retire at the end of 2023.

As per his email:

I wanted to let you know that after 21 years at ICAEW, I have decided to retire as its Chief Executive by the end of 2023. 

I trained as a Chartered Accountant almost 40 years ago, and it has been an honour to be Chief Executive of ICAEW, representing our profession across the world.

I would like to thank you - as valued members - and all our many volunteers for your support to me and commitment to ICAEW. I am immensely proud of what we have achieved together, and I have no doubt that the Institute will continue to flourish after I leave. 

As Chief Executive I have taken every opportunity to champion sustainability and I believe that chartered accountants have a vital role in helping society and the economy achieve net zero. Our 2030 strategy positions ICAEW well for the future and I am confident that the best is yet to come.

Regards,   

Michael Izza FCA

ICAEW Chief Executive"

I would like to take this opportunity to wish him well for his retirement.

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Wednesday, February 22, 2023

How To Qualify as a Chartered Accountant

To qualify as a Chartered Accountant with the Institute of Chartered Accountants in England and Wales (ICAEW), you will need to complete the following steps:

  1. Academic Qualifications: You will need to have a degree or equivalent qualification recognized by ICAEW. If you don't have an appropriate degree, you may still be eligible to enter the ACA (Associate Chartered Accountant) qualification via the ICAEW Certificate in Finance, Accounting, and Business (CFAB).

  2. Professional Development: The ACA is a rigorous training program that combines work experience with study. To complete it, you will need to find a training agreement with an ICAEW-authorized employer. During your training agreement, you will be required to complete a minimum of 450 days of practical work experience in accounting and finance, along with completing 15 ICAEW professional development courses.

  3. ACA Exams: You will need to pass 15 exams in total, which are divided into three levels: Certificate, Professional, and Advanced. These exams are designed to test your knowledge and skills in accounting, finance, business, and ethics.

  4. Ethics and Professionalism: As a Chartered Accountant, you will need to adhere to high ethical and professional standards. Therefore, you will need to complete an ethics and professional scepticism module as part of your ACA training.

  5. Membership: Once you have completed your training and exams, you will be eligible for ICAEW membership and will be able to use the ACA designation.

Overall, qualifying as a Chartered Accountant with the ICAEW is a challenging but rewarding process that requires dedication and hard work. It is important to research and plan ahead before starting your journey to ensure you meet all the necessary requirements.

 

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Thursday, February 09, 2023

ICAEW Calls For Emergency Taskforce To Tackle HMRC Backlog


 
Ministers must set up a taskforce to deal with the unacceptable delays at HMRC, which are holding back the UK’s economic growth, says ICAEW.

ICAEW is calling for the immediate creation of a cross-sector taskforce to address long-standing delays at HMRC, which it says have become a drag on the UK’s economic growth.

The emergency taskforce would be charged with identifying areas for support to end delays, as well as recommending improvements to HMRC’s service standards to enable business growth, ICAEW says.

Taxpayers and accountants are having to wait up to a year for HMRC to respond to queries over the phone or by post, ICAEW says, while callers report that they have waited for more than an hour before being cut off. Customer service staffing levels at HMRC have reduced from 25,500 to 19,500 people, causing long delays for both agents and taxpayers.

These delays were the biggest area of complaint made by ICAEW members in 2022, whether relating to financial or other resource constraints. 

VAT registration for a new or growing business or re-registration where an existing business incorporates should be expected to happen quickly, the Institute says. Such businesses are growing and their administrative workload will double while they wait for HMRC to act.

ICAEW is increasingly of the view that HMRC is now trapped by its backlog and delays are now an anchor on the UK’s economic growth. The government needs to urgently tackle this issue if it is serious about building the ‘pillar of enterprise’, it says.

“The delays at HMRC are unacceptable, need to be addressed promptly and are acting as a drag on the UK’s economic growth,” ICAEW Chief Executive Michael Izza says. 

“We’re calling on ministers to set up an emergency taskforce to identify steps to eliminate HMRC’s backlog and improve its service standards, so that in the future it supports, not inhibits, business growth and maximises the tax receipts needed to fund public services.”

The taskforce should include representatives from professional bodies and from business, who would be empowered to make recommendations to HMRC to improve its services and clear its backlog, ICAEW says.

“HMRC performs a vital function supporting businesses and growth, for example ensuring new businesses can register promptly for VAT, and its work is essential in collecting tax receipts to fund public services,” Izza continues. 

“Despite this vital role and the commitment from hardworking civil servants, HMRC is often overlooked and overstretched, leading to problems, and we would be pleased to work with it to tackle these issues.”

It is unclear whether these waiting times relate to financial or other resource constraints, but the time it takes for HMRC to respond is perceived by many chartered accountants to be the single biggest obstacle to growth and tops the list of complaints by members, ICAEW says. It is a problem regardless of the means of communication being used, where intervention or action cannot be undertaken automatically.

Spoiler alert: THIS WON'T HAPPEN!

 

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  • Having the security of knowing that fees will be met in full will enable your Accountant (your tax return agent) to defend your position robustly

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