tag:blogger.com,1999:blog-96111292024-03-19T13:31:12.807+00:00ICAEW NewsThis site is dedicated to fighting the proposal of the Institute of Chartered Accountants (ICAEW) to merge with CIMA and CIPFA, two other accountancy bodies in the UK.Ken Frosthttp://www.blogger.com/profile/13568488818950912374noreply@blogger.comBlogger507125tag:blogger.com,1999:blog-9611129.post-77339160512381053172024-03-19T13:30:00.005+00:002024-03-19T13:30:35.452+00:00The Reality of An Audit<p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgozFs4kP9yl40AeUT9Cku7qZMf4QVkCHfQ9IDeUOPN5vEPrjWgAJJwaWYqINDPD2OGdaIRWmwxCMGjDCYhusGuOFchc27WCWBc9huZu5h4Ro6MruBkMkEbxGkBnX0fXss5HevieeJ9zDBJ5D38pK1eJWGD8rKuOfVtxGcR8L9Q8wo_ot_XrFyC-w/s1350/audit.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1350" data-original-width="1080" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgozFs4kP9yl40AeUT9Cku7qZMf4QVkCHfQ9IDeUOPN5vEPrjWgAJJwaWYqINDPD2OGdaIRWmwxCMGjDCYhusGuOFchc27WCWBc9huZu5h4Ro6MruBkMkEbxGkBnX0fXss5HevieeJ9zDBJ5D38pK1eJWGD8rKuOfVtxGcR8L9Q8wo_ot_XrFyC-w/w320-h400/audit.jpg" width="320" /></a></div><br /> <p></p><p><a href="https://solarinsurance.co.uk/ken-frost/" target="_blank">Tax Investigation Insurance</a><br />
<br />Market leading tax fee protection insurance for businesses, sole traders and individuals. Protect yourself from accountancy fees in the event of an HMRC enquiry.<br /><br />
Having a Solar Protect Tax Investigation Insurance policy at your disposal means that should you be one of the many 1000's of businesses or individuals that are selected by HMRC each year to look into your tax affairs your own accountant (your tax return agent) can get on and defend you robustly.<br />
<br />
You have the peace of mind knowing that your accountant's (your tax return agent) fees will be paid by the insurance without any Excess for you to find.<br />
<br />
Tax Investigation Insurance is an insurance policy that will fully
reimburse your accountant's (your tax return agent) fees up to £100,000
if you are subject to enquiry by or dispute with HMRC.<br />
<br />
A Solar Protect policy will enable your accountant (your tax return agent) to:
<br />
</p><ul>
<li>
Deal with any correspondence from HMRC</li>
<li>
Attend any meeting with HMRC</li>
<li>
Appeal to the First-tier Tribunal or Upper Tribunal</li>
<li>
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</li>
</ul>
<br />
<a href="https://solarinsurance.co.uk/ken-frost/" target="_blank">Please click here for details</a>. <br />Ken Frosthttp://www.blogger.com/profile/13568488818950912374noreply@blogger.com0tag:blogger.com,1999:blog-9611129.post-89426667528752236532023-12-12T13:57:00.005+00:002023-12-12T13:57:41.404+00:00CPD Course Salesmen Spy a Nice Little Earner - II<p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEghVFWZgr-rkgQGYdmSOwAzRCgMCHGnANA4qFWO0-HPdnaHTuObRGNBOlVPbmsVTpxlyM22oIIrT7hI5SRIrSEdilQjj2UBXfzRoQvYspOYjUCET0TeYnQOUVNqkk1FqeHzVItPcp-Ro7bwGXxOn4r2lkY-5eS_DcfeYqCqzwNM88L-hi8S5WprGg/s454/arthur1.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="454" data-original-width="306" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEghVFWZgr-rkgQGYdmSOwAzRCgMCHGnANA4qFWO0-HPdnaHTuObRGNBOlVPbmsVTpxlyM22oIIrT7hI5SRIrSEdilQjj2UBXfzRoQvYspOYjUCET0TeYnQOUVNqkk1FqeHzVItPcp-Ro7bwGXxOn4r2lkY-5eS_DcfeYqCqzwNM88L-hi8S5WprGg/w270-h400/arthur1.jpg" width="270" /></a></div><br /> <p></p><p>Further to my <a href="https://stopthemerger.blogspot.com/2023/12/cpd-courses-spy-nice-little-earner.html" target="_blank">post yesterday</a> about being targeted by a company offering CPD courses. </p><p>I would like to ask fellow ICAEW members if they have had similar emails from the Canadian company called LearnFormula?<br /></p><p><a href="https://solarinsurance.co.uk/ken-frost/" target="_blank">Tax Investigation Insurance</a><br />
<br />Market leading tax fee protection insurance for businesses, sole traders and individuals. Protect yourself from accountancy fees in the event of an HMRC enquiry.<br /><br />
Having a Solar Protect Tax Investigation Insurance policy at your disposal means that should you be one of the many 1000's of businesses or individuals that are selected by HMRC each year to look into your tax affairs your own accountant (your tax return agent) can get on and defend you robustly.<br />
<br />
You have the peace of mind knowing that your accountant's (your tax return agent) fees will be paid by the insurance without any Excess for you to find.<br />
<br />
Tax Investigation Insurance is an insurance policy that will fully
reimburse your accountant's (your tax return agent) fees up to £100,000
if you are subject to enquiry by or dispute with HMRC.<br />
<br />
A Solar Protect policy will enable your accountant (your tax return agent) to:
<br />
</p><ul>
<li>
Deal with any correspondence from HMRC</li>
<li>
Attend any meeting with HMRC</li>
<li>
Appeal to the First-tier Tribunal or Upper Tribunal</li>
<li>
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</li>
</ul>
<br />
<a href="https://solarinsurance.co.uk/ken-frost/" target="_blank">Please click here for details</a>. <br />Ken Frosthttp://www.blogger.com/profile/13568488818950912374noreply@blogger.com0tag:blogger.com,1999:blog-9611129.post-80729150165900287842023-12-11T12:04:00.004+00:002023-12-11T12:39:03.529+00:00CPD Course Salesmen Spy a Nice Little Earner<p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj4dS5Tkgtf82Wy6vU9PIXyFw2HOof9CMqjpa9fMgLd4O5MgCen0rI1XCwKxHLkzIGan54o05crQhJTYT1dpdASwYxBV1h6A8XRurCuyalsINo4rASy2LwP19Lus5PQTDKuHy85r7Jk7QnwEsRlA4rqX097aoXcYylhCGhUx2nopntRHVu4KpLPQg/s454/arthur1.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="454" data-original-width="306" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj4dS5Tkgtf82Wy6vU9PIXyFw2HOof9CMqjpa9fMgLd4O5MgCen0rI1XCwKxHLkzIGan54o05crQhJTYT1dpdASwYxBV1h6A8XRurCuyalsINo4rASy2LwP19Lus5PQTDKuHy85r7Jk7QnwEsRlA4rqX097aoXcYylhCGhUx2nopntRHVu4KpLPQg/w270-h400/arthur1.jpg" width="270" /></a></div><br /> <p></p><p>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).</p><p>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:</p><blockquote><p>" <i>Hi Ken,</i></p></blockquote><blockquote>
<p><i><b><span face="Calibri,sans-serif">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.</span></b></i></p>
<p><i>By taking online courses, you ensure compliance with your CPD
Obligations - online courses are flexible, verifiable, and fit your busy
schedule.</i></p>
<p><i>Best-selling product on an even bigger sale - until midnight on Wednesday, December 13, 2023, you can claim an <b><span face="Calibri,sans-serif">additional 10% off </span></b>on <b><span face="Calibri,sans-serif">Triennial CPD Custom Package</span></b> - get 60 hours just for £540.9 instead of £1,737*</i></p>
<ul style="margin-bottom: 0px;" type="disc"><li style="font-family: Calibri, sans-serif; font-size: 11pt; margin: 0px;"><i><b><span face="Calibri,sans-serif">Long-Term Planning</span></b>: Offers a longer planning horizon, allowing you to organize your learning and development over three years. </i></li><li style="font-family: Calibri, sans-serif; font-size: 11pt; margin: 0px;"><i><b><span face="Calibri,sans-serif">Time and Cost Efficiency</span></b>: <b><span face="Calibri,sans-serif">For just £180.3 per 20 hours</span></b>
(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.</i></li><li style="font-family: Calibri, sans-serif; font-size: 11pt; margin: 0px;"><i><b><span face="Calibri,sans-serif">Flexibility</span></b>: Select and complete courses at your own pace within the three-year period.</i></li><li style="font-family: Calibri, sans-serif; font-size: 11pt; margin: 0px;"><i><b><span face="Calibri,sans-serif">Reduced Administrative Burden</span></b>:
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.</i></li></ul>
<p><i>* Use code: <b><span face="Calibri,sans-serif">DECEMBER</span></b></i></p>
<p><i>Lock the best price for your professional development credits today</i>."</p></blockquote><p>I have written to them asking them how is it they have my email address. <br /></p><p><a href="https://solarinsurance.co.uk/ken-frost/" target="_blank">Tax Investigation Insurance</a><br />
<br />Market leading tax fee protection insurance for businesses, sole traders and individuals. Protect yourself from accountancy fees in the event of an HMRC enquiry.<br /><br />
Having a Solar Protect Tax Investigation Insurance policy at your disposal means that should you be one of the many 1000's of businesses or individuals that are selected by HMRC each year to look into your tax affairs your own accountant (your tax return agent) can get on and defend you robustly.<br />
<br />
You have the peace of mind knowing that your accountant's (your tax return agent) fees will be paid by the insurance without any Excess for you to find.<br />
<br />
Tax Investigation Insurance is an insurance policy that will fully
reimburse your accountant's (your tax return agent) fees up to £100,000
if you are subject to enquiry by or dispute with HMRC.<br />
<br />
A Solar Protect policy will enable your accountant (your tax return agent) to:
<br />
</p><ul>
<li>
Deal with any correspondence from HMRC</li>
<li>
Attend any meeting with HMRC</li>
<li>
Appeal to the First-tier Tribunal or Upper Tribunal</li>
<li>
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</li>
</ul>
<br />
<a href="https://solarinsurance.co.uk/ken-frost/" target="_blank">Please click here for details</a>. <br />Ken Frosthttp://www.blogger.com/profile/13568488818950912374noreply@blogger.com0tag:blogger.com,1999:blog-9611129.post-16237927664158761882023-12-07T13:11:00.007+00:002023-12-07T13:14:03.362+00:00#ICAEWROAR Top Online UK Influencers Accountancy 2023<p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg061WsLkfQ0-lGXTlTOtR651WQeUAqhDCaq24dluNQh8tD-DxcQR9k_cYap65xCPA845yHxDBmyxrQyBoG4j0Bx0tuDW0RFFgGbNeEYtVg5iozhTeo6jogCR647-jUQSaNj1CDasr0IjA86W7quX2ugbnifEgxpbZhOcx0JT7MlFbelPX6jL3wvQ/s1600/icaewroar2023.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1600" height="225" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg061WsLkfQ0-lGXTlTOtR651WQeUAqhDCaq24dluNQh8tD-DxcQR9k_cYap65xCPA845yHxDBmyxrQyBoG4j0Bx0tuDW0RFFgGbNeEYtVg5iozhTeo6jogCR647-jUQSaNj1CDasr0IjA86W7quX2ugbnifEgxpbZhOcx0JT7MlFbelPX6jL3wvQ/w400-h225/icaewroar2023.jpg" width="400" /></a></div><br /> <p></p><p>I have been <a href="http://www.kenfrost.net/icaewroar-top-online-uk-influencers-accountancy-2023/" target="_blank">ranked 13th</a> out of 60 in the <a href="https://www.icaew.com/about-icaew/icaewroar/icaewroar-top-online-uk-influencers-accountancy-2023-twitter" rel="noopener noreferrer" target="_blank">ICAEW Top Online UK Influencers Accountancy 2023 list.</a></p>
<p>In the seventh #ICAEWROAR event, the ICAEW focussed specifically on UK individuals using Twitter within the realms of accountancy.</p>
<p>As per the ICAEW:</p>
<blockquote><p><i>“</i><b><i>Methodology</i></b></p>
<div class="c-content-default" data-component-title="c-content-text" data-ds-id="9e05c5e1-ec1a-4cd3-99e3-59a5f5a5071b">
<p><i>We focused on UK-based individuals tweeting and discussing
accountancy related topics such as accountancy, tax, budget, assurance,
insolvency, audit and finance.</i></p>
<p><i>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.</i></p>
<p><i>Working with Falcon we used their social media listening tool to
pull data relevant to our specific keywords, looking at a metrics
comprising of:</i></p>
<ul><li><i>Audience re-tweets;</i></li><li><i>Author tweets;</i></li><li><i>Positive and neutral sentiment</i></li><li><i>Visibility and audience relevance.</i></li></ul>
</div>
<div class="c-subheading-h2" data-component-title="c-subheading-h2" data-ds-id="25eacb0c-f415-4d7c-b289-85c6245b98bf" id="subheading-de892bf8-e8e4-45b5-869c-9fa07a60e03c">
<h2 data-gtm-vis-first-on-screen-826450_247="2543" data-gtm-vis-has-fired-826450_247="1" data-gtm-vis-total-visible-time-826450_247="100"><i>Algorithm</i></h2>
</div>
<div class="c-content-default" data-component-title="c-content-text" data-ds-id="55a9b313-2bb2-40b2-ac21-031e18135f1f"><i>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.”</i></div>
</blockquote>
<div data-component-title="c-content-text" data-ds-id="55a9b313-2bb2-40b2-ac21-031e18135f1f">My thanks to the ICAEW, and congratulations to those others on the list. <br /></div><p><a href="https://solarinsurance.co.uk/ken-frost/" target="_blank">Tax Investigation Insurance</a><br />
<br />Market leading tax fee protection insurance for businesses, sole traders and individuals. Protect yourself from accountancy fees in the event of an HMRC enquiry.<br /><br />
Having a Solar Protect Tax Investigation Insurance policy at your disposal means that should you be one of the many 1000's of businesses or individuals that are selected by HMRC each year to look into your tax affairs your own accountant (your tax return agent) can get on and defend you robustly.<br />
<br />
You have the peace of mind knowing that your accountant's (your tax return agent) fees will be paid by the insurance without any Excess for you to find.<br />
<br />
Tax Investigation Insurance is an insurance policy that will fully
reimburse your accountant's (your tax return agent) fees up to £100,000
if you are subject to enquiry by or dispute with HMRC.<br />
<br />
A Solar Protect policy will enable your accountant (your tax return agent) to:
<br />
</p><ul>
<li>
Deal with any correspondence from HMRC</li>
<li>
Attend any meeting with HMRC</li>
<li>
Appeal to the First-tier Tribunal or Upper Tribunal</li>
<li>
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</li>
</ul>
<br />
<a href="https://solarinsurance.co.uk/ken-frost/" target="_blank">Please click here for details</a>. <br />Ken Frosthttp://www.blogger.com/profile/13568488818950912374noreply@blogger.com0tag:blogger.com,1999:blog-9611129.post-63635421429517826732023-11-10T12:13:00.004+00:002023-11-10T12:13:43.016+00:00Happy International Accounting Day!<p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEikrBFJSLOmyBrlO-zRFw6DCyMfFjjaqbPZ31CJY7CGnvnxaRCYTIu0tqEEx8cG10QQUFOjazZN4hiyO9coHxJX0G1I4lY2jmGeSRrwJPmwyyRj6BWC9Bt_QFMseB5vXk19wZhwK_pjihXooj8kRuxPmXF971sfEeoZb6PHbYyq-cSURzMxJ-vzcw/s1200/internationalaccountingday.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1200" data-original-width="1072" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEikrBFJSLOmyBrlO-zRFw6DCyMfFjjaqbPZ31CJY7CGnvnxaRCYTIu0tqEEx8cG10QQUFOjazZN4hiyO9coHxJX0G1I4lY2jmGeSRrwJPmwyyRj6BWC9Bt_QFMseB5vXk19wZhwK_pjihXooj8kRuxPmXF971sfEeoZb6PHbYyq-cSURzMxJ-vzcw/w358-h400/internationalaccountingday.jpg" width="358" /></a></div><br /> <p></p><p><a href="https://solarinsurance.co.uk/ken-frost/" target="_blank">Tax Investigation Insurance</a><br />
<br />Market leading tax fee protection insurance for businesses, sole traders and individuals. Protect yourself from accountancy fees in the event of an HMRC enquiry.<br /><br />
Having a Solar Protect Tax Investigation Insurance policy at your disposal means that should you be one of the many 1000's of businesses or individuals that are selected by HMRC each year to look into your tax affairs your own accountant (your tax return agent) can get on and defend you robustly.<br />
<br />
You have the peace of mind knowing that your accountant's (your tax return agent) fees will be paid by the insurance without any Excess for you to find.<br />
<br />
Tax Investigation Insurance is an insurance policy that will fully
reimburse your accountant's (your tax return agent) fees up to £100,000
if you are subject to enquiry by or dispute with HMRC.<br />
<br />
A Solar Protect policy will enable your accountant (your tax return agent) to:
<br />
</p><ul>
<li>
Deal with any correspondence from HMRC</li>
<li>
Attend any meeting with HMRC</li>
<li>
Appeal to the First-tier Tribunal or Upper Tribunal</li>
<li>
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</li>
</ul>
<br />
<a href="https://solarinsurance.co.uk/ken-frost/" target="_blank">Please click here for details</a>. <br />Ken Frosthttp://www.blogger.com/profile/13568488818950912374noreply@blogger.com0tag:blogger.com,1999:blog-9611129.post-65232126503290772242023-10-30T11:30:00.003+00:002023-10-30T11:30:59.206+00:00ICAEW Appoints Alan Vallance As New CEO<div class="c-content-intro" data-component-title="c-content-intro" data-ds-id="">
<span class="lead"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjT74yyaKkR5zYfXLqEP-PttBKPtuIhz6exlRlO8zNE5l4WVArpN8oqqPL97BK7vLi6Z761ztPoPLdd23kcNW8DVYgC3Wm4NpwxGEOFSh7gpioq83OpMX7O49ZqZhyphenhyphen2-IdzZ8wMrP2Td92X6KdCZRfFCwOQ7de9y02bv24hwCCVxg_vrzExBOc-MQ/s300/alanvallance.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="168" data-original-width="300" height="224" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjT74yyaKkR5zYfXLqEP-PttBKPtuIhz6exlRlO8zNE5l4WVArpN8oqqPL97BK7vLi6Z761ztPoPLdd23kcNW8DVYgC3Wm4NpwxGEOFSh7gpioq83OpMX7O49ZqZhyphenhyphen2-IdzZ8wMrP2Td92X6KdCZRfFCwOQ7de9y02bv24hwCCVxg_vrzExBOc-MQ/w400-h224/alanvallance.jpg" width="400" /></a></div><br /> </span></div><div class="c-content-intro" data-component-title="c-content-intro" data-ds-id=""><span class="lead">The chartered accountant and CEO of the Chartered
Insurance Institute is taking up the ICAEW leadership role in Spring
2024.
</span>
</div>
<div class="c-content-default" data-component-title="c-content-text" data-ds-id="ca5890bb-ddd1-4551-95e7-100cde784ae8">
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>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. </p>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>“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.”</p>
<p> </p>
<p>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.”</p>
<p>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.” </p>
<p>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. </p>
<p>“<i>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</i>.”</p>
<p>Michael Izza, ICAEW Chief Executive, said:</p><p></p><blockquote><i> “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.”</i></blockquote><p></p></div><p> </p><p><a href="https://solarinsurance.co.uk/ken-frost/" target="_blank">Tax Investigation Insurance</a><br />
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A Solar Protect policy will enable your accountant (your tax return agent) to:
<br />
</p><ul>
<li>
Deal with any correspondence from HMRC</li>
<li>
Attend any meeting with HMRC</li>
<li>
Appeal to the First-tier Tribunal or Upper Tribunal</li>
<li>
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</li>
</ul>
<br />
<a href="https://solarinsurance.co.uk/ken-frost/" target="_blank">Please click here for details</a>. <br />Ken Frosthttp://www.blogger.com/profile/13568488818950912374noreply@blogger.com0tag:blogger.com,1999:blog-9611129.post-8272587309929012472023-10-12T12:04:00.002+01:002023-10-12T12:04:28.960+01:00KPMG Fined £21M For Being "Exceptionally Bad"<p data-sourcepos="3:1-3:49"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEib44zzd2xcgxG79UMQ8YKijNnUuYYdcezJBbgDlomYc4eIZ9TJt35-iou4dsmq6kPvUuVmTv-uiCYpZsjaTHECaXgAX8QUWJElqOx46Q5SnHZYguFX4hyphenhyphenUPv_E8XrXcTO2m6Xl4u-iNLKeZfEHCL46sAH5XZEb-riBnXTtCR-z3tJTBEiWMSJXHw/s251/whatthe.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="200" data-original-width="251" height="319" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEib44zzd2xcgxG79UMQ8YKijNnUuYYdcezJBbgDlomYc4eIZ9TJt35-iou4dsmq6kPvUuVmTv-uiCYpZsjaTHECaXgAX8QUWJElqOx46Q5SnHZYguFX4hyphenhyphenUPv_E8XrXcTO2m6Xl4u-iNLKeZfEHCL46sAH5XZEb-riBnXTtCR-z3tJTBEiWMSJXHw/w400-h319/whatthe.JPG" width="400" /></a></div><br /> <p></p><p data-sourcepos="3:1-3:49">Another day, another fine for a Big Four auditor.</p><p data-sourcepos="5:1-5:196">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.</p><p data-sourcepos="7:1-7:147">The FRC said that KPMG's audits of Carillion were "exceptionally bad" and that the firm had failed to "discharge its professional duties properly".</p><p data-sourcepos="9:1-9:294">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.</p><p data-sourcepos="11:1-11:197">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.</p><p data-sourcepos="13:1-13:237">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.</p><p data-sourcepos="15:1-15:208">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.</p><p data-sourcepos="23:1-23:148">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.</p><p data-sourcepos="25:1-25:36">Here's what needs to happen:</p><ul data-sourcepos="27:1-30:0"><li data-sourcepos="27:1-27:176">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.</li><li data-sourcepos="28:1-28:170">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.</li><li data-sourcepos="29:1-30:0">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.</li></ul><p data-sourcepos="31:1-31:119">Only by taking these steps can we restore confidence in the audit profession and protect investors from audit failings.</p><p></p><p><a href="https://solarinsurance.co.uk/ken-frost/" target="_blank">Tax Investigation Insurance</a></p><p> <br />Market leading tax fee protection insurance for businesses, sole traders and individuals. Protect yourself from accountancy fees in the event of an HMRC enquiry.<br /><br />
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<br />
Tax Investigation Insurance is an insurance policy that will fully
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A Solar Protect policy will enable your accountant (your tax return agent) to:
<br />
</p><ul>
<li>
Deal with any correspondence from HMRC</li>
<li>
Attend any meeting with HMRC</li>
<li>
Appeal to the First-tier Tribunal or Upper Tribunal</li>
<li>
Having the security of knowing that fees will be met in full will
enable your Accountant (your tax return agent) to defend your position
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</ul>
<br />
<a href="https://solarinsurance.co.uk/ken-frost/" target="_blank">Please click here for details</a>. <br />Ken Frosthttp://www.blogger.com/profile/13568488818950912374noreply@blogger.com0tag:blogger.com,1999:blog-9611129.post-28922485200944418372023-09-18T12:13:00.002+01:002023-09-18T12:13:22.557+01:00Go Woke, Go Broke - UN Sustainable Development Goals<p> </p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjpQ9sXJBBsmGIzjAq68KyG3FN9VUpEUIzc3E3o1KtnoujHZIISLQ90aZDz-Piv_h6odWNwLByHjarV8z_arnlu4iVCmJ3QvjtUd8fonLOkMrBbqfuBeY2IMtwKQ7_OLqCHh23TgnhkUTJKNxUzTpk7AnOncTAUjlXiKX_0Qtrvkb9Ro9QrM9tijw/s225/go%20woke.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="225" data-original-width="225" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjpQ9sXJBBsmGIzjAq68KyG3FN9VUpEUIzc3E3o1KtnoujHZIISLQ90aZDz-Piv_h6odWNwLByHjarV8z_arnlu4iVCmJ3QvjtUd8fonLOkMrBbqfuBeY2IMtwKQ7_OLqCHh23TgnhkUTJKNxUzTpk7AnOncTAUjlXiKX_0Qtrvkb9Ro9QrM9tijw/w400-h400/go%20woke.png" width="400" /></a></div><br /><p></p><p>For reasons best known to itself, the ICAEW has waded into geopolitics in the form of an <a href="https://www.icaew.com/technical/sustainability/supporting-the-un-sustainable-development-goals/open-letter-to-the-uk-government" target="_blank">open letter to the UK government on the subject of the UN sustainable development goals</a>.</p><p>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. <br /></p><p><a href="https://solarinsurance.co.uk/ken-frost/" target="_blank">Tax Investigation Insurance</a><br />
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<br />
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<br />
Tax Investigation Insurance is an insurance policy that will fully
reimburse your accountant's (your tax return agent) fees up to £100,000
if you are subject to enquiry by or dispute with HMRC.<br />
<br />
A Solar Protect policy will enable your accountant (your tax return agent) to:
<br />
</p><ul>
<li>
Deal with any correspondence from HMRC</li>
<li>
Attend any meeting with HMRC</li>
<li>
Appeal to the First-tier Tribunal or Upper Tribunal</li>
<li>
Having the security of knowing that fees will be met in full will
enable your Accountant (your tax return agent) to defend your position
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</ul>
<br />
<a href="https://solarinsurance.co.uk/ken-frost/" target="_blank">Please click here for details</a>. <br />Ken Frosthttp://www.blogger.com/profile/13568488818950912374noreply@blogger.com0tag:blogger.com,1999:blog-9611129.post-51207084149270463182023-09-12T11:34:00.005+01:002023-09-12T11:34:30.663+01:00The Merger That Dare Not Speak Its Name<br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj--Ru2t0P1LF7e-7SDBR7XAe6Yik1ZnN1BcB3tRfrt7me-Cohfs1IZSL4kG9Lrg-q_HFLsPk6yPCWjq1_Lq5bw7uyTYMyMguH-C8Oyeu0U2y8Rg322ysYd6DPOdAtYqI-KkqWD9cn3f0s_CHcBK9GlOVvhO1YMgw6LWKd6e8s_mE76Pd-B9ZuGtg/s1000/Oscar_Wilde_portrait_by_Napoleon_Sarony_-_albumen-1000x600.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="600" data-original-width="1000" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj--Ru2t0P1LF7e-7SDBR7XAe6Yik1ZnN1BcB3tRfrt7me-Cohfs1IZSL4kG9Lrg-q_HFLsPk6yPCWjq1_Lq5bw7uyTYMyMguH-C8Oyeu0U2y8Rg322ysYd6DPOdAtYqI-KkqWD9cn3f0s_CHcBK9GlOVvhO1YMgw6LWKd6e8s_mE76Pd-B9ZuGtg/w400-h240/Oscar_Wilde_portrait_by_Napoleon_Sarony_-_albumen-1000x600.jpg" width="400" /></a></div><br /><p></p><blockquote class="twitter-tweet"><p dir="ltr" lang="en">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. <a href="https://twitter.com/hashtag/icaew?src=hash&ref_src=twsrc%5Etfw">#icaew</a> <a href="https://twitter.com/hashtag/cipfa?src=hash&ref_src=twsrc%5Etfw">#cipfa</a> <a href="https://t.co/3zauziNp2F">https://t.co/3zauziNp2F</a></p>— Kevin Reed (@Goonerreed) <a href="https://twitter.com/Goonerreed/status/1701268679605064128?ref_src=twsrc%5Etfw">September 11, 2023</a></blockquote><p>As Kevin Reed correctly points out, this is a merger in all but name.</p><p>Why are the ICAEW and CIPFA so reluctant to use the word "merger"?</p><p>The answer is because they know they would have to ask their members to vote on it! <br /></p> <script async="" charset="utf-8" src="https://platform.twitter.com/widgets.js"></script> <a href="https://solarinsurance.co.uk/ken-frost/" target="_blank">Tax Investigation Insurance</a><br />
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<br />
You have the peace of mind knowing that your accountant's (your tax return agent) fees will be paid by the insurance without any Excess for you to find.<br />
<br />
Tax Investigation Insurance is an insurance policy that will fully
reimburse your accountant's (your tax return agent) fees up to £100,000
if you are subject to enquiry by or dispute with HMRC.<br />
<br />
A Solar Protect policy will enable your accountant (your tax return agent) to:
<br />
<ul>
<li>
Deal with any correspondence from HMRC</li>
<li>
Attend any meeting with HMRC</li>
<li>
Appeal to the First-tier Tribunal or Upper Tribunal</li>
<li>
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</li>
</ul>
<br />
<a href="https://solarinsurance.co.uk/ken-frost/" target="_blank">Please click here for details</a>. <br />Ken Frosthttp://www.blogger.com/profile/13568488818950912374noreply@blogger.com0tag:blogger.com,1999:blog-9611129.post-80408445014793312592023-09-11T15:12:00.003+01:002023-09-11T15:12:36.536+01:00CIPFA and ICAEW Fast-track Pathway To Dual Membership - Merger By The Backdoor<p data-sourcepos="5:1-5:389"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhIofabRbMi7sT9IjRdgIOawmn8XFyI9GNvjxu40EnWrRgTQzT-LWAJs3301QWJtA96oOwyw7CZrxCEzg1avB9yLPMC7cQ0gG95yYyKTm6rRSymEzBOcC8GtY5vW1KijqDsmQcrpS1t1OE5tahn6hjpfYfk_C8BRup5--lqFa47sVyk-Tj3TyEkDQ/s929/merger.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="523" data-original-width="929" height="225" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhIofabRbMi7sT9IjRdgIOawmn8XFyI9GNvjxu40EnWrRgTQzT-LWAJs3301QWJtA96oOwyw7CZrxCEzg1avB9yLPMC7cQ0gG95yYyKTm6rRSymEzBOcC8GtY5vW1KijqDsmQcrpS1t1OE5tahn6hjpfYfk_C8BRup5--lqFa47sVyk-Tj3TyEkDQ/w400-h225/merger.jpg" width="400" /></a></div><br /> <p></p><p data-sourcepos="5:1-5:389">Today's announcement by <a href="https://www.icaew.com/insights/viewpoints-on-the-news/2023/sep-2023/cipfa-and-icaew-announce-fast-track-pathway-to-dual-membership" target="_blank">CIPFA and the ICAEW</a> 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.</p><p data-sourcepos="7:1-7:354">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.</p><p data-sourcepos="9:1-9:367">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.</p><p data-sourcepos="11:1-11:268">So why did CIPFA and ICAEW feel the need to create a new fast-track pathway? </p><p data-sourcepos="11:1-11:268">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. <br /></p><p><a href="https://solarinsurance.co.uk/ken-frost/" target="_blank">Tax Investigation Insurance</a><br />
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<br />
You have the peace of mind knowing that your accountant's (your tax return agent) fees will be paid by the insurance without any Excess for you to find.<br />
<br />
Tax Investigation Insurance is an insurance policy that will fully
reimburse your accountant's (your tax return agent) fees up to £100,000
if you are subject to enquiry by or dispute with HMRC.<br />
<br />
A Solar Protect policy will enable your accountant (your tax return agent) to:
<br />
</p><ul>
<li>
Deal with any correspondence from HMRC</li>
<li>
Attend any meeting with HMRC</li>
<li>
Appeal to the First-tier Tribunal or Upper Tribunal</li>
<li>
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</li>
</ul>
<br />
<a href="https://solarinsurance.co.uk/ken-frost/" target="_blank">Please click here for details</a>. <br />Ken Frosthttp://www.blogger.com/profile/13568488818950912374noreply@blogger.com0tag:blogger.com,1999:blog-9611129.post-74588202826815953782023-07-03T12:04:00.001+01:002023-07-03T12:04:09.094+01:00Insolvency Service Raps ICAEW Over Banned Member<p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjVyu2WETH_yTTqPTvY2ZT79XOflUqNIuQ79nPEzBtoLU1aDPlWFSWIrW_sROOOj_GgIJfyySUzlv-eGvKpWNKopFp2tRHW5pKJlKbKlAYtwlMou-o7fLMHtFeb-MOrP9VATYCyf9iQXjvDBu70NJ1WWR_kvqn-XmCF4pbKcOnmqLjGTiJH2IGn4Q/s251/whatthe.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="200" data-original-width="251" height="319" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjVyu2WETH_yTTqPTvY2ZT79XOflUqNIuQ79nPEzBtoLU1aDPlWFSWIrW_sROOOj_GgIJfyySUzlv-eGvKpWNKopFp2tRHW5pKJlKbKlAYtwlMou-o7fLMHtFeb-MOrP9VATYCyf9iQXjvDBu70NJ1WWR_kvqn-XmCF4pbKcOnmqLjGTiJH2IGn4Q/w400-h319/whatthe.JPG" width="400" /></a></div><br /> <p></p><p>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.</p><p>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.</p><p>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.</p><p>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."</p><p>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.</p><p>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. <br /></p><p><a href="https://solarinsurance.co.uk/ken-frost/" target="_blank">Tax Investigation Insurance</a><br />
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<br />
You have the peace of mind knowing that your accountant's (your tax return agent) fees will be paid by the insurance without any Excess for you to find.<br />
<br />
Tax Investigation Insurance is an insurance policy that will fully
reimburse your accountant's (your tax return agent) fees up to £100,000
if you are subject to enquiry by or dispute with HMRC.<br />
<br />
A Solar Protect policy will enable your accountant (your tax return agent) to:
<br />
</p><ul>
<li>
Deal with any correspondence from HMRC</li>
<li>
Attend any meeting with HMRC</li>
<li>
Appeal to the First-tier Tribunal or Upper Tribunal</li>
<li>
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</li>
</ul>
<br />
<a href="https://solarinsurance.co.uk/ken-frost/" target="_blank">Please click here for details</a>. <br />Ken Frosthttp://www.blogger.com/profile/13568488818950912374noreply@blogger.com0tag:blogger.com,1999:blog-9611129.post-18553434085094490522023-06-30T11:47:00.003+01:002023-06-30T11:47:58.339+01:00KPMG and PwC Get a Scolding From The FRC<p> </p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg5yR0G9KfzDTWB6IugU1j5qOz6K-Jc8Mwq-GlnDPRXiYPpIyLbuj1MB2BBYZw4VGPsFb8U5XoZ00wrNngnYJRBZm9BmIn8ZdQsDQn9zSrMNcKJq0sEPQBF6bMAaPY7aiX6B6tPOKcfllHV5cOOhAjTumvb839R-pNjAEdlsiTyQCyHgsZ43VPQDQ/s300/frc.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="168" data-original-width="300" height="224" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg5yR0G9KfzDTWB6IugU1j5qOz6K-Jc8Mwq-GlnDPRXiYPpIyLbuj1MB2BBYZw4VGPsFb8U5XoZ00wrNngnYJRBZm9BmIn8ZdQsDQn9zSrMNcKJq0sEPQBF6bMAaPY7aiX6B6tPOKcfllHV5cOOhAjTumvb839R-pNjAEdlsiTyQCyHgsZ43VPQDQ/w400-h224/frc.png" width="400" /></a></div><br /><p></p><p>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.</p><p>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.</p><p>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 <span class="citation-0 citation-end-0">transactions. This prevented them from attributing the revenue generated by those services and recognising it upfront in the financial year.</span></p><p>In a statement, KPMG said it "accepted the findings of the FRC and has taken steps to improve its audit processes". </p><p>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."</p><p>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.</p><p>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.</p><p>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.</p><p>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.</p><p>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.</p><p>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.<br /></p><p><a href="https://solarinsurance.co.uk/ken-frost/" target="_blank">Tax Investigation Insurance</a><br />
<br />Market leading tax fee protection insurance for businesses, sole traders and individuals. Protect yourself from accountancy fees in the event of an HMRC enquiry.<br /><br />
Having a Solar Protect Tax Investigation Insurance policy at your disposal means that should you be one of the many 1000's of businesses or individuals that are selected by HMRC each year to look into your tax affairs your own accountant (your tax return agent) can get on and defend you robustly.<br />
<br />
You have the peace of mind knowing that your accountant's (your tax return agent) fees will be paid by the insurance without any Excess for you to find.<br />
<br />
Tax Investigation Insurance is an insurance policy that will fully
reimburse your accountant's (your tax return agent) fees up to £100,000
if you are subject to enquiry by or dispute with HMRC.<br />
<br />
A Solar Protect policy will enable your accountant (your tax return agent) to:
<br />
</p><ul>
<li>
Deal with any correspondence from HMRC</li>
<li>
Attend any meeting with HMRC</li>
<li>
Appeal to the First-tier Tribunal or Upper Tribunal</li>
<li>
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</li>
</ul>
<br />
<a href="https://solarinsurance.co.uk/ken-frost/" target="_blank">Please click here for details</a>. <br />Ken Frosthttp://www.blogger.com/profile/13568488818950912374noreply@blogger.com0tag:blogger.com,1999:blog-9611129.post-62446672610804740332023-06-22T12:18:00.006+01:002023-06-22T12:18:43.656+01:00A Year of Influence - #ICAEWROAR<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEib1KB84i2MxD5CqOvZTuIYICoUc96WivzCwJuPvZh9zs753mBrnN_hIPzJqjfcP4kSsu1yyPfI_Z3r8OoLNFJ072DB36DEjFjrVJSyXCCjbK-tOkhPLw0z0QTlA5eRO7_MTkNgYVQufx9EjXLT__2-MV0-zMY6U1OKhpQKHjKkfMbErYluuvaQ0w/s851/keninf5.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="830" data-original-width="851" height="390" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEib1KB84i2MxD5CqOvZTuIYICoUc96WivzCwJuPvZh9zs753mBrnN_hIPzJqjfcP4kSsu1yyPfI_Z3r8OoLNFJ072DB36DEjFjrVJSyXCCjbK-tOkhPLw0z0QTlA5eRO7_MTkNgYVQufx9EjXLT__2-MV0-zMY6U1OKhpQKHjKkfMbErYluuvaQ0w/w400-h390/keninf5.jpg" width="400" /></a><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgELBkyGJfC7uIsTbHd7hKooXUfhwmzqGOJ-T6-VZzOSVQVaDNi-Bx9iAJWlKhDswyMSyrRX96ZXsvZx2fwiOlEnvhZHt6g__-X8Saxq0LXm4XPAL-ctlCI2Hba_TDu0bjZsZcUnMY7ffdTDlQsQDAzWL6HP6zLnWQHzu2XO_xIRexsTtemt8G8YQ/s817/keninf1.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"></a><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjxrFMwIeDrBm3s_Kp2_NLb7v9Mefb4w_Q2FQOLFG0YIxnmTJeWXvEA88zZokZ1hEDbnlvI4apU9bw_wyjjJaVXpabDam0Cjhou0MZl1YdeC_09-cOo1uReVfeJRsiblR7NGxvyJao-_Uogl8dDf6_tlr_NsZVdPyvX5O10iZSFpeqMBJxETMNSww/s852/keninf2.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="838" data-original-width="852" height="394" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjxrFMwIeDrBm3s_Kp2_NLb7v9Mefb4w_Q2FQOLFG0YIxnmTJeWXvEA88zZokZ1hEDbnlvI4apU9bw_wyjjJaVXpabDam0Cjhou0MZl1YdeC_09-cOo1uReVfeJRsiblR7NGxvyJao-_Uogl8dDf6_tlr_NsZVdPyvX5O10iZSFpeqMBJxETMNSww/w400-h394/keninf2.jpg" width="400" /></a></div></div><br /><br /><div class="separator" style="clear: both; text-align: center;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjkVPPD_YwoK5zc4t0H9B7JcD1HbAZHbVyYwRdltcrUpuF47zGaivGLBGQ7jhexBD_6VVfEcIaiOVWsxZH-5AFPWAghKirWLoPmgQpdNpbnIMaNwhSTGj-mpA2wcBDgQ0VLXOoQPf5yrPO23sWFM5KegL_7GURTsaYAZ0GyNzMcMdphMJ8BKe6xug/s819/keninf4.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="819" data-original-width="819" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjkVPPD_YwoK5zc4t0H9B7JcD1HbAZHbVyYwRdltcrUpuF47zGaivGLBGQ7jhexBD_6VVfEcIaiOVWsxZH-5AFPWAghKirWLoPmgQpdNpbnIMaNwhSTGj-mpA2wcBDgQ0VLXOoQPf5yrPO23sWFM5KegL_7GURTsaYAZ0GyNzMcMdphMJ8BKe6xug/w400-h400/keninf4.jpg" width="400" /></a></div><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEix1rkL18uEbmQiKGyRzOtZT0rsHZyjjhB0v4CsWQnnqooNcSc-O5zQq8N-a37L6z1gqYpx6HsroZ9dw_gIqi5wpq8qVsgsPRJOiGvQCTvtfW9zWkGuBd7llLB3y-bT73XSEWh3I_s6nLn6aE8OmJ2htxrxB0KGS2BDMNnQjga8chauX-Ll3Tt1mw/s839/keninf3.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"></a><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEix1rkL18uEbmQiKGyRzOtZT0rsHZyjjhB0v4CsWQnnqooNcSc-O5zQq8N-a37L6z1gqYpx6HsroZ9dw_gIqi5wpq8qVsgsPRJOiGvQCTvtfW9zWkGuBd7llLB3y-bT73XSEWh3I_s6nLn6aE8OmJ2htxrxB0KGS2BDMNnQjga8chauX-Ll3Tt1mw/s839/keninf3.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"></a></div><img border="0" data-original-height="828" data-original-width="839" height="395" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEix1rkL18uEbmQiKGyRzOtZT0rsHZyjjhB0v4CsWQnnqooNcSc-O5zQq8N-a37L6z1gqYpx6HsroZ9dw_gIqi5wpq8qVsgsPRJOiGvQCTvtfW9zWkGuBd7llLB3y-bT73XSEWh3I_s6nLn6aE8OmJ2htxrxB0KGS2BDMNnQjga8chauX-Ll3Tt1mw/w400-h395/keninf3.jpg" width="400" /></div><br /><br /><p style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgELBkyGJfC7uIsTbHd7hKooXUfhwmzqGOJ-T6-VZzOSVQVaDNi-Bx9iAJWlKhDswyMSyrRX96ZXsvZx2fwiOlEnvhZHt6g__-X8Saxq0LXm4XPAL-ctlCI2Hba_TDu0bjZsZcUnMY7ffdTDlQsQDAzWL6HP6zLnWQHzu2XO_xIRexsTtemt8G8YQ/s817/keninf1.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="810" data-original-width="817" height="396" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgELBkyGJfC7uIsTbHd7hKooXUfhwmzqGOJ-T6-VZzOSVQVaDNi-Bx9iAJWlKhDswyMSyrRX96ZXsvZx2fwiOlEnvhZHt6g__-X8Saxq0LXm4XPAL-ctlCI2Hba_TDu0bjZsZcUnMY7ffdTDlQsQDAzWL6HP6zLnWQHzu2XO_xIRexsTtemt8G8YQ/w400-h396/keninf1.jpg" width="400" /></a> </p><blockquote class="twitter-tweet"><p dir="ltr" lang="en">See the figures that shapes our yearly <a href="https://twitter.com/hashtag/ICAEWROAR?src=hash&ref_src=twsrc%5Etfw">#ICAEWROAR</a> accountancy influencer ranking.<br /><br />Ken Frost, <a href="https://twitter.com/ken_frost?ref_src=twsrc%5Etfw">@ken_frost</a>, took a spot among the top 10 with topics including <a href="https://twitter.com/hashtag/tax?src=hash&ref_src=twsrc%5Etfw">#tax</a>, <a href="https://twitter.com/hashtag/insurance?src=hash&ref_src=twsrc%5Etfw">#insurance</a>, <a href="https://twitter.com/hashtag/HMRC?src=hash&ref_src=twsrc%5Etfw">#HMRC</a></p>— ICAEW (@ICAEW) <a href="https://twitter.com/ICAEW/status/1671533432713908224?ref_src=twsrc%5Etfw">June 21, 2023</a></blockquote> <script async="" charset="utf-8" src="https://platform.twitter.com/widgets.js"></script> <a href="https://solarinsurance.co.uk/ken-frost/" target="_blank">Tax Investigation Insurance</a><br />
<br />Market leading tax fee protection insurance for businesses, sole traders and individuals. Protect yourself from accountancy fees in the event of an HMRC enquiry.<br /><br />
Having a Solar Protect Tax Investigation Insurance policy at your disposal means that should you be one of the many 1000's of businesses or individuals that are selected by HMRC each year to look into your tax affairs your own accountant (your tax return agent) can get on and defend you robustly.<br />
<br />
You have the peace of mind knowing that your accountant's (your tax return agent) fees will be paid by the insurance without any Excess for you to find.<br />
<br />
Tax Investigation Insurance is an insurance policy that will fully
reimburse your accountant's (your tax return agent) fees up to £100,000
if you are subject to enquiry by or dispute with HMRC.<br />
<br />
A Solar Protect policy will enable your accountant (your tax return agent) to:
<br />
<ul>
<li>
Deal with any correspondence from HMRC</li>
<li>
Attend any meeting with HMRC</li>
<li>
Appeal to the First-tier Tribunal or Upper Tribunal</li>
<li>
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</li>
</ul>
<br />
<a href="https://solarinsurance.co.uk/ken-frost/" target="_blank">Please click here for details</a>. <br />Ken Frosthttp://www.blogger.com/profile/13568488818950912374noreply@blogger.com0tag:blogger.com,1999:blog-9611129.post-73867455694990574632023-06-20T11:53:00.003+01:002023-06-20T11:53:49.911+01:00ICAEW in Hot Water Over Lavish CEO Severance Package<p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg7WZnNDHKYoYOlZJ72D0A3G5tzzTrcV43vp064r1ViOnHhdLlGt5Gya9VWwhNq3p3PsJVGD3Uetrsc03XxfXuMKCqQLqyDHY9j0qecZkDnuBKkVeR9ffZ5p5lR7ZpWEktSW_mVTS7F1lY2rIhvx0FGkWLUbVPW7IwYj6Un9IIpQSwz7ba0qFj8cQ/s270/icaewhot.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="270" data-original-width="270" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg7WZnNDHKYoYOlZJ72D0A3G5tzzTrcV43vp064r1ViOnHhdLlGt5Gya9VWwhNq3p3PsJVGD3Uetrsc03XxfXuMKCqQLqyDHY9j0qecZkDnuBKkVeR9ffZ5p5lR7ZpWEktSW_mVTS7F1lY2rIhvx0FGkWLUbVPW7IwYj6Un9IIpQSwz7ba0qFj8cQ/w400-h400/icaewhot.jpg" width="400" /></a></div><br /> <p></p><p>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.</p><p>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.</p><p>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.</p><p>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.</p><p>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.</p><p>"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."</p><p>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.</p><p>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.</p><p>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.</p><p><strong></strong></p><p>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.</p><p>People are angry. They say the payment is excessive and sends the wrong message.</p><p>The ICAEW has defended the payment, saying it's in line with market rates. But critics say that's not good enough.</p><p>This is just the latest in a series of controversies to hit the ICAEW. They're in danger of losing the public's trust. <br /></p><p><a href="https://solarinsurance.co.uk/ken-frost/" target="_blank">Tax Investigation Insurance</a><br />
<br />Market leading tax fee protection insurance for businesses, sole traders and individuals. Protect yourself from accountancy fees in the event of an HMRC enquiry.<br /><br />
Having a Solar Protect Tax Investigation Insurance policy at your disposal means that should you be one of the many 1000's of businesses or individuals that are selected by HMRC each year to look into your tax affairs your own accountant (your tax return agent) can get on and defend you robustly.<br />
<br />
You have the peace of mind knowing that your accountant's (your tax return agent) fees will be paid by the insurance without any Excess for you to find.<br />
<br />
Tax Investigation Insurance is an insurance policy that will fully
reimburse your accountant's (your tax return agent) fees up to £100,000
if you are subject to enquiry by or dispute with HMRC.<br />
<br />
A Solar Protect policy will enable your accountant (your tax return agent) to:
<br />
</p><ul>
<li>
Deal with any correspondence from HMRC</li>
<li>
Attend any meeting with HMRC</li>
<li>
Appeal to the First-tier Tribunal or Upper Tribunal</li>
<li>
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</li>
</ul>
<br />
<a href="https://solarinsurance.co.uk/ken-frost/" target="_blank">Please click here for details</a>. <br />Ken Frosthttp://www.blogger.com/profile/13568488818950912374noreply@blogger.com0tag:blogger.com,1999:blog-9611129.post-842094746254345912023-05-17T12:45:00.002+01:002023-05-17T12:45:16.693+01:00ICAEW To Change CPD Requirements<div _ngcontent-ng-c400457649="" class="markdown"><p> </p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjVk6hVWTOZZQ9G6OjSjpnlGkngkTm2i4vviv1mF7Kgo330bfybWdoPdtMDMCC9UjbL9Kb3IFOEgvhWdI7VxVd27LhtiAyQpGXGaFkZYFz_hLljpJyo2LcFbvl88VbGT3H61CrkhPgYmb-ZWOVyMj7ulo_AQpO_svoEin6gYSRXDCNk1M4s3xw/s400/icaewlogonew.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="400" data-original-width="400" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjVk6hVWTOZZQ9G6OjSjpnlGkngkTm2i4vviv1mF7Kgo330bfybWdoPdtMDMCC9UjbL9Kb3IFOEgvhWdI7VxVd27LhtiAyQpGXGaFkZYFz_hLljpJyo2LcFbvl88VbGT3H61CrkhPgYmb-ZWOVyMj7ulo_AQpO_svoEin6gYSRXDCNk1M4s3xw/w400-h400/icaewlogonew.jpg" width="400" /></a></div><br /><p></p><p>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.</p><p>The following are the key changes to the ICAEW CPD requirements:</p><ul><li><strong>Minimum number of hours:</strong> From November 2023, all members will be required to complete a minimum of 20 hours of CPD per year.</li><li><strong>Verifiable hours:</strong> 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.</li><li><strong>Ethics requirement:</strong> Members will be required to complete a minimum of one hour of ethics training each year.</li></ul><p>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.</p><p>The following are some of the benefits of the new CPD requirements:</p><ul><li>Members will be better equipped to deal with the challenges of the modern workplace.</li><li>Members will be able to demonstrate their commitment to continuous learning and professional development.</li><li>Members will be able to uphold high standards of ethical conduct.</li></ul><p>ICAEW members can find more information about the new CPD requirements on the ICAEW website.</p><p>Here are some additional details about the new CPD requirements:</p><ul><li><strong>CPD categories:</strong> Members will be placed in one of four CPD categories, based on the type of work they do. The categories are:
<ul><li>Category 1: Accounting and finance professionals</li><li>Category 2: Business professionals</li><li>Category 3: Other professionals</li><li>Category 4: Retired members</li></ul>
</li><li><strong>Ethics training:</strong> 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.</li><li><strong>CPD record keeping:</strong> Members are required to keep a record of their CPD activities. The record should include the following information:
<ul><li>The title of the CPD activity</li><li>The date of the CPD activity</li><li>The provider of the CPD activity</li><li>The number of hours of CPD</li></ul>
</li><li><strong>CPD audit:</strong> ICAEW may audit members' CPD records.
Members who fail to comply with the CPD requirements may be subject to
disciplinary action.</li></ul></div><p> </p><p><a href="https://solarinsurance.co.uk/ken-frost/" target="_blank">Tax Investigation Insurance</a><br />
<br />Market leading tax fee protection insurance for businesses, sole traders and individuals. Protect yourself from accountancy fees in the event of an HMRC enquiry.<br /><br />
Having a Solar Protect Tax Investigation Insurance policy at your disposal means that should you be one of the many 1000's of businesses or individuals that are selected by HMRC each year to look into your tax affairs your own accountant (your tax return agent) can get on and defend you robustly.<br />
<br />
You have the peace of mind knowing that your accountant's (your tax return agent) fees will be paid by the insurance without any Excess for you to find.<br />
<br />
Tax Investigation Insurance is an insurance policy that will fully
reimburse your accountant's (your tax return agent) fees up to £100,000
if you are subject to enquiry by or dispute with HMRC.<br />
<br />
A Solar Protect policy will enable your accountant (your tax return agent) to:
<br />
</p><ul>
<li>
Deal with any correspondence from HMRC</li>
<li>
Attend any meeting with HMRC</li>
<li>
Appeal to the First-tier Tribunal or Upper Tribunal</li>
<li>
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</li>
</ul>
<br />
<a href="https://solarinsurance.co.uk/ken-frost/" target="_blank">Please click here for details</a>. <br />Ken Frosthttp://www.blogger.com/profile/13568488818950912374noreply@blogger.com0tag:blogger.com,1999:blog-9611129.post-17226761067171632092023-04-12T10:04:00.003+01:002023-04-12T10:04:38.167+01:00EY Squanders Hundreds of Millions on Everest The Molehill<p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgFRWy_2oWHXzNmUgDDSp1Loi9hP1CDAMWHZwnyXMi6wb5-YOUAhzO0vfCNSR2rgz5V_KQjX59iJhNabYieSwy3Qt_fhp4T5bwwZ47iUaRcxWyhGP3luwOhl0VCWUlho3LmVgxGU7huyvQ03l62qqxLvkzZEpq16_QjsQCM3kIaEDu9nCP-YUs/s450/everest.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="319" data-original-width="450" height="284" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgFRWy_2oWHXzNmUgDDSp1Loi9hP1CDAMWHZwnyXMi6wb5-YOUAhzO0vfCNSR2rgz5V_KQjX59iJhNabYieSwy3Qt_fhp4T5bwwZ47iUaRcxWyhGP3luwOhl0VCWUlho3LmVgxGU7huyvQ03l62qqxLvkzZEpq16_QjsQCM3kIaEDu9nCP-YUs/w400-h284/everest.jpg" width="400" /></a></div><br /> <p></p><p>EY has scrapped plans to break up its audit and consulting businesses after months of internal disagreement and opposition from executives in the US. </p><p>The plan, codenamed <a href="https://www.ft.com/content/e38afa0c-0ab3-452a-820c-9db88e24785d" target="_blank">Project Everest</a>, would have represented the biggest shake-up to the accounting industry in more than two decades. </p><p>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.</p><p>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. </p><p>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. </p><p>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. </p><p>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! <br /></p><p><a href="https://solarinsurance.co.uk/ken-frost/" target="_blank">Tax Investigation Insurance</a><br />
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Having a Solar Protect Tax Investigation Insurance policy at your disposal means that should you be one of the many 1000's of businesses or individuals that are selected by HMRC each year to look into your tax affairs your own accountant (your tax return agent) can get on and defend you robustly.<br />
<br />
You have the peace of mind knowing that your accountant's (your tax return agent) fees will be paid by the insurance without any Excess for you to find.<br />
<br />
Tax Investigation Insurance is an insurance policy that will fully
reimburse your accountant's (your tax return agent) fees up to £100,000
if you are subject to enquiry by or dispute with HMRC.<br />
<br />
A Solar Protect policy will enable your accountant (your tax return agent) to:
<br />
</p><ul>
<li>
Deal with any correspondence from HMRC</li>
<li>
Attend any meeting with HMRC</li>
<li>
Appeal to the First-tier Tribunal or Upper Tribunal</li>
<li>
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</li>
</ul>
<br />
<a href="https://solarinsurance.co.uk/ken-frost/" target="_blank">Please click here for details</a>. <br />Ken Frosthttp://www.blogger.com/profile/13568488818950912374noreply@blogger.com0tag:blogger.com,1999:blog-9611129.post-36801743574698690922023-03-27T12:14:00.004+01:002023-03-27T12:14:50.079+01:00Izza To Retire<p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiKuFvQSWnUJXXTthiROXdB05VAhPi6ILlA30W8r6vG8JdagAY99ZQ93wPvtZ5D7KPKRegAIxL7Rk18jjevzJZl7nTPU6GNy4QrmowXiekasUqjEavyNnGXh7K6df1iTHI9HdW5v1DB7H0HaHQnYGNMzrfWQOjx-fdw8AHLbJYgs1Puo_PJJXo/s660/izza.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="231" data-original-width="660" height="140" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiKuFvQSWnUJXXTthiROXdB05VAhPi6ILlA30W8r6vG8JdagAY99ZQ93wPvtZ5D7KPKRegAIxL7Rk18jjevzJZl7nTPU6GNy4QrmowXiekasUqjEavyNnGXh7K6df1iTHI9HdW5v1DB7H0HaHQnYGNMzrfWQOjx-fdw8AHLbJYgs1Puo_PJJXo/w400-h140/izza.jpg" width="400" /></a></div><br /> <p></p><p>After 17 years as CEO of the ICAEW, Michael Izza has announced that he will retire at the end of 2023.</p><p>As per his email:</p><blockquote><p aria-hidden="true" style="margin: 0px; word-break: break-word; word-wrap: break-word;">"<i>Dear Members, <br /></i></p></blockquote><blockquote><p style="margin: 0px; word-break: break-word; word-wrap: break-word;"><i>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></p><p aria-hidden="true" style="margin: 0px; word-break: break-word; word-wrap: break-word;"><i> </i></p><p style="margin: 0px; word-break: break-word; word-wrap: break-word;"><i>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></p><p aria-hidden="true" style="margin: 0px; word-break: break-word; word-wrap: break-word;"><i> </i></p><p style="margin: 0px; word-break: break-word; word-wrap: break-word;"><i>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. </i></p><p aria-hidden="true" style="margin: 0px; word-break: break-word; word-wrap: break-word;"><i> </i></p><p style="margin: 0px; word-break: break-word; word-wrap: break-word;"><i>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.</i></p><p aria-hidden="true" style="margin: 0; word-break: break-word; word-wrap: break-word;"><i> </i></p><p style="margin: 0px; word-break: break-word; word-wrap: break-word;"><i>Regards, </i></p><p style="line-height: 20px; margin: 0px; word-break: break-word; word-wrap: break-word;"><i>Michael Izza FCA</i></p><p style="line-height: 20px; margin: 0px; word-break: break-word; word-wrap: break-word;"><i>ICAEW Chief Executive</i>" <br /></p></blockquote><p style="line-height: 20px; margin: 0px; word-break: break-word; word-wrap: break-word;">I would like to take this opportunity to wish him well for his retirement. <br /></p><p> </p><p><a href="https://solarinsurance.co.uk/ken-frost/" target="_blank">Tax Investigation Insurance</a><br />
<br />Market leading tax fee protection insurance for businesses, sole traders and individuals. Protect yourself from accountancy fees in the event of an HMRC enquiry.<br /><br />
Having a Solar Protect Tax Investigation Insurance policy at your disposal means that should you be one of the many 1000's of businesses or individuals that are selected by HMRC each year to look into your tax affairs your own accountant (your tax return agent) can get on and defend you robustly.<br />
<br />
You have the peace of mind knowing that your accountant's (your tax return agent) fees will be paid by the insurance without any Excess for you to find.<br />
<br />
Tax Investigation Insurance is an insurance policy that will fully
reimburse your accountant's (your tax return agent) fees up to £100,000
if you are subject to enquiry by or dispute with HMRC.<br />
<br />
A Solar Protect policy will enable your accountant (your tax return agent) to:
<br />
</p><ul>
<li>
Deal with any correspondence from HMRC</li>
<li>
Attend any meeting with HMRC</li>
<li>
Appeal to the First-tier Tribunal or Upper Tribunal</li>
<li>
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</li>
</ul>
<br />
<a href="https://solarinsurance.co.uk/ken-frost/" target="_blank">Please click here for details</a>. <br />Ken Frosthttp://www.blogger.com/profile/13568488818950912374noreply@blogger.com0tag:blogger.com,1999:blog-9611129.post-61072764501455690372023-02-22T12:55:00.000+00:002023-02-22T12:55:02.226+00:00How To Qualify as a Chartered Accountant<div class="flex flex-grow flex-col gap-3"><div class="min-h-[20px] flex flex-col items-start gap-4 whitespace-pre-wrap"><div class="markdown prose w-full break-words dark:prose-invert light"><p>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:</p><ol><li><p>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).</p></li><li><p>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.</p></li><li><p>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.</p></li><li><p>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.</p></li><li><p>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.</p></li></ol><p>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.</p></div></div></div><p> </p><p><a href="https://solarinsurance.co.uk/ken-frost/" target="_blank">Tax Investigation Insurance</a><br />
<br />Market leading tax fee protection insurance for businesses, sole traders and individuals. Protect yourself from accountancy fees in the event of an HMRC enquiry.<br /><br />
Having a Solar Protect Tax Investigation Insurance policy at your disposal means that should you be one of the many 1000's of businesses or individuals that are selected by HMRC each year to look into your tax affairs your own accountant (your tax return agent) can get on and defend you robustly.<br />
<br />
You have the peace of mind knowing that your accountant's (your tax return agent) fees will be paid by the insurance without any Excess for you to find.<br />
<br />
Tax Investigation Insurance is an insurance policy that will fully
reimburse your accountant's (your tax return agent) fees up to £100,000
if you are subject to enquiry by or dispute with HMRC.<br />
<br />
A Solar Protect policy will enable your accountant (your tax return agent) to:
<br />
</p><ul>
<li>
Deal with any correspondence from HMRC</li>
<li>
Attend any meeting with HMRC</li>
<li>
Appeal to the First-tier Tribunal or Upper Tribunal</li>
<li>
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</li>
</ul>
<br />
<a href="https://solarinsurance.co.uk/ken-frost/" target="_blank">Please click here for details</a>. <br />Ken Frosthttp://www.blogger.com/profile/13568488818950912374noreply@blogger.com0tag:blogger.com,1999:blog-9611129.post-69159925127136227842023-02-09T12:46:00.004+00:002023-02-09T12:46:57.658+00:00ICAEW Calls For Emergency Taskforce To Tackle HMRC Backlog<div class="c-content-intro" data-component-title="c-content-intro" data-ds-id=""><span class="lead"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjk9fEvuatUHa1T4AhnliGmvI5aNL_jo59ygeSkzTUfgNGucBwA6oLBAlDPTC5Ua0UcmT4E8Vt270YraPXiCPozJA_OAO1_2oZdpf1qYJLsxifumfmonbR_8NcNLO6fzL8_IVzeBifU-LpsP_qeFe-LE12Uw4WjVsGYMb3ng6fC1IJUKfRNUwI/s298/fail1.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="250" data-original-width="298" height="336" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjk9fEvuatUHa1T4AhnliGmvI5aNL_jo59ygeSkzTUfgNGucBwA6oLBAlDPTC5Ua0UcmT4E8Vt270YraPXiCPozJA_OAO1_2oZdpf1qYJLsxifumfmonbR_8NcNLO6fzL8_IVzeBifU-LpsP_qeFe-LE12Uw4WjVsGYMb3ng6fC1IJUKfRNUwI/w400-h336/fail1.JPG" width="400" /></a></div><br /> </span></div><div class="c-content-intro" data-component-title="c-content-intro" data-ds-id=""><span class="lead">Ministers must set up a taskforce to deal with the
unacceptable delays at HMRC, which are holding back the UK’s economic
growth, says <a href="https://www.icaew.com/insights/viewpoints-on-the-news/2023/feb-2023/icaew-calls-for-emergency-taskforce-to-tackle-hmrc-backlog?utm_source=linkedin&utm_medium=social&utm_campaign=insights" target="_blank">ICAEW</a>.
</span>
</div>
<div class="c-content-default" data-component-title="c-content-text" data-ds-id="abfa5eef-b8f3-4ba0-a606-f08fb6ceee39">
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>These delays were the biggest area of complaint made by ICAEW members
in 2022, whether relating to financial or other resource constraints. </p>
<p>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.</p>
<p>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.</p>
<p>“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. </p><p><i></i></p><blockquote><i>“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.”</i></blockquote><p></p>
<p>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.</p>
<p>“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. </p><p><i></i></p><blockquote><i>“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.”</i></blockquote><p></p>
<p>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.</p>
<p></p></div><b>Spoiler alert:</b> THIS WON'T HAPPEN!<br />
<p> </p><p><a href="https://solarinsurance.co.uk/ken-frost/" target="_blank">Tax Investigation Insurance</a><br />
<br />Market leading tax fee protection insurance for businesses, sole traders and individuals. Protect yourself from accountancy fees in the event of an HMRC enquiry.<br /><br />
Having a Solar Protect Tax Investigation Insurance policy at your disposal means that should you be one of the many 1000's of businesses or individuals that are selected by HMRC each year to look into your tax affairs your own accountant (your tax return agent) can get on and defend you robustly.<br />
<br />
You have the peace of mind knowing that your accountant's (your tax return agent) fees will be paid by the insurance without any Excess for you to find.<br />
<br />
Tax Investigation Insurance is an insurance policy that will fully
reimburse your accountant's (your tax return agent) fees up to £100,000
if you are subject to enquiry by or dispute with HMRC.<br />
<br />
A Solar Protect policy will enable your accountant (your tax return agent) to:
<br />
</p><ul>
<li>
Deal with any correspondence from HMRC</li>
<li>
Attend any meeting with HMRC</li>
<li>
Appeal to the First-tier Tribunal or Upper Tribunal</li>
<li>
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</li>
</ul>
<br />
<a href="https://solarinsurance.co.uk/ken-frost/" target="_blank">Please click here for details</a>. <br />Ken Frosthttp://www.blogger.com/profile/13568488818950912374noreply@blogger.com0tag:blogger.com,1999:blog-9611129.post-59601749041244708632022-12-12T11:42:00.000+00:002022-12-12T11:42:00.400+00:00#ICAEWROAR Top Online UK Influencers Accountancy 2022<p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEji1Ii_suiwitFZpCyqqt5eXh9Yty7aAAUUypDJAkWfsBjhLb-dvS2POcG8OVJqFATqxfKuO6yJjwL-vb_RTZ-yMiLc-0CJHXU_ECMHfAxGc9ivEDaVBy6eWx9aHjg9-2mKXas76UFRkE0i-Nc8ST33HAgqhe6dCPzoWzm3YfE1wcKcPQzrUwk/s628/icaewroar3.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="250" data-original-width="628" height="159" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEji1Ii_suiwitFZpCyqqt5eXh9Yty7aAAUUypDJAkWfsBjhLb-dvS2POcG8OVJqFATqxfKuO6yJjwL-vb_RTZ-yMiLc-0CJHXU_ECMHfAxGc9ivEDaVBy6eWx9aHjg9-2mKXas76UFRkE0i-Nc8ST33HAgqhe6dCPzoWzm3YfE1wcKcPQzrUwk/w400-h159/icaewroar3.jpg" width="400" /></a></div><br /> <p></p><p>I have been <a href="http://www.kenfrost.net/icaewroar-top-online-uk-influencers-accountancy-2022/" target="_blank">ranked 8th</a> out of 60 in the <a href="https://www.icaew.com/about-icaew/ICAEWROAR/ICAEWROAR-Top-Online-UK-Influencers-Accountancy-2022?utm_source=twitter&utm_medium=social&utm_campaign=icaewroar&utm_content=results" rel="noopener noreferrer" target="_blank">ICAEW Top Online UK Influencers Accountancy 2022 list.</a></p>
<p>In the fifth #ICAEWROAR event, the ICAEW focussed specifically on UK individuals using Twitter within the realms of accountancy.</p>
<p>As per the ICAEW:</p>
<blockquote><p><em>“</em><strong><em>Methodology</em></strong></p>
<div class="c-content-default" data-component-title="c-content-text" data-ds-id="9e05c5e1-ec1a-4cd3-99e3-59a5f5a5071b">
<p><em>We focused on UK-based individuals tweeting and discussing
accountancy related topics such as accountancy, tax, budget, assurance,
insolvency, audit and finance.</em></p>
<p><em>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.</em></p>
<p><em>Working with Falcon we used their social media listening tool to
pull data relevant to our specific keywords, looking at a metrics
comprising of:</em></p>
<ul><li><em>Audience re-tweets;</em></li><li><em>Author tweets;</em></li><li><em>Positive and neutral sentiment</em></li><li><em>Visibility and audience relevance.</em></li></ul>
</div>
<div class="c-subheading-h2" data-component-title="c-subheading-h2" data-ds-id="25eacb0c-f415-4d7c-b289-85c6245b98bf" id="subheading-de892bf8-e8e4-45b5-869c-9fa07a60e03c">
<h2 data-gtm-vis-first-on-screen-826450_247="2543" data-gtm-vis-has-fired-826450_247="1" data-gtm-vis-total-visible-time-826450_247="100"><em>Algorithm</em></h2>
</div>
<div class="c-content-default" data-component-title="c-content-text" data-ds-id="55a9b313-2bb2-40b2-ac21-031e18135f1f"><em>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.”</em></div>
</blockquote>
<div data-component-title="c-content-text" data-ds-id="55a9b313-2bb2-40b2-ac21-031e18135f1f">My thanks to the ICAEW, and congratulations to those others on the list.</div><p> </p><p><a href="https://solarinsurance.co.uk/ken-frost/" target="_blank">Tax Investigation Insurance</a><br />
<br />Market leading tax fee protection insurance for businesses, sole traders and individuals. Protect yourself from accountancy fees in the event of an HMRC enquiry.<br /><br />
Having a Solar Protect Tax Investigation Insurance policy at your disposal means that should you be one of the many 1000's of businesses or individuals that are selected by HMRC each year to look into your tax affairs your own accountant (your tax return agent) can get on and defend you robustly.<br />
<br />
You have the peace of mind knowing that your accountant's (your tax return agent) fees will be paid by the insurance without any Excess for you to find.<br />
<br />
Tax Investigation Insurance is an insurance policy that will fully
reimburse your accountant's (your tax return agent) fees up to £100,000
if you are subject to enquiry by or dispute with HMRC.<br />
<br />
A Solar Protect policy will enable your accountant (your tax return agent) to:
<br />
</p><ul>
<li>
Deal with any correspondence from HMRC</li>
<li>
Attend any meeting with HMRC</li>
<li>
Appeal to the First-tier Tribunal or Upper Tribunal</li>
<li>
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</li>
</ul>
<br />
<a href="https://solarinsurance.co.uk/ken-frost/" target="_blank">Please click here for details</a>. <br />Ken Frosthttp://www.blogger.com/profile/13568488818950912374noreply@blogger.com0tag:blogger.com,1999:blog-9611129.post-61142868624340429142022-10-28T12:34:00.002+01:002022-10-28T12:34:29.448+01:00ICAEW Drops Charges For Expert Content<div class="c-content-intro" data-component-title="c-content-intro" data-ds-id="">
<span class="lead"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgZ8hjVIoaZqZsLnsxzdstK-piU9cAyDvTUjk59cTHYzPKRvb0g8r7kyUJiB0oQNV10H_ME7-9fOm0yx3oCLAtTqRkdwRTxfAgGa6Fl3rhQhYWjGJy1RhEDlClIRWmydT5tmPYfTtESCVwyzLXF39eFs7TLISXlsW6A8bd1ezTBihprCT-51hg/s400/icaewlogonew.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="400" data-original-width="400" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgZ8hjVIoaZqZsLnsxzdstK-piU9cAyDvTUjk59cTHYzPKRvb0g8r7kyUJiB0oQNV10H_ME7-9fOm0yx3oCLAtTqRkdwRTxfAgGa6Fl3rhQhYWjGJy1RhEDlClIRWmydT5tmPYfTtESCVwyzLXF39eFs7TLISXlsW6A8bd1ezTBihprCT-51hg/w400-h400/icaewlogonew.jpg" width="400" /></a></div><br /> </span></div><div class="c-content-intro" data-component-title="c-content-intro" data-ds-id=""><span class="lead"> </span></div><div class="c-content-intro" data-component-title="c-content-intro" data-ds-id=""><span class="lead"><a href="https://www.icaew.com/insights/viewpoints-on-the-news/2022/oct-2022/important-changes-to-icaew-membership-from-january-2023" target="_blank">Expert content will be provided at no additional cost in 2023</a>, and ICAEW members are encouraged to make the most of their
membership.
</span>
</div>
<p>As part of a wider initiative to support members with their lifelong
learning, from January 2023 ICAEW’s membership will include access to
the content of the Audit and Assurance Faculty, Financial Reporting
Faculty and Tax Faculty, and all ICAEW Communities. ICAEW members will
no longer need to pay an additional fee to access these groups and their
content. </p>
<p>ICAEW is determined to ensure that members receive as much value as
possible from their membership, as well as having the opportunity to
stay up to date with the latest developments and requirements for the
profession, says Iain Wright, ICAEW’s Managing Director, Reputation
& Influence. “Professionals need information in real time, when
their business or clients demand it. The removal of paywalls for areas
such as Audit, Tax and Financial Reporting, as well as Communities, will
give all members access to the valuable and rich content produced by
these groups.”</p>
<p>Once logged into the ICAEW website, members will be able to access
the content without paying extra. “We want to make it as easy as
possible for members to find what they need, when they need it. However,
we strongly recommend members take a moment to join the faculties and
communities that are most relevant to them, their interests and their
careers to get the full benefit of tailored communications and
networking opportunities at no extra cost and discounted rates for
certain events.</p>
<p>“Faculties and communities have been and will continue to be the
lifeblood of our thought leadership and technical expertise, providing
insights for members, governments and regulators that raise the
reputation of our profession and improve the business environment for
the economy,” says Wright.</p>
<p>The current subscription model will continue to operate for the
Corporate Finance and Financial Services Faculties. Non-ICAEW members
will also be charged in the normal way.</p><p>About time too!</p><p>However, it should be noted that Corporate Finance is excluded. <br /></p><p><a href="https://solarinsurance.co.uk/ken-frost/" target="_blank">Tax Investigation Insurance</a><br />
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A Solar Protect policy will enable your accountant (your tax return agent) to:
<br />
</p><ul>
<li>
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<li>
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<li>
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<a href="https://solarinsurance.co.uk/ken-frost/" target="_blank">Please click here for details</a>. <br />Ken Frosthttp://www.blogger.com/profile/13568488818950912374noreply@blogger.com0tag:blogger.com,1999:blog-9611129.post-58554477315752596792022-07-25T10:49:00.001+01:002022-07-25T10:49:30.281+01:00KPMG Sanctioned and Fined £14M<p><a href="https://www.frc.org.uk/news/july-2022/sanctions-against-kpmg-and-others-in-connection-wi" target="_blank">The Financial Reporting Council</a> (FRC) today announces sanctions
against KPMG LLP (KPMG), a former KPMG partner and four former KPMG
employees, following an investigation undertaken pursuant to the
Accountancy Scheme. The investigation related to the provision of false
and misleading information and documents to the FRC in connection with
the FRC’s Audit Quality Reviews of two audits carried out by KPMG: the
audit of the financial statements of Regenersis plc for the period ended
30 June 2014 (“the Regenersis audit”); and the audit of the financial
statements of Carillion plc for the period ended 31 December 2016 (“the
Carillion audit”). <br />
<br />
An independent Disciplinary Tribunal made findings of Misconduct
following a five-week hearing during January and February 2022 and
sanctions were determined following a hearing in May 2022.<br />
KPMG admitted its liability for the acts of all the individuals and that those acts amounted to Misconduct.<br />
<br />
<strong>Sanctions</strong><br />
<br />
KPMG has been:
</p><ul><li>fined £20 million, reduced to £14.4 million to reflect KPMG’s self-reporting, co-operation, and admissions;</li><li>severely reprimanded; and</li><li>ordered to appoint an independent reviewer to conduct a review to
consider the effectiveness of KPMG’s current AQR policies and procedures
in supporting high quality engagement with the AQR inspectors.</li></ul>
<br />
Mr Meehan has been excluded from membership of the ICAEW for a period of 10 years, and fined £250,000.<br />
<br />
Mr Wright has been excluded from membership of the ICAEW for a period of 8 years, and fined £45,000.<br />
<br />
Mr Bennett has been excluded from membership of the ICAEW for a period of 8 years and fined £40,000.<br />
<br />
Mr Kitchen has been excluded from membership of the ICAEW for a period of 7 years, and fined £30,000.<br />
<br />
Mr Paw was severely reprimanded.<br />
<br />
<strong>Costs</strong><br />
<br />
KPMG agreed to pay £3.95 million towards Executive Counsel’s costs of the investigation together with the costs of the Tribunal.<p> </p><p><a href="https://solarinsurance.co.uk/ken-frost/" target="_blank">Tax Investigation Insurance</a><br />
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<br />
You have the peace of mind knowing that your accountant's (your tax return agent) fees will be paid by the insurance without any Excess for you to find.<br />
<br />
Tax Investigation Insurance is an insurance policy that will fully
reimburse your accountant's (your tax return agent) fees up to £100,000
if you are subject to enquiry by or dispute with HMRC.<br />
<br />
A Solar Protect policy will enable your accountant (your tax return agent) to:
<br />
</p><ul>
<li>
Deal with any correspondence from HMRC</li>
<li>
Attend any meeting with HMRC</li>
<li>
Appeal to the First-tier Tribunal or Upper Tribunal</li>
<li>
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</li>
</ul>
<br />
<a href="https://solarinsurance.co.uk/ken-frost/" target="_blank">Please click here for details</a>. <br />Ken Frosthttp://www.blogger.com/profile/13568488818950912374noreply@blogger.com0tag:blogger.com,1999:blog-9611129.post-37483231921265774362022-05-20T12:21:00.002+01:002022-05-21T11:32:41.672+01:00ICAEW Trousers £14M Carillion Fine - "Shameful!"<p> </p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgXmCSvjaQ0v2GINI9TZg5xnP2LBv698gpZKu0UEO7rW7evKyBwNUzgyZfDKynfJXhCrRHKqb5ALRN9x82m5mafUgYOGShmjoQmlsJGXFUjxpXjFpENrR9E9YYAEbvo_DZ9lBygfWdRLpzM4BCMc-dl-7r_xCiY2Paw1wKZsaXy8-bCYxKlkbg/s750/trousercash.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="422" data-original-width="750" height="225" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgXmCSvjaQ0v2GINI9TZg5xnP2LBv698gpZKu0UEO7rW7evKyBwNUzgyZfDKynfJXhCrRHKqb5ALRN9x82m5mafUgYOGShmjoQmlsJGXFUjxpXjFpENrR9E9YYAEbvo_DZ9lBygfWdRLpzM4BCMc-dl-7r_xCiY2Paw1wKZsaXy8-bCYxKlkbg/w400-h225/trousercash.jpg" width="400" /></a></div><br /><p></p><div class="spark-body js-embed-content" data-element="carrotcake body">
<p><a href="https://www.accountingweb.co.uk/practice/general-practice/icaew-banks-kpmgs-carillion-ps144m-fine?utm_medium=email&utm_campaign=AWUKINS200522&utm_content=AWUKINS200522+CID_27c809665cb5eaacf941b94493778731&utm_source=internal_cm&utm_term=Read%20more" target="_blank">The Institute of Chartered Accountants in England and Wales </a>(ICAEW) is once again facing a barrage of criticism after it was
confirmed this week that KPMG’s £14.4m Carillion audit fine will be paid
to ICAEW because the regulatory action fell within the accountancy
scheme, which was introduced in 2004. </p>
<p>As KPMG tries to repair its damaged reputation, politicians and
ICAEW’s own members are questioning why the professional body is
retaining all of the fines. </p>
<h3>Accountancy scheme </h3>
<p>In recent years, ICAEW has received <a href="https://www.accountingweb.co.uk/practice/general-practice/kpmg-fined-ps13m-over-troubling-silentnight-sale" target="_blank">KPMG’s £13m fine from the Silentnight</a> insolvency and Deloitte’s record £15m fine over the audit of <a href="https://www.accountingweb.co.uk/business/finance-strategy/deloitte-hit-with-ps15m-fine-over-autonomy-audit" target="_blank">ill-fated software firm Autonomy</a>. </p>
<p>With costs included, and <a href="https://www.accountingweb.co.uk/business/financial-reporting/kpmg-to-be-fined-ps14m-over-falsifying-carillion-documents" target="_blank">the addition of the recent Carillion fine</a>, the combined total from these fines exceeds <a href="https://www.ft.com/content/3663452b-5e1b-47f4-a0a1-58fb2ecf216d" rel="nofollow" target="_blank">£50m</a> – and if you were to look further back, ICAEW has <a href="https://www.thetimes.co.uk/article/accountancy-body-faces-questions-after-collecting-millions-in-fines-5hq3lk0dp" rel="nofollow" target="_blank">gathered </a><a href="https://www.thetimes.co.uk/article/accountancy-body-faces-questions-after-collecting-millions-in-fines-5hq3lk0dp" rel="nofollow" target="_blank">£123.4m since 2004</a>.</p>
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<p>However, ICAEW can lay claim to the fines because, under the funding
arrangements, professional bodies pick up the cost of investigations by
the Financial Reporting Council (FRC) in advance. </p>
<p>In return professional bodies get the money from any fines, rather
than that pot of money being used as compensation. Alternatively,
though, when a case is brought to tribunal by the regulator and there
isn’t a fine, the professional body bears the cost instead. ICAEW also
points out that even where fines have been imposed, some cost orders do
not fully reimbuse professional bodies for the whole costs of the
investigation. </p>
<p>The institute also stresses that the money received from fines is not
used to offset ICAEW’s operational expenditure but is “allocated to our
strategic reserves and it supports our wider commitment to serve the
public interest, as required by the terms of our Royal Charter”.</p>
<p>While ICAEW has retained the costs, as it was legally entitled to,
the move has roused similar criticism that was aimed at the institute
when it received the <a href="https://www.accountingweb.co.uk/practice/general-practice/icaew-defends-retaining-kpmg-silentnight-fine" target="_blank">KPMG’s Silentnight £13m fine</a>,
rather than the pension holders who were set to lose around 30% of
their pot due to the mattress company falling into insolvency. That
incident prompted <a href="https://www.thetimes.co.uk/article/silentnight-pensioners-not-accountants-should-profit-from-fines-3926fjp57" rel="nofollow" target="_blank">The Times’s columnist Patrick Hosking</a> to fume, “the more dishonesty and fraud discovered in the profession, the more profit the institute stands to make”.</p>
<h3>Criticism</h3>
<p>The pressure on ICAEW comes as KPMG agreed to pay the fine, reduced from £20m, after a five-week trial found <a href="https://www.accountingweb.co.uk/business/financial-reporting/kpmg-to-be-fined-ps14m-over-falsifying-carillion-documents" target="_blank">five former KPMG auditors guilty of forging documents</a>. </p>
<p>KPMG has previously been accused of failing to maintain professional
independence as the auditor of Carillion and missing multiple “red
flags”. <a href="https://www.accountingweb.co.uk/business/finance-strategy/kpmg-faces-ps13bn-lawsuit-over-carillion-collapse" target="_blank">Creditors claim to have lost billions</a> of pounds in dividends, advisory fees and losses as it continued to trade.</p>
<p>But the fine going to ICAEW has only reignited the condemnation
previously heard during the Silentnight episode. Former pensions
minister <a href="https://www.thisismoney.co.uk/money/markets/article-10830731/Creditors-miss-record-14m-KPMG-Carillion-audit-fine.html" rel="nofollow" target="_blank">Baroness Altmann has added her voice</a> to the calls for the money to go to the creditors and not ICAEW, saying: “Something has gone wrong here.” </p>
<p>Meanwhile, ICAEW members have also expressed concern over how the
perception of the institute keeping the proceeds will tarnish the brand.
Chartered accountant and ICAEW critic Ken Frost was particularly
scathing. “I think it is shameful that my professional body seeks to
profit from the wrongdoing of member firms,” said Frost. “It is, of
course, quite correct that the ICAEW issued the fine. However, it is
shameful that they have decided to ‘trouser it’ like a spiv City trader
from the 80s.</p>
<p>“Additionally, it beggars belief that the ICAEW thinks that this won’t damage their brand!”</p>
<h3>A different approach</h3>
<p>The accountancy scheme is set to wind down soon as part of a
government reform and the funding arrangements are also expected to
switch to the government. </p>
<p>Despite the removal of the accountancy scheme, professional bodies
must continue to fund investigations of all new complaints brought by
the FRC under the audit enforcement procedure.</p>
<p>An ICAEW spokesperson said that the professional body would welcome
the rationalisation of the “different schemes which now exist to pay for
this aspect of the FRC’s regulatory work.” </p>
<p>They continued: “We do not believe that any of the professional
bodies would object to being removed entirely from the funding process,
with all fines in future going to HM Treasury. We would be happy to
discuss this with BEIS [the Department for Business, Energy and
Industrial Strategy], the FRC or – when it is eventually established –
ARGA.”</p><p>I have been asked by the ICAEW to point out that the <span style="font-size: x-small;"><span style="font-size: 11pt;">ICAEW did not issue the
fine. The fine was issued by an independent tribunal of the FRC and the
size of any fine was entirely their decision.</span></span> </p>
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<br />
You have the peace of mind knowing that your accountant's (your tax return agent) fees will be paid by the insurance without any Excess for you to find.<br />
<br />
Tax Investigation Insurance is an insurance policy that will fully
reimburse your accountant's (your tax return agent) fees up to £100,000
if you are subject to enquiry by or dispute with HMRC.<br />
<br />
A Solar Protect policy will enable your accountant (your tax return agent) to:
<br />
</p><ul>
<li>
Deal with any correspondence from HMRC</li>
<li>
Attend any meeting with HMRC</li>
<li>
Appeal to the First-tier Tribunal or Upper Tribunal</li>
<li>
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</li>
</ul>
<br />
<a href="https://solarinsurance.co.uk/ken-frost/" target="_blank">Please click here for details</a>. <br />Ken Frosthttp://www.blogger.com/profile/13568488818950912374noreply@blogger.com0tag:blogger.com,1999:blog-9611129.post-17897159129839295342022-03-11T13:31:00.006+00:002022-03-11T13:31:54.523+00:00Tax Investigation Insurance<p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEhwp1WOiQ3M6GtR7BWilKJ0DWvEssU5XBC58WwIQP7qq4CMvdC7dgVlkfFork-LOgC81AFUozzUrjUBz7Luhxf1MxkKYxDzqwsH93m6p2SSwk685_RDHgEamMcyybBMiHv2PQxBzLNmVoFrG3FuRcQFZ5x3RZMhEIn4G60-sIGOgHHFHiObkcA=s378" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="94" data-original-width="378" height="100" src="https://blogger.googleusercontent.com/img/a/AVvXsEhwp1WOiQ3M6GtR7BWilKJ0DWvEssU5XBC58WwIQP7qq4CMvdC7dgVlkfFork-LOgC81AFUozzUrjUBz7Luhxf1MxkKYxDzqwsH93m6p2SSwk685_RDHgEamMcyybBMiHv2PQxBzLNmVoFrG3FuRcQFZ5x3RZMhEIn4G60-sIGOgHHFHiObkcA=w400-h100" width="400" /></a></div><br /> <p></p><p><a href="https://solarinsurance.co.uk/ken-frost/" target="_blank">Tax Investigation Insurance</a><br />
<br />Market leading tax fee protection insurance for businesses, sole traders and individuals. Protect yourself from accountancy fees in the event of an HMRC enquiry.<br /><br />
Having a Solar Protect Tax Investigation Insurance policy at your disposal means that should you be one of the many 1000's of businesses or individuals that are selected by HMRC each year to look into your tax affairs your own accountant (your tax return agent) can get on and defend you robustly.<br />
<br />
You have the peace of mind knowing that your accountant's (your tax return agent) fees will be paid by the insurance without any Excess for you to find.<br />
<br />
Tax Investigation Insurance is an insurance policy that will fully
reimburse your accountant's (your tax return agent) fees up to £100,000
if you are subject to enquiry by or dispute with HMRC.<br />
<br />
A Solar Protect policy will enable your accountant (your tax return agent) to:
<br />
</p><ul>
<li>
Deal with any correspondence from HMRC</li>
<li>
Attend any meeting with HMRC</li>
<li>
Appeal to the First-tier Tribunal or Upper Tribunal</li>
<li>
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</li>
</ul>
<br />
<a href="https://solarinsurance.co.uk/ken-frost/" target="_blank">Please click here for details</a>. <br />Ken Frosthttp://www.blogger.com/profile/13568488818950912374noreply@blogger.com0tag:blogger.com,1999:blog-9611129.post-43869694811858623992022-02-21T11:35:00.002+00:002022-02-21T11:35:15.364+00:00Richard Murphy FCA Calls Accountants Corrupt<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEhlzB5hQvQO8U-NTYWVtkIHyCGaYIDO5jn5K-M5fCscKyWS68rNKs_jbjMRUE0fmLkFvp19o8UOvd2IkjS42tUd911e4A-AETwFGIcKwY1jOtCkSegQpsKDkuyNe6K4GerzAi_NDobp9P9YLkEXj3J4SKwUMEos-XN4lkhaUG-PJRcKiqJFtPo=s251" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="200" data-original-width="251" height="319" src="https://blogger.googleusercontent.com/img/a/AVvXsEhlzB5hQvQO8U-NTYWVtkIHyCGaYIDO5jn5K-M5fCscKyWS68rNKs_jbjMRUE0fmLkFvp19o8UOvd2IkjS42tUd911e4A-AETwFGIcKwY1jOtCkSegQpsKDkuyNe6K4GerzAi_NDobp9P9YLkEXj3J4SKwUMEos-XN4lkhaUG-PJRcKiqJFtPo=w400-h319" width="400" /></a></div><br /><p> </p><blockquote class="twitter-tweet"><p dir="ltr" lang="en">The UK has been corrupted and accountants, lawyers and bankers are to blame <a href="https://t.co/i1Ev371kIx">https://t.co/i1Ev371kIx</a> The corruption that is now normal in public life has its root in the belief held by so-called professionals that getting around the law is their public duty</p>— Richard Murphy (@RichardJMurphy) <a href="https://twitter.com/RichardJMurphy/status/1495670734814912512?ref_src=twsrc%5Etfw">February 21, 2022</a></blockquote><p>Badly drafted laws will always be legitimate targets for human ingenuity, it is not a sign of corruption that people look for ways and means within the law to reduce their tax bills!<br /></p> <script async="" charset="utf-8" src="https://platform.twitter.com/widgets.js"></script> <a href="https://solarinsurance.co.uk/TaxInvestigationInsurance-30.htm?ReferID=447" target="_blank">Tax Investigation Insurance</a><br />
<br />
Having a Solar Protect Tax Investigation Insurance policy at your disposal means that should you be one of the many 1000's of businesses or individuals that are selected by HMRC each year to look into your tax affairs your own accountant (your tax return agent) can get on and defend you robustly.<br />
<br />
You have the peace of mind knowing that your accountant's (your tax return agent) fees will be paid by the insurance without any Excess for you to find.<br />
<br />
Tax Investigation Insurance is an insurance policy that will fully
reimburse your accountants (your tax return agent) fees up to £100,000
if you are subject to enquiry by or dispute with HMRC.<br />
<br />
A Solar Protect policy will enable your Accountant (your tax return agent) to:
<br />
<ul>
<li>
Deal with any correspondence from HMRC</li>
<li>
Attend any meeting with HMRC</li>
<li>
Appeal to the First-tier Tribunal or Upper Tribunal</li>
<li>
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</li>
</ul>
<br />
<a href="https://solarinsurance.co.uk/TaxInvestigationInsurance-30.htm?ReferID=447" target="_blank">Please click here for details</a>. <br />Ken Frosthttp://www.blogger.com/profile/13568488818950912374noreply@blogger.com0