The Queen's Champion

The British monarch still has a ‘champion’, to fight anyone who challenges their right to the throne. Queen Elizabeth’s current champion is a 64-year-old chartered accountant.

— Quite Interesting (@qikipedia) June 13, 2019

Woman Alert! - Professor Spira Nails It

Just opened June issue of @economiamag. Page 14. Strapline at the top of the page. "From the Institute this month: A woman steps up as ICAEW president..." Can you imagine reading "A man steps up as ICAEW president"?

— Professor Laura Spira (@lauradragon) June 11, 2019

Accounting Humour

Sickening, aren't they, these multi-talented polymaths? pic.twitter.com/zIpEiVeETD

— Moose Allain Ꙭ (@MooseAllain) June 5, 2019

Accounting and Dance Movement Studies

KPMG Raking It In

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

— Prem Sikka (@premnsikka) December 5, 2018

Why Do Women Leave The ICAEW?

Follow and contribute to these threads:

28% of @ICAEW members are women

That took 100 years ….. bloody hell

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

— Elaine Clark (@cheapaccounting) November 9, 2018

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

— Della Hudson (@DellaHudsonFCA) November 9, 2018

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

— Ken Frost (@ken_frost) November 9, 2018

ICAEW's Deficit - Deja Vu

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

Not so!

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

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

ICAEW's Forecast Profit Turns To Loss

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

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

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

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

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

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

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

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

Call For Evidence For Kingman Inquiry

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

— Malcolm Bacchus (@BaccmaConsult) June 14, 2018

The Carillion Clusterfuck - When Will The Profession Ever Learn?

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

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