Accountancy Insights

On the latest ICAEW Insights podcast, we explore the contents of the 2023 Spring Budget and the likely impacts on UK businesses and the work of finance professionals alike. 

Coming only five months after Chancellor Jeremy Hunt’s Autumn Statement, which hastily course-corrected from September 2022’s ‘fiscal event’, the Spring Budget was expected to be a quieter affair.

Going beyond the headlines, host Iain Wright is joined again by Frances Haque, Chief Economist at Santander UK, and David Williamson, Political Editor at the Sunday Express, to discuss Wednesday’s announcements.

Links

• ICAEW Spring Budget 2023 hub

Host

Iain Wright

Guests

• David Williamson, Political Editor, Sunday Express
• Frances Haque, Chief Economist, Santander UK

Producer

Natalie Chisholm 

Episode first published: 17 March 2023
Podcast recorded: 16 March 2023

In this ‘Insights In Focus’ episode, we discuss ways to attract and retain talent in the accounting profession.

Last year saw the UK accountancy sector’s graduate intake fall for the first time since 2008. Meanwhile, job applications across the sector fell by more than a third, compared with 2021.

While the numbers have coincided with significant economic challenges, questions remain about how accountancy is perceived as a profession – and, in particular, whether it is seen to offer a rewarding career over the long term.

Host Philippa Lamb discusses the issues with Gillian Woolman, Audit Director at Audit Scotland; Dave Payne, Head of Access and Volunteer Programmes at ICAEW; and Jackie Crane, an ICAEW member who chose to leave accountancy.

Links

• ICAEW attractiveness of the profession hub: https://www.icaew.com/about-icaew/who-we-are/attractiveness-of-the-profession 
• ICAEW: ACA for Employers: https://www.icaew.com/learning-and-development/aca/aca-employers
• ICAEW President Julia Penny: to attract talent, let’s focus on why we matter: https://www.icaew.com/insights/viewpoints-on-the-news/2022/dec-2022/to-attract-talent-lets-focus-on-why-we-matter

Host

Philippa Lamb

Guests

• Gillian Woolman, Audit Director, Audit Scotland
• Dave Payne, Head of Access and Volunteer Programmes, ICAEW
• Jackie Crane, ICAEW member and former practising accountant

Producer

Natalie Chisholm

Episode first published: 3 March 2023
Podcast recorded: 23 February 2023

In this special ‘Insights In Focus’ episode, we discuss the ways in which HMRC is using digital technology to influence tax calculation and collection.

The UK’s first electronic tax return was filed in 1997. Since then, technology has dramatically transformed the calculation of tax, the filing of forms and the way that HMRC and tax authorities abroad receive and use data.

The pace and scale of change is only set to accelerate in the years ahead. So how does HMRC anticipate harnessing digital technology beyond the ongoing rollout of Making Tax Digital?

To find out more, host Paul Aplin is joined by Joanna Rowland, HMRC Director General of Transformation, and Jonathan Athow, HMRC Director General of Customer Strategy and Tax Design.

Links

• ICAEW Tax Faculty: https://www.icaew.com/technical/tax/tax-faculty 
• ICAEW Insights Special: The future of tax and public spending:  https://www.icaew.com/insights/insights-specials/the-future-of-tax-and-public-spending 

Host

Paul Aplin 

Guests

• Joanna Rowland, Director General, Transformation, HMRC
• Jonathan Athow, Director General, Customer Strategy and Tax Design, HMRC

Producer

Natalie Chisholm

Episode first published: 3 March 2023
Podcast recorded: 1 February 2023

On the latest ICAEW Insights podcast, we consider the future of audit – and the impact of the government’s proposed reforms on professionals in the sector.

It has now been five years since Carillion was liquidated, leaving behind debts of £7bn and the taxpayer a bill for £150m. The collapse of the construction services giant increased scrutiny on audit and corporate reporting, raising questions over whether present frameworks are fit for purpose.

After commissioning several reviews, the government finally announced its plan for the sector in 2022, seeking to curb the market dominance of the Big Four and create a new regulatory body with enhanced powers. But will the measures achieve their goals? And how should audit professionals think about their role in this new context?

To consider those questions and more, host Philippa Lamb is joined by Sir Andrew Likierman, former Dean and now Professor of Management Practice in Accounting at the London Business School; sector expert Andrew Ratcliffe; Mark Babington, Executive Director of Regulatory Standards at the Financial Reporting Council; and ICAEW Managing Director, Reputation and Influence, Iain Wright.

Links

• ICAEW audit and assurance hub
• ICAEW audit and corporate governance reform hub
• Government reforms announcement (31 May 2022)

Host

Philippa Lamb

Guests

• Sir Andrew Likierman, former Dean and Professor of Management Practice, London Business School
• Andrew Ratcliffe, Non-Executive Director, Barclays Bank UK 
• Mark Babington, Executive Director of Regulatory Standards, Financial Reporting Council
• Iain Wright, Managing Director, Reputation and Influence, ICAEW

Producer

Natalie Chisholm 

Episode first published: 16 February 2023

Podcast recorded: 13 February 2023

In this special Insights In Focus episode, we discuss the thorny and often contentious topic of executive pay.

The highly experienced panel doesn’t ignore the most common exec pay conversation – the eye-watering amounts sometimes paid to senior managers  – but the discussion doesn’t stop there either. We hear first about the growing use of ESG metrics in assessing executives’ performance and rewarding them accordingly, and whether this is a good idea.

The panel then moves on to discuss the pressures on businesses to strike the right approach to exec pay, including from the chair of the remuneration committee at listed asset manager, Liontrust, and the risks of getting executive compensation decisions wrong. The conversation has pointers not only for senior managers and board members who might face a similar situation but also for anyone who aspires to be in senior roles in the future.

Host Peter van Veen, Director, Corporate Governance and Stewardship, ICAEW discusses the topic with Sandy Pepper, Emeritus Professor of Management Practice at the London School of Economics and Political Science and author of a recent book: “If You’re So Ethical, Why are You so Highly Paid?”, George Yeandle, FCA, Non-Executive Director at Liontrust Asset Management plc and Chair of the Remuneration Committee, and Luke Hildyard, Director at the High Pay Centre, a think tank focused on pay and governance.

Links:
For more on ICAEW’s major content series on boards and corporate governance
icaew.com/newboardagenda

Host:
Peter van Veen

Guests:
-Sandy Pepper, Emeritus Professor of Management Practice at the London School of Economics and Political Science
-George Yeandle, FCA, Non-Executive Director at Liontrust Asset Management plc and Chair of the Remuneration Committee
-Luke Hildyard, Director at the High Pay Centre

Producer:
Guy Ruddle

Episode first published: 16 February 2023
Podcast recorded: 2 February 2023

In this Insights In Focus episode, we discuss the pros and cons of crypto and its impact on the work of finance professionals.

The collapse of crypto exchange and hedge fund FTX in December took $8bn of its customers’ money with it and raised fresh questions about the sector. Fans claim crypto will revolutionise how businesses and customers interact and, potentially, democratise the global flow of money. For detractors, the sector is little more than an unregulated casino, rife with opportunities for investors to lose their money. 

Finance professionals are caught in the middle. So, where could or should crypto go next? And how significant might the sector become? 

Host Philippa Lamb is joined by Paul Munson, Head of Financial Crime at social investment app Shares; Esther Mallowah, ICAEW Head of Technology Policy; and Vivienne Artz of the data privacy expert group, Global Coalition to Fight Financial Crime.

Links
ICAEW Blockchain and crypto assets hub
https://www.icaew.com/technical/technology/blockchain-and-cryptoassets 

ICAEW Tech Faculty
https://www.icaew.com/technical/technology 

Host
Philippa Lamb

Guests
Esther Mallowah, Head of Technology Policy, ICAEW
Paul Munson, Head of Financial Crime, Shares
Vivienne Artz, Co-chair, Data Privacy Expert Group, Global Coalition to Fight Financial Crime

Producer
Ed Adams

Episode first published: 26 January 2023
Podcast recorded: 23 January 2023

On the latest ICAEW Insights podcast, we look ahead to what 2023 might hold for the UK economy and the work of finance professionals.

While 2020 and 2021 were dominated by the need to mitigate the effects of the pandemic, 2022 posed new challenges. Economic and political pressures collided at home and abroad, resulting in significant uncertainty that is set to also define the year ahead. 

Many of the economic trends that dominated 2022 – rising inflation, rising interest rates and stalling growth – are expected to continue. But questions remain about their duration and effects. And, of course, there are sure to be some surprises along the way.

Host Philippa Lamb is again joined by Frances Haque, Chief Economist at Santander UK; Iain Wright, ICAEW Managing Director, Reputation and Influence; and David Williamson, Political Editor at the Sunday Express.

Links
ICAEW Business Confidence Monitor
https://www.icaew.com/technical/economy/economic-insight/business-confidence-monitor-national

ICAEW Ukraine crisis: central resource hub
https://www.icaew.com/insights/insights-specials/ukraine-crisis-central-resource-hub 

ICAEW inflation hub
https://www.icaew.com/technical/economy/inflation 

ICAEW cost of doing business hub
https://www.icaew.com/technical/economy/cost-of-doing-business 

ICAEW energy crisis hub
https://www.icaew.com/technical/economy/energy-crisis 

Host
Philippa Lamb

Guests
Iain Wright, Managing Director, Reputation and Influence, ICAEW
David Williamson, Political Editor, Sunday Express
Frances Haque, Chief Economist, Santander UK

Producer
Natalie Chisholm 

Episode first published: 3 January 2023
Podcast recorded: 8 December 2022

In this Insights In Focus episode, we review the major events of 2022 and their contribution to ongoing economic uncertainty.

Despite inflation already beginning to rise, the year began with optimism, as tracked by the ICAEW Business Confidence Monitor. But events moved quickly and the effects of the invasion of Ukraine in February and successive political crises back home have challenged the resilience of businesses and individuals alike.

With Rishi Sunak and Jeremy Hunt now installed in Numbers 10 and 11, the year is closing with the new government’s promise of ‘Big Bang 2.0’ – a package of post-Brexit legislation designed to boost the financial services sector. But how far-reaching are the reforms and will they sufficiently differentiate the UK from Europe’s major financial hubs?

Host Philippa Lamb is joined by Frances Haque, Chief Economist at Santander UK; Iain Wright, ICAEW Managing Director, Reputation and Influence; and David Williamson, Political Editor at the Sunday Express.

Links
ICAEW Business Confidence Monitor
https://www.icaew.com/technical/economy/economic-insight/business-confidence-monitor-national

ICAEW Ukraine crisis: central resource hub
https://www.icaew.com/insights/insights-specials/ukraine-crisis-central-resource-hub 

ICAEW inflation hub
https://www.icaew.com/technical/economy/inflation 

ICAEW cost of doing business hub
https://www.icaew.com/technical/economy/cost-of-doing-business 

ICAEW energy crisis hub
https://www.icaew.com/technical/economy/energy-crisis 

Host
Philippa Lamb

Guests
Iain Wright, Managing Director, Reputation and Influence, ICAEW
David Williamson, Political Editor, Sunday Express
Frances Haque, Chief Economist, Santander UK

Producer
Natalie Chisholm 

Episode first published: 15 December 2022
Podcast recorded: 8 December 2022

In this episode of the ICAEW Insights podcast, we look at the Economic Crime Bill currently passing through Parliament.  

The Bill follows the Economic Crime Act, which became law in March. That legislation was fast tracked in response to the Russian invasion of Ukraine and included a raft of measures to sever economic ties with Russia. Now, this new Bill aims to bring about wider changes on how financial information is gathered and shared in the UK.

Reforming Companies House is front and centre. As registrar of companies, the aim is to make it more active in spotting misbehaviour and in working with law enforcement. So what will that mean for chartered accountants as reporting and filing requirements for companies change and what else is in the Bill? 

Philippa Lamb discusses the Bill with ICAEW’s Head of Corporate Reporting Policy Sally Baker, Paul Brehony, Partner at Signature Litigation, and Edmund Smyth, Partner at Kingsley Napley.

Links
Economic Crime Bill 2: what it means for you
https://www.icaew.com/insights/viewpoints-on-the-news/2022/oct-2022/economic-crime-bill-2-what-it-means-for-you

ICAEW Economic Crime hub
https://www.icaew.com/technical/trust-and-ethics/economic-crime

Paul Brehony on what EC Bill 2 means for accountants
https://www.signaturelitigation.com/paul-brehony-and-kate-gee-discuss-what-the-new-economic-crime-bill-means-for-accountants-and-company-directors-in-accountancy-daily/

Edmund Smyth’s review of the Bill
https://www.kingsleynapley.co.uk/insights/blogs/criminal-law-blog/the-economic-crime-and-transparency-bill-a-mixed-bag

Host
Philippa Lamb

Guests
Sally Baker, Head of Corporate Reporting Policy, ICAEW
Paul Brehony, Partner, Signature Litigation
Edmund Smyth, Partner, Kingsley Napley

Producer
Natalie Chisholm 

Episode first published: 7 December 2022
Podcast recorded: 28 November 2022

In this Insights In Focus episode, we explore the Bank of England’s recent policy switch from quantitative easing to quantitative tightening.

The Bank of England has been supporting the UK economy by buying government bonds since 2009. The policy has been a stabilising force through successive economic shocks: the global financial crisis, the euro crisis, the Brexit vote and, most recently, the COVID-19 pandemic.

Now, the Bank of England is on a mission to reduce inflation, raising interest rates and beginning to sell the £895bn of government bonds that sit on its balance sheet. But how much should be sold and how soon?

Host Philippa Lamb discusses the role that QE has played within the economy, and the process of quantitative tightening, with Reuben Wales, ICAEW Head of Financial Services; Martin Wheatcroft, external adviser on public finances to ICAEW; and Michael Saunders, economist and member of the Monetary Policy Committee from 2016 until very recently.

Links
ICAEW inflation hub
https://www.icaew.com/technical/economy/inflation 

ICAEW cost of doing business hub
https://www.icaew.com/technical/economy/cost-of-doing-business 

ICAEW economic insight
https://www.icaew.com/technical/economy/economic-insight 

Host
Philippa Lamb

Guests
Michael Saunders, Monetary Policy Committee member, 2016-2022
 Reuben Wales, ICAEW Head of Financial Services
Martin Wheatcroft, external adviser on public finances to ICAEW

Producer
Natalie Chisholm 

Episode first published: 30 November 2022

Podcast recorded: 23 November 2022