Accountancy Insights

We hear an update from the CFO about how advanced the company’s merger plans are and how this will secure their future in a competitive industry dominated by far larger global players. But the HR director has more worrying news about the numbers of staff that are quitting the company, especially the large amount of trainees leaving before they complete their training contracts. There are also concerns about stock pilfering and a largely blue-collar workforce who are struggling with the cost of living crisis. Despite the merger promising a bright future, the board can’t ignore either employee retention problems or wider issues around how to support their workforce through difficult times.

Our panel talk through the situation and provide their advice on how a board might manage a situation like this. 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 dilemma with Sandy Pepper, Emeritus Professor of Management Practice at the London School of Economics and Political Science, Janet Williamson, Senior Policy Officer for Corporate Governance and Capital Markets at Trades Union Congress, and Leo Martin, Founder and Director, Good Corporation. 

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

Host
Peter van Veen

Guests
Sandy Pepper, Emeritus Professor of Management Practice at the London School of Economics and Political Science 

Janet Williamson, Senior Policy Officer for Corporate Governance and Capital Markets at Trades Union Congress

Leo Martin, Founder and Director, Good Corporation.

Producer
Ed Adams

Episode first published: 25 November 2022

Podcast recorded: 3 November 2022

Our panel talk through the situation and provide their advice on how a board might manage a situation like this. 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 dilemma with Sandy Pepper, Emeritus Professor of Management Practice at the London School of Economics and Political Science, and Janet Williamson, Senior Policy Officer for Corporate Governance and Capital Markets at Trades Union Congress.

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

Host
Peter van Veen

Guests
Sandy Pepper, Emeritus Professor of Management Practice at the London School of Economics and Political Science 

Janet Williamson, Senior Policy Officer for Corporate Governance and Capital Markets at Trades Union Congress

Producer
Ed Adams

Episode first published: 21 November 2022

Podcast recorded: 3 November 2022

In this Insights In Focus special episode, we discuss the rollout of the International Standard on Quality Management (ISQM) and what firms need to do before ISQM 1 is implemented on 15 December 2022.

The aim of ISQM is to raise audit quality and encourage practitioners to think about the risks that may affect their work. But the imminent arrival of ISQM 1 has the potential to be tricky and time-consuming for practices – perhaps even prohibitively so at a time of economic uncertainty and volatility.

Host Iain Wright, ICAEW Managing Director, Reputation and Influence, discusses how firms and practitioners can navigate these issues with Louise Sharp, ICAEW Senior Technical Manager in Audit and Assurance; Catherine Hardinge, Technical Partner at Price Bailey; and Peter Hollis, owner of Hollis & Co.

Links
ICAEW Quality management in audit firms hub
https://www.icaew.com/technical/audit-and-assurance/audit/quality-management-in-audit-firms

ICAEW Overview of standards
https://www.icaew.com/technical/audit-and-assurance/audit/quality-management-in-audit-firms/overview-of-standards 

ICAEW Getting started with ISQM 1
https://www.icaew.com/technical/audit-and-assurance/audit/quality-management-in-audit-firms/getting-started-with-isqm-1

ICAEW ISQM 1: recommended resources and tips
https://www.icaew.com/insights/viewpoints-on-the-news/2022/Sept-2022/ISQM-recommended-resources-and-tips-Dec-15-deadline

ICAEW ISQM 1 implementation: a sole practitioner approach
https://www.icaew.com/insights/viewpoints-on-the-news/2022/oct-2022/ISQM-1-implementation-a-sole-practitioner-approach 

Host
Iain Wright

Guests
Catherine Hardinge, Partner, Technical, Price Bailey
Peter Hollis, owner and Principal, Hollis & Co
Louise Sharp, Senior Technical Manager, Audit and Assurance, ICAEW

Producer
Ed Adams

Episode first published: 16 November 2022
Podcast recorded: 11 November 2022

On the latest ICAEW Insights podcast, we discuss the impact of the energy crisis on how businesses are sourcing their energy as well as planning for the longer term.

With government support for business energy bills only lasting six months, many firms are looking at securing their own energy supply. We learn what some of the options are – and whether the benefits of going ‘off grid’ outweigh the upfront costs.

There are also fears that the scramble to regain control of energy supply and pricing will lead to net-zero commitments being forgotten or delayed. And as fracking returns to the public debate, we explore whether the use of fossil fuels can be minimised at a time of national crisis.

Host Philippa Lamb is joined by Suresh Aggarwal, Director of serviced office provider Airvovo; energy solutions expert Mark Kissack of Kissack Advisory; and Matthew Clayton, Managing Director of Thrive Renewables.

Links
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 

ICAEW Business Advice Service
https://www.icaew.com/about-icaew/find-a-chartered-accountant/icaew-business-advice-service 

Host
Philippa Lamb

Guests
Suresh Aggarwal, Director, Airvivo Flexible Office Space
Mark Kissack, Kissack Advisory
Matthew Clayton, Managing Director, Thrive Renewables

Producer
Natalie Chisholm 

Episode first published: 3 November 2022
Podcast recorded: 31 October 2022

In this Insights In Focus episode, we explore why SMEs are tempting targets for cyber criminals, and what can be done to protect smaller firms against attacks.

Databases full of sensitive client information are a huge draw for cyber criminals and there are signs that attackers know all about the yearly rhythm of an accountant’s work, waiting until busy seasons to strike.

The cost of a successful attack can be huge. The immediate financial impact alone can be devastating, but the reputational and emotional costs can be even longer lasting. So what can be done to improve cyber security?

Host Philippa Lamb is joined by Jessica Pillow, director of Pillow May Accountancy which experienced a cyber attack, and Richard Jackson, partnerships manager at security experts Moore ClearComm.

Links
ICAEW cybercrime awareness month 2022
https://www.icaew.com/technical/technology/cyber-security/cybercrime-awareness-month-2022 

ICAEW cyber security resources
https://www.icaew.com/technical/technology/cyber-security 

Host
Philippa Lamb

Guests
Jessica Pillow, director, Pillow May Accountancy
Richard Jackson, partnerships manager, Moore ClearComm

Producer
Natalie Chisholm 

Episode first published: 20 October 2022
Podcast recorded: 17 October 2022

On the latest ICAEW Insights podcast, we explore how accountants can go about approaching some of the year’s most challenging professional issues.

World events have moved quickly this year. Successive waves of sanctions against Russia and the return of M&A activity – as well as the subsequent spike in conflict-of-interest queries – have meant that accountants are increasingly needing to make sense of grey areas.

With accountants typically used to being the ones with the answers, who assists them when the path forward is unclear? Enter the ICAEW Technical and Ethics helpdesk.

Host Philippa Lamb is joined by David Stevens and Cerys Freemantle, professional consultants at the helpdesk, to make sense of these tricky topics and provide advice on next steps where there is no clear right answer.

Links
ICAEW Technical and Ethics helpdesk
https://www.icaew.com/membership/support-throughout-your-career/technical-and-ethics-support

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

ICAEW guidance on the UK’s ban of the provision of accountancy services to Russia
https://www.icaew.com/regulation/aml-supervision/aml-resources/guidance-on-the-uk-ban-of-the-provision-of-accountancy-services--to-russia 

ICAEW client screening service
https://www.icaew.com/library/guide-to-services/client-screening 

ICAEW financial reporting helpsheets
https://www.icaew.com/technical/tas-helpsheets/financial-reporting 

ICAEW guidance: Identifying and managing conflicts
https://www.icaew.com/-/media/corporate/files/technical/ethics/icaew-guidance-identifying-and-managing-conflicts.ashx?la=en

Host
Philippa Lamb

Guests
David Stevens, professional consultant, ICAEW
Cerys Freemantle, professional consultant, ICAEW

Producer
Natalie Chisholm 

Episode first published: 13 October 2022
Podcast recorded: 6 October 2022

In this Insights in Focus episode, we discuss the major challenges facing UK businesses, including energy costs, recruitment and retention of staff, and wage inflation.    

Recent headlines haven’t made easy reading. A recession looms, inflation continues to rise, and sterling plunged following the ‘mini-Budget’ on 23 September. 

Understandably, businesses are nervous. ICAEW’s Business Confidence Monitor for Q3 2022 found business sentiment turning negative for the first time since late 2020. Businesses in all sectors and regions reported a ‘cost-of-doing-business’ crisis.

To explore what comes next, host Philippa Lamb is joined by Simon Gray, ICAEW Head of Business, and Katy Davies, Managing Director at manufacturer CamdenBoss.

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

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

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

ICAEW analysis and reaction to the mini-Budget
https://www.icaew.com/technical/Economy/fiscal-event-september-2022 

Host
Philippa Lamb

Guests
Simon Gray, Head of Business, ICAEW
Katy Davies, Managing Director, CamdenBoss

Producer
Natalie Chisholm 

Episode first published: 6 October 2022
Podcast recorded: 29 September 2022

On the latest ICAEW Insights podcast, we discuss the economic challenges facing new Prime Minister Liz Truss, and the policy commitments made during the summer’s campaign trail.

The Prime Minister has a sizeable in-tray to tackle. Stalling growth and rising inflation have led to warnings of economic stagnation for the UK. The energy crisis and industrial action this coming winter complicate matters, too.

It leaves little wiggle room for policymaking at Number 10, but the Prime Minister has promised to enact tax cuts and hinted at sweeping regulatory reforms.

Host Philippa Lamb discusses what the first 100 days of Liz Truss’s leadership may look like with ICAEW experts Suren Thiru, Iain Wright and Richard Jones.

Links:
- ICAEW: new Prime Minister urged to restore growth
https://www.icaew.com/insights/viewpoints-on-the-news/2022/sept-2022/new-prime-minister-urged-to-restore-growth
- ICAEW Energy crisis hub
https://www.icaew.com/technical/economy/energy-crisis
- ICAEW Inflation hub
https://www.icaew.com/technical/Economy/inflation

Host:
Philippa Lamb

Guests:
-Iain Wright, Managing Director, Reputation and Influence, ICAEW
- Suren Thiru, Director, Economies, ICAEW
- Richard Jones, Business Taxes Specialist, ICAEW

Producer:
Natalie Chisholm

Episode first published: 8 September 2022
Podcast recorded: 6 September 2022

In this Insights In Focus episode, we explore the multifaceted role of the insolvency professional by hearing from both practitioner and client.

Fraser Dick, managing director of Perfection Alloys, shares how the technical and emotional support of Tyrone Courtman, partner at RSM UK Restructuring Advisory, steered the business away from insolvency and towards recovery.

Tyrone goes on to explain his process for assessing the viability of businesses experiencing difficulties; and what motivated him to specialise as an insolvency professional early in his career.

It’s a timely discussion as insolvencies continue to surge, having tripled from January 2021 to March 2022, and further pressures are expected to press down upon UK businesses.

Show Links:

ICAEW insolvency hub

ICAEW Future of Insolvency insights special

ICAEW Restructuring and Insolvency Community

Host:  

Philippa Lamb

Guests:

• Tyrone Courtman, partner, RSM UK Restructuring Advisory
• Fraser Dick, managing director, Perfection Alloys

Producer:
Ed Adams

Episode first published: 31 August 2022
Podcast recorded: 25 August 2022

On the latest ICAEW Insights podcast, we explore the problems facing the aviation sector with experts Matthew Davy, director at Strategy& UK, and Eleni Kaloyirou, CEO of Hermes Airports, Cyprus.

The panel discuss the business drivers behind this summer’s flight woes, including the effects of ongoing staff shortages. Plus, we examine the long-term pressures facing the industry as passenger travel finds new equilibrium following the pandemic.

We then meet ICAEW climate change executive Sarah Reay to hear how aviation is taking its first steps towards a greener future, as well as how the Institute is supporting members on their own climate journeys.

Links:
- UK aviation: reform for take-off (House of Commons’ Transport Committee)
https://publications.parliament.uk/pa/cm5802/cmselect/cmtrans/683/report.html
- The six secrets of profitable airlines (McKinsey)
https://www.mckinsey.com/industries/travel-logistics-and-infrastructure/our-insights/the-six-secrets-of-profitable-airlines
- ICAEW Finance for the Future awards
https://www.financeforthefuture.org
- ICAEW Climate Summit
https://www.icaew.com/learning-and-development/events/icaew-climate-summit
- ICAEW Climate for SMEs
https://www.icaew.com/technical/sustainability/climate-hub/climate-for-smes
- ICAEW sustainability certificate
https://www.icaew.com/learning-and-development/academy/specialist-qualifications/icaew-sustainability-certificate

Host:
Philippa Lamb
 
Guests:
- Matthew Davy, Director, Strategy& UK (PwC)
- Eleni Kaloyirou, CEO, Hermes Airports
- Sarah Reay, Climate Change Executive, ICAEW

Producer:
Natalie Chisholm

Episode first published: 11 August 2022
Podcast recorded: 8 August 2022