Accountancy Insights

This episode focuses on the integration of AI in audit processes, emphasising the need for practical guidance from the Financial Reporting Council (FRC) to build industry confidence, especially with smaller firms. The conversation highlighted the importance of human oversight, the role of third-party technology providers, the challenges of explainability and data security, and the need for clear communication with clients.

Philippa Lamb is joined by Ramana McConnon, Head of Assurance Technology at the FRC, Jon Morris, Director of Audit and Professional Standards for Grant Thornton, and Martin Brown, Gen AI lead in Deloitte’s Audit technical team. 

Time codes

• 04’50”: Discovering the AI use cases and benefits of the new technology for smaller firms
• 13’49”: Understanding explainability and the need for human oversight with AI solutions
• 18’25”: Are off-the-shelf solutions enough and will firms need to make big investments?

Links

• ICAEW: FRC publishes landmark guidance on the uses of AI in audit - https://www.icaew.com/insights/viewpoints-on-the-news/2025/jul-2025/frc-publishes-landmark-guidance-on-the-uses-of-ai-for-audit
• FRC guidance on audit and AI - https://media.frc.org.uk/documents/AI_in_Audit.pdf
• ICAEW: AI in audit: opportunities and challenges - https://www.icaew.com/technical/audit-and-assurance/faculty-resources/webcasts/ai-in-audit

Host

Philippa Lamb

Guests

• Ramana McConnon, Head of Assurance Technology at the FRC
• Jon Morris, Director of Audit and Professional Standards for Grant Thornton
• Martin Brown, Gen AI lead in Deloitte’s Audit technical team

Producer

Natalie Chisholm

Episode first published: 11 November 2025

Podcast recorded: 7 November 2025

In this episode, we’re exploring just how useful Large Language Models (LLMs) are when it comes to spreadsheets; what needs to happen by 18 November when it comes to Companies House ID verification; and how the OBR comes to its conclusions.

Host Philippa Lamb is joined by Simon Thorne, Senior Lecturer in Computer Science, Cardiff Metropolitan University, to talk about his research into LLMs' effectiveness when it comes to spotting errors in spreadsheets, with some clear winners and losers from the process.

Next, Mike Miller, ICAEW’s Economic Crime Manager, gives an update on Companies House ID verification and what Directors and accounting firms have to do to prepare. Finally, Martin Wheatcroft, Advisor on public finances for ICAEW, explains the role and methodology of the OBR.

Time codes:

Spreadsheets and AI – 01’06”

Companies House ID Verification – 13’28”

How the OBR works – 23’14”

Transcript

You can read a full transcript of the episode here: https://www.icaew.com/insights/viewpoints-on-the-news/2025/oct-2025/the-best-and-worst-genais-for-spreadsheets

Links:

ICAEW: The best and worst gen AIs for spreadsheets - https://www.icaew.com/insights/viewpoints-on-the-news/2025/oct-2025/the-best-and-worst-genais-for-spreadsheets

Simon Thorne’s study on LLMs and spreadsheets - https://arxiv.org/abs/2506.17330

ICAEW: Authorised corporate service providers (ACSP) and ID verification - https://www.icaew.com/regulation/aml-supervision/aml-resources/acsp-and-id-verification

ICAEW: ID verification is coming – everything directors need to know - https://www.icaew.com/insights/viewpoints-on-the-news/2025/oct-2025/co-house-id-changes-what-directors-need-to-know

ICAEW: ID verification is coming – everything accounting firms need to know - https://www.icaew.com/insights/viewpoints-on-the-news/2025/oct-2025/co-house-id-changes-what-accountants-need-to-know

ICAEW: Companies House: who needs to be an ACSP and when should they register? - https://www.icaew.com/insights/viewpoints-on-the-news/2025/aug-2025/companies-house-who-needs-to-be-an-acsp-and-when-should-they-register

UK productivity downgraded - https://www.bbc.co.uk/news/articles/c0rpve82jxvo

Rachel Reeves v the OBR: chancellor aims to loosen the watchdog’s grip - https://www.theguardian.com/business/2025/oct/11/rachel-reeves-v-the-obr-chancellor-aims-to-loosen-the-watchdogs-grip

Labour fury at OBR is understandable but misplaced - https://www.ft.com/content/f1b53cb4-ba83-4b0a-a8f3-65ffab93b299

New Economics Foundation – A democratic fiscal framework - https://neweconomics.org/2025/08/a-democratic-fiscal-framework

Host

Philippa Lamb

Guests

• Simon Thorne, Senior Lecturer in Computer Science, Cardiff Metropolitan University
• Mike Miller, Economic Crime Manager, ICAEW
• Martin Wheatcroft, Advisor on public finances, ICAEW

Producer

Natalie Chisholm

Episode first published: 28 October 2025

Podcast recorded: 22nd October 2025

All views expressed on this podcast are those of the contributors and don’t necessarily reflect those of ICAEW or its members.

In this episode, we discuss how prepared organisations really are for cyber attacks, what to do if and when your business is affected, and how to manage the communications challenges. We have a great case study from a company that suffered a cyber attack, with plenty of lessons about how to mitigate the impact on customers and return quickly to business as usual.

Philippa Lamb is joined by Peter Davenport, Crisis Communications Specialist, Definition Group; Michael Hoare, Director, Kekst CNC;  Neil Hare-Brown, Founder, Storm Guidance; and Nadeem Raza, CEO, Microlise.

Time Codes

• 11:01: Nadeem Raza from Microlise shares his cyber attack case study
• 15:07: A deeper dive into how M&S and Jaguar Land Rover are managing the ongoing challenges from cyber attacks
• 27:25: The speakers share their top tips for cyber attack preparedness

Transcript: 

You can read the full transcript of this episode here: https://www.icaew.com/insights/podcast/behind-the-numbers/how-to-bounce-back-from-a-cyber-attack/transcript

Links

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

ICAEW: Four cyber security lessons from M&S and other breaches - https://www.icaew.com/insights/viewpoints-on-the-news/2025/oct-2025/four-cyber-security-lessons-from-mands-and-other-breaches

Host

Philippa Lamb

Guests

• Peter Davenport, Crisis Communications Specialist, Definition Group
• Michael Hoare, Director, Kekst CNC
• Neil Hare-Brown, Founder, Storm Guidance
• Nadeem Raza, CEO, Microlise

Producer

Natalie Chisholm

Episode first published: 14 October 2025

Podcast recorded: 7 October 2025

We’re all navigating uncertainty right now. How can accountants manage it professionally and personally? Riaz Shah OBE, former EY Partner and Professor of Practice at Hult International Business School, breaks down the biggest factors affecting the profession at the moment, and how it might shape the role and future of accountants. 

Then Paul Guess, Case Management Officer for accountants’ support charity CABA, talks about the mental toll that the current environment is taking on professionals, and the kind of support that they can expect to receive.

Links:

• https://www.icaew.com/learning-and-development/events/icaew-annual-conference
• http://caba.org.uk/
• https://www.icaew.com/insights/viewpoints-on-the-news/2025/sep-2025/global-trust-in-chartered-accountants-rises-in-ai-world
• https://www.icaew.com/insights/viewpoints-on-the-news/2025/jul-2025/ai-should-it-replace-junior-roles

 Host

Philippa Lamb

Guests

Riaz Shah OBE, Professor of Practice, Hult International Business School

Paul Guess, Case Management Officer, CABA

Producer

Natalie Chisholm

Episode first published: 8 October 2025

Podcast recorded: 25 September 2025

Whistleblowing is a vital process but often fraught with far more risk and emotional upheaval than it should be. In Western Europe, 43% of all occupational fraud cases come to light thanks to whistleblowers. And it’s not just fraud: cases from poor health-and-safety practices to bad team management have all been righted thanks to people speaking out.

Although many whistleblowing cases do result in bad practice being stopped and workplaces improved, some whistleblowers have been victimised or forced out of their jobs. In the UK, the new Failure to Prevent Fraud offence will mandate large employers to put clear whistleblowing policies in place, and both the Serious Fraud Office and HMRC are looking at schemes to incentivise whistleblowing.

Andrew Pepper-Parsons, Director of Policy and Communications at whistleblowing charity Protect, and Brendan Weekes, Associate Director at accountancy firm, S&W, join our host Philippa Lamb to discuss the topic, why a significant minority of whistleblowers don’t get the requisite protection and what the forthcoming regulation and potential SFO and HMRC schemes will mean for UK business. 

They also both discuss some best practice case studies from organisations that are doing a good job of encouraging people to speak up when they see something that’s not right. This includes the Wellcome Trust’s excellently named scheme “The Only Way is Ethics”.

Links

• https://protect-advice.org.uk/checklist-for-whistleblowers/
• https://whistleblowersblog.org/global-whistleblowers/uks-sfo-director-continues-to-push-for-whistleblower-awards/
• https://www.icaew.com/insights/viewpoints-on-the-news/2025/sep-2025/the-four-elements-of-effective-whistleblowing-culture
• https://www.icaew.com/insights/viewpoints-on-the-news/2025/jun-2025/why-whistleblowing-is-a-requirement-not-a-choice-for-accountants

Host

Philippa Lamb

Guests

●       Andrew Pepper-Parsons, Director of Policy and Communications, Protect

●       Brendan Weekes, Associate Director, S&W

 Producer

Natalie Chisholm

Episode first published: 25 September 2025

Podcast recorded: 12 September 2025

In this special episode of Accountancy Insights, we bring you a timely interview of Kemi Badenoch by ICAEW’s Chief Executive Alan Vallance who sat down with her after a speech she gave at Chartered Accountants’ Hall.

Badenoch talked about tackling perennial long-term problems like productivity and smarter regulation. She spoke with feeling about her frustration when, as Business Secretary in the previous Conservative government, she would meet with business leaders who showed her how debilitating regulation could be for business if the consequences of new laws are not thought through properly.

Drawing on her tech background, she also disagreed with her former colleague Jeremy Hunt that AI would replace accountants, saying “I don’t think accountants have anything to worry about.” 

ICAEW’s Chief Policy and Communications Officer Iain Wright then joins our host Philippa Lamb to discuss Badenoch’s proposals and how it’s further evidence of ICAEW’s unique position as a leading voice for business.

Links 

ICAEW: More on Kemi Badenoch’s speech - https://www.icaew.com/insights/viewpoints-on-the-news/2025/sep-2025/kemi-badenoch-speaks-at-icaew-we-need-to-take-risks

ICAEW Policy: How the government can deliver growth - https://www.icaew.com/about-icaew/regulation-and-the-public-interest/policy/how-the-government-can-deliver-growth 

Host

Philippa Lamb

Guests

• Iain Wright, Chief Policy and Communications Officer, ICAEW

Producer

Natalie Chisholm

Episode first published: 18 September 2025

Podcast recorded: 12 September 2025 

Accountancy Insights explores the month’s top stories in the profession.

In this episode, we discuss the introduction of four statutory instruments to enforce Companies House reform, as well as the common mistakes to avoid when scaling up a business. We also cover the introduction and content of the Next Generation ACA qualification.

Philippa Lamb is joined by Mike Miller, ICAEW Economic Crime Manager; Anne Allibone, fractional CFO and commercial advisor; and Shaun Robertson, ICAEW Director of Education and Qualifications.

Time codes

00:30 Companies House update

11:00 Scaling up smartly

21:54 The Next Generation ACA

Links

ICAEW: Four draft instruments brought in to enforce Companies House reform: https://www.icaew.com/insights/viewpoints-on-the-news/2025/jul-2025/four-draft-instruments-brought-in-to-enforce-companies-house-reform

ICAEW: How to grow hub: https://www.icaew.com/technical/business/how-to-grow 

ICAEW: Next Generation ACA hub: https://www.icaew.com/learning-and-development/aca/next-generation-aca 

Host

Philippa Lamb

Guests

• Mike Miller, Economic Crime Manager, ICAEW
• Anne Allibone, fractional CFO and commercial advisor
• Shaun Robertson, Director, Education and Qualifications, ICAEW

Producer

Natalie Chisholm 

 Episode first published: 11 September 2025

In this episode of Behind the Numbers, we explore what the history of money can tell us about its future.

Currency has been evolving for thousands of years, but the pace of change has now escalated with the introduction of online banking and digital currencies. We discuss the parallels between modern and historical advances in currency, and key lessons as central banks look to introduce their own digital currencies.

Host Philippa Lamb is joined by Polly Tsang, Senior Financial Services Regulatory Manager at ICAEW; and Dr Tony Moore, Lecturer in Finance at Henley Business School.

Links 

ICAEW Technology hub: https://www.icaew.com/technical/technology 

ICAEW Financial Services Faculty: https://www.icaew.com/technical/financial-services

Host

Philippa Lamb

Guests

• Polly Tsang, Senior Financial Services Regulatory Manager, ICAEW
• Dr Tony Moore, Lecturer in Finance, Henley Business School

Producer

Natalie Chisholm

Episode first published: 20 August 2025

Podcast recorded: 13 August 2025

ICAEW’s Iain Wright hosts a conversation with Emma Jones CBE, the government’s newly appointed Small Business Commissioner, in this special episode of Accountancy Insights.

Jones discusses the Small Business Plan, launched on 30 July, which introduces new measures to tackle late payments. Estimates place the cost of late payments to the UK economy at £11bn per year as well as contributing to the closure of 38 businesses each day. Upcoming legislation will also reduce maximum payment terms from 60 to 45 days .

She also shares learnings from a career spent in small business. Jones founded and exited her first business at the age of 27 and then went on to establish both Enterprise Nation and StartUp Britain to support small and young businesses across the country. She has also previously served as SME Representative for the Crown Commercial Service. 

Links 

• Policy paper: ‘Backing your business: Our plan for small and medium-sized businesses’: https://assets.publishing.service.gov.uk/media/688b1f6f1affbf4bedb7b11d/our-plan-for-small-and-medium-sized-businesses.pdf 
• Open consultation: ‘Late payments: tackling poor payment practices’: https://www.gov.uk/government/consultations/late-payments-tackling-poor-payment-practices 
• ICAEW Small and Micro Business Community: https://www.icaew.com/technical/small-and-micro-business-community

Host

Iain Wright, Chief Policy and Communications Officer, ICAEW

Guest

Emma Jones CBE, Small Business Commissioner

Producer

Natalie Chisholm

Episode first published: 12 August 2025

Podcast recorded: 7 August 2025

In this episode, we discuss the findings of the Post Office Horizon IT Inquiry’s first report, including lessons for other companies around culture and values. We also explore ICAEW’s latest research into mid-tier practices, covering the key drivers of growth and the biggest challenges ahead.

Philippa Lamb is joined in the studio by Peter van Veen, ICAEW Director of Corporate Governance and Stewardship; and Sarah Ghaffari, ICAEW Director of Communities, Business and Practice.

Time codes

• 00:39 Inside the Post Office Inquiry
• 22:29 New mid-tier research

Links

• ICAEW event: Post Office treatment and abuse of Sub Post Masters: https://events.icaew.com/pd/31471/follow-up-post-office-treatment-and-abuse-of
• ICAEW: Evolution of mid-tier accountancy firms: https://www.icaew.com/technical/practice-resources/evolution-of-mid-tier-accountancy-firms 

Host

Philippa Lamb

Guests

• Peter van Veen, Director, Corporate Governance and Stewardship, ICAEW
• Sarah Ghaffari, Director, Communities, Business and Practice, ICAEW

Producer

Natalie Chisholm 

Episode first published: 22 July 2025

Podcast recorded: 15 July 2025