In this special episode of Accountancy Insights, we look ahead to the most significant events and trends anticipated in 2025.

Last year brought a new UK government and its controversial first Budget. With things now appearing more settled at home, the upcoming inauguration of President Trump in the US and the recent collapse of governments in Europe will bring new opportunities and challenges for the British economy.

For the third year, host Philippa Lamb is joined in forecasting by Iain Wright, ICAEW Managing Director of Reputation and Influence; Frances Haque, Chief Economist at Santander UK; and David Williamson, Political Editor of the Sunday Express.

Links 

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

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 2025
Podcast recorded: 17 December 2024

In this episode of Behind the Numbers, we discuss the progress of sustainability reporting.

Across the globe, sustainability reporting has become increasingly mandated for large organisations. Now, with the CSRD introduced in the European Union and the first two ISSB standards set to be endorsed by the UK, the challenge for accountants lies in ensuring that the quality of non-financial information matches that of financial information.

To discuss the key issues, Philippa Lamb is joined by Richard Spencer, ICAEW Director of Sustainability; David Wray, founder of ESG consultancy DWG and IESBA Ethics Board member; and Marie-Josée Privyk, ESG coach and adviser.

Links 

• ICAEW: Connecting sustainability and finance: https://www.icaew.com/technical/sustainability/resources-collection/connecting-sustainability-and-finance 
• ICAEW Sustainability Accelerator Programme: https://www.icaew.com/learning-and-development/icaew-sustainability-accelerator-programme

Host

Philippa Lamb

Guests

• Richard Spencer, Director, Sustainability, ICAEW
• Marie-Josée Privyk, ESG coach and adviser
• David Wray, Founder, DWG; IESBA Ethics Board member

Producer

Natalie Chisholm

Episode first published: 12 December 2024
Podcast recorded: 5 December 2024

In this episode, we speak to Ray McCann, fresh from delivering this year’s Hardman Lecture on Monday 25 November, about regulating the provision of tax advice. Plus, Sophie Wales, ICAEW Director of Regulatory Policy, explains upcoming changes to the ICAEW Code of Ethics around professional behaviour.

Time codes

• 00:55 Regulating tax advice
• 08:09 New professional behaviour wording

Links

• ICAEW: Hardman Lecture shines spotlight on ‘shadow’ tax advisers: https://www.icaew.com/insights/tax-news/2024/nov-2024/hardman-lecture-shines-spotlight-on-shadow-tax-advisers
• ICAEW: The new Code of Ethics: understanding professional behaviour: https://www.icaew.com/insights/viewpoints-on-the-news/2024/nov-2024/the-new-code-of-ethics-understanding-professional-behaviour 

Host

Philippa Lamb

Reporter

Mark Rowland

Guests

• Ray McCann, Consultant, Charter Tax
• Sophie Wales, Director of Regulatory Policy, ICAEW

Producer

Natalie Chisholm 

Episode first published: 2 December 2024
Podcast recorded: 25 November 2024

In this episode of Behind the Numbers, we discuss whether the filing of local authority audited accounts will ever get back on track.

Just 1% of local bodies published audited accounts on time for the 2022/23 [LE1] financial year. Now, the government has introduced backstop dates in the hopes of resetting the system, with the first arriving on 13 December. But will they anything change? And how should local authorities be managing the external audit process to ensure timely filing?

To answer those questions, host Philippa Lamb is joined by Alison Ring, ICAEW Director of Public Sector and Taxation; Cecilie Booth, Executive Director of Resources at Peterborough City Council; and Paul Dossett, Head of Public Sector, London and South East, at Grant Thornton UK.

Links 

• ICAEW Public Sector Conference: https://www.icaew.com/learning-and-development/events/public-sector-conference 
• ICAEW Local government finance: skills for the future: https://www.icaew.com/technical/public-sector/public-sector-financial-management/local-government-finance-skills-for-the-future 
• ICAEW Public Sector Community: https://www.icaew.com/groups-and-networks/communities/public-sector 
• ICAEW vision for local audit: https://www.icaew.com/technical/public-sector/public-sector-audit-and-assurance/uk-public-sector-audit/icaew-vision-for-local-audit

Host

Philippa Lamb

Guests

• Alison Ring, Director, Public Sector and Taxation, ICAEW
• Cecilie Booth, Executive Director of Resources, Peterborough City Council
• Paul Dossett, Head of Public Sector Assurance, London and South East, Grant Thornton UK

Producer

Natalie Chisholm

Episode first published: 21 November 2024
Podcast recorded: 14 November 2024

In this special episode of Accountancy Insights, we discuss whether the Autumn Budget will provide a much-needed shot in the arm for business confidence and investment activity.

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

Links

• ICAEW: Autumn Budget 2024: https://www.icaew.com/technical/economy/autumn-budget-2024 

Host

Philippa Lamb

Guests

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

Producer

Natalie Chisholm 

Episode first published: 1 November 2024
Podcast recorded: 31 October 2024

In this episode of Behind the Numbers, we discuss how the use of new technologies by criminals is putting businesses at risk.

A recent Europe-wide report found that 40% of chief internal auditors cited artificial intelligence as a top five business-critical risk. So, how can professionals protect themselves and their employers? And what can SMEs with tighter budgets do to combat this threat?

Host Philippa Lamb is joined by Ian Pay, Head of Data Analytics and Tech at ICAEW; Mark Turner, Chief Technology Officer at cyber security specialists Mitigo; and Paul Munson, EU Compliance Lead at workplace software provider Rippling and previously of the Financial Conduct Authority, Serious Fraud Office and HMRC.

Links 

• ICAEW artificial intelligence hub: https://www.icaew.com/technical/technology/artificial-intelligence
• ICAEW cyber security hub: https://www.icaew.com/technical/technology/cyber-security

Host

Philippa Lamb

Guests

• Ian Pay, Head of Data Analytics and Tech, ICAEW
• Mark Turner, Chief Technology Officer, Mitigo
• Paul Munson, EU Compliance Lead, Rippling

Producer

Natalie Chisholm

Episode first published: 18 October 2024
Podcast recorded: 11 October 2024

In this episode, we recap revisions to ISA 600 on group audit, and we discuss the likely contents of the AI Bill that is expected to be brought to Parliament before the end of the year.

Philippa Lamb is joined by Catherine Hardinge, Partner at Price Bailey; and Oliver Nelson-Smith, Tech Policy Manager at ICAEW.

Time codes

• 00:30 Group audit
• 06:18 AI Bill

Links

• ICAEW: Reminders on group audit: https://www.icaew.com/technical/audit-and-assurance/faculty-resources/audit-and-beyond/2024/articles/reminders-on-group-audit 
• ICAEW Artificial intelligence hub: https://www.icaew.com/technical/technology/artificial-intelligence 

Host

Philippa Lamb

Guests

•  Catherine Hardinge, Partner, Price Bailey
• Oliver Nelson-Smith, Tech Policy Manager, ICAEW

Producer

Natalie Chisholm 

Episode first published: 7 October 2024
Podcast recorded: 30 September 2024

In this episode of Behind the Numbers, we discuss the introduction of tourism taxes in the UK.

During 2024, such taxes have been introduced in Manchester, Poole, Bournemouth and Brighton. Now, Edinburgh City Council has put forward draft proposals for a visitor levy scheme, which would charge visitors 5% of their accommodation costs per night for up to a week. But how useful are tourism taxes in practice? And what do local people make of them?

To answer those questions, host Philippa Lamb is joined by Clare Beck, Chair of the ICAEW Scotland Board; internal auditor Jim Orr; Rhys Ap Gwilym, Senior Lecturer in Economics at Bangor University; and Suth Rathmell, Partner in Indirect Tax at MHA.

Links 

• ICAEW Scotland: https://www.icaew.com/groups-and-networks/local-groups-and-societies/scotland-ds
• The Conversation: ‘Why you should expect to pay more tourist taxes – even though the evidence for them is unclear’: https://theconversation.com/why-you-should-expect-to-pay-more-tourist-taxes-even-though-the-evidence-for-them-is-unclear-229134
• Welsh Government: ‘Comparative analysis of the tax systems faced by the visitor economies in selected countries’: https://www.gov.wales/comparative-analysis-tax-systems-faced-visitor-economies-selected-countries 

Host

Philippa Lamb

Guests

• Clare Beck, Chair, ICAEW Scotland Board
•  Jim Orr, Internal Auditor
• Rhys Ap Gwilym, Senior Lecturer, Economics, Bangor University
• Sue Rathmell, Partner, Indirect Tax, MHA

Producer

Natalie Chisholm

Episode first published: 25 September 2024
Podcast recorded: 17 September 2024

In this episode, we discuss the available guidance on, and the application of general principles to, the taxation of cryptoassets; as well as how auditors should be acting on their obligation to report suspicions of fraud to the regulator.

Philippa Lamb is joined by Richard Jones, Senior Technical Manager in Tax Policy at ICAEW; Dion Seymour, Crypto and Digital Assets Technical Director at Andersen; and Reuben Wales, Head of Financial Services at ICAEW.

Time codes

• 00:38 Taxing cryptoassets
• 10:52 Reporting suspicions of fraud

Links

• ICAEW TAXline: The basics of taxing cryptoassets: https://www.icaew.com/technical/tax/tax-faculty/taxline/articles/2024/the-basics-of-taxing-cryptoassets 
• ICAEW TAXguide 01/2024: Taxation of cryptoassets for individuals: https://www.icaew.com/technical/tax/tax-faculty/taxguides/2024/taxguide-01-24
• ICAEW TAXguide 02/2024: Taxation of cryptoassets for businesses: https://www.icaew.com/technical/tax/tax-faculty/taxguides/2024/taxguide-02-24
• Financial Reporting Council: ISA (UK) 240: https://www.frc.org.uk/library/standards-codes-policy/audit-assurance-and-ethics/auditing-standards/isa-uk-240/
• Financial Reporting Council: ISA (UK) 250 Section A: https://www.frc.org.uk/library/standards-codes-policy/audit-assurance-and-ethics/auditing-standards/isa-uk-250-section-a/
• Financial Reporting Council: ISA (UK) 250 Section B: https://www.frc.org.uk/library/standards-codes-policy/audit-assurance-and-ethics/auditing-standards/isa-uk-250-section-b/ 

Host

Philippa Lamb

Guests

• Richard Jones, Senior Technical Manager, Tax Policy, ICAEW
• Dion Seymour, Crypto and Digital Assets Technical Director, Andersen
• Reuben Wales, Head of Financial Services, ICAEW

Producer

Natalie Chisholm 

Episode first published: 9 September 2024
Podcast recorded: 2 September 2024

In this episode of Behind the Numbers, we discuss ways to improve recruitment and retention in accountancy.

While the pipeline of new joiners remains healthy, holding onto qualified staff is proving challenging. New research by ICAEW on mid-tier firms demonstrates just how significant the issue is – with 70% of participants identifying talent as their most significant challenge. So, what needs to happen for more professionals to view accountancy as a long-term career choice?

To explore the key issues, host Philippa Lamb is joined by Kat Hearn, Senior Technical Manager at ICAEW; Androulla Soteri, Chief People Officer at Dains Accountants; and Lola Abitogun, who qualified as a chartered accountant before establishing Alchemy HR.

Links 

• ICAEW: Evolution of mid-tier accountancy firms
  https://www.icaew.com/technical/practice-resources/evolution-of-mid-tier-accountancy-firms 

Host

Philippa Lamb

Guests

• Kat Hearn, Senior Technical Manager, ICAEW
• Androulla Soteri, Chief People Officer, Dains Accountants
• Lola Abitogun, Founder, Alchemy HR

Producer

Natalie Chisholm

Episode first published: 23 August 2024
Podcast recorded: 15 August 2024