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

In this bumper episode, we discuss the latest findings of ICAEW’s Business Confidence Monitor and why three-quarters of councils in England are at least a year behind in publishing audited accounts. Plus, we hear an update on the probate service and explore ICAEW’s recommendations for the new government’s business tax road map.

Philippa Lamb is joined by Iain Wright, Managing Director of Reputation and Influence; Alison Ring, Director of Public Sector and Taxation; Sophie Wales, Director of Regulatory Policy; and Richard Jones, Senior Technical Manager in Tax Policy.

Time codes

• 00:58 ICAEW Business Confidence Monitor
• 10:33 Local authority finances
• 17:21 Probate service
• 24:52 Business taxation

Links

• ICAEW Business Confidence Monitor: https://www.icaew.com/bcm
• ICAEW probate hub: https://www.icaew.com/probate
• ICAEW Tax Faculty: https://www.icaew.com/technical/tax/tax-faculty 
• ICAEW TAXline: https://www.icaew.com/taxline
• ICAEW Budget submissions: [email protected] 

Host

Philippa Lamb

Guests

• Iain Wright, Managing Director, Reputation and Influence, ICAEW
• Alison Ring, Director, Public Sector and Taxation, ICAEW
• Sophie Wales, Director, Regulatory Policy, ICAEW
• Richard Jones, Senior Technical Manager, Tax Policy, ICAEW

Producer

Natalie Chisholm 

Episode first published: 12 August 2024

In this episode of Behind the Numbers, we discuss gender inequality in investment.

Women continue to be underrepresented in venture capital, particularly at senior levels. The scales are even less balanced for female founders, who received just 2% of venture capital funding in recent years. As the new government puts productivity and growth at the top of its national agenda, how do we get things moving?

Philippa Lamb is joined by entrepreneur and chartered accountant Tanuvi Ethunandan; Helen Burnell, Partner at law firm Shoosmiths; and Suzi Gillespie, Head of Research at the British Private Equity & Venture Capital Association.

Links 

• ICAEW Women in Finance Community: https://www.icaew.com/groups-and-networks/communities/join-women-in-finance-community 

Host

Philippa Lamb

Guests

• Tanuvi Ethunandan, entrepreneur and product manager
• Helen Burnell, Partner, Shoosmiths
• Suzi Gillespie, Head of Research, British Private Equity & Venture Capital Association

Producer

Natalie Chisholm

Episode first published: 2 August 2024
Podcast recorded: 26 July 2024

One week on from the general election, this special episode of Accountancy Insights discusses the policies of the new UK government.

The Labour Party has taken power with a sweeping victory not seen since 1997. Now, it faces the same challenge that successive governments have struggled to tackle: kickstarting the UK economy. With little room for manoeuvre in the public finances, can anything move the dial when it comes to boosting growth?

Guest host Iain Wright is joined by Frances Haque, Chief Economist at Santander UK, and David Williamson, Political Editor at the Sunday Express.

Links

• ICAEW Manifesto 2024: https://www.icaew.com/technical/economy/manifesto-2024
• ICAEW Business Confidence Monitor: https://www.icaew.com/technical/economy/business-confidence-monitor 

Host

Iain Wright, Managing Director, Reputation and Influence, ICAEW

Guests

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

Producer

Natalie Chisholm 

Episode first published: 12 July 2024
Podcast recorded: 11 July 2024

In this episode of Behind the Numbers, we discuss strategies to prevent and tackle groupthink at board level.

By suppressing debate and disrupting effective decision-making, groupthink poses a significant governance challenge for firms. Notably, the recent scandal over fee transparency at wealth manager St James’s Place – which has set aside £426m for client refunds – has been blamed on groupthink in the boardroom.

Philippa Lamb examines ways forward with Baroness Helena Morrissey, financier and former Non-Executive Director at St James’s Place; Peter van Veen, Director of Corporate Governance and Stewardship at ICAEW; and Kevin Davidson, CEO of executive search and board advisory firm Norman Broadbent.

Links 

• Tackling groupthink – why stupid questions don’t exist: https://www.icaew.com/insights/viewpoints-on-the-news/2024/jun-2024/tackling-groupthink-why-stupid-questions-dont-exist 

Host

Philippa Lamb

Guests

• Baroness Helena Morrissey, financier
• Peter van Veen, Director, Corporate Governance and Stewardship, ICAEW
• Kevin Davidson, CEO, Norman Broadbent

Producer

Natalie Chisholm

Episode first published: 28 June 2024
Podcast recorded: 21 June 2024

In this episode, we discuss important developments in corporate reporting, including amendments to UK GAAP, new standards IFRS18 and IFRS19, and the timeline for implementing IFRS S1 and IFRS S2. We also discuss the evolving VAT treatment of private hire vehicles as a result of recent court cases and how the Treasury may seek to respond.

Philippa Lamb is joined by Sally Baker, Head of Corporate Reporting Strategy, and Ed Saltmarsh, Technical Manager, VAT and Customs.

Links

• Be part of ICAEW Corporate Reporting: https://www.icaew.com/joincrf 
• ICAEW: The road ahead for VAT and PHVs: https://www.icaew.com/technical/tax/tax-faculty/taxline/articles/2024/the-road-ahead-for-vat-and-phvs 

Host

Philippa Lamb

Guests

• Sally Baker, Head of Corporate Reporting Strategy, ICAEW
• Ed Saltmarsh, Technical Manager, VAT and Customs, ICAEW

Producer

Natalie Chisholm 

Episode first published: 5 June 2024
Podcast recorded: 3 June 2024

In this ICAEW Insights In Focus episode, we discuss the use of artificial intelligence in audit. 

Depending on who you talk to, generative AI is either going to revolutionise the way auditors work or replace certain roles in the sector entirely. The truth probably lies somewhere in between. So, how are auditors beginning to use AI? And how can practices sift marketing fact from fiction and navigate the risks introduced by using AI tools?

To answer those questions, Philippa Lamb is joined by Konrad Bukowski-Kruszyna, Audit Data Analytics Director at RSM UK; Fay Bordbar, Global Digital Skills Lead at Mazars; and Oliver Nelson-Smith, Tech Policy Manager at ICAEW

Links 

• ICAEW - Generative AI Guide: https://www.icaew.com/technical/technology/artificial-intelligence/generative-ai-guide
• ICAEW - Finance in a Digital World: https://www.icaew.com/technical/technology/finance-in-a-digital-world 

Host

Philippa Lamb

Guests

• Konrad Bukowski-Kruszyna, Audit Data Analytics Director, RSM UK
• Fay Bordbar, Global Digital Skills Lead, Mazars
• Oliver Nelson-Smith, Tech Policy Manager, ICAEW

Producer

Natalie Chisholm

Episode first published: 29 May 2024
Podcast recorded: 23 May 2024