Beyond Finance

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

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