Beyond Finance

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

In this episode of the ICAEW Insights podcast, we discuss upcoming changes to company size thresholds and what they mean for reporting requirements. Plus, with capital gains tax in the headlines, we explore the rules and restrictions when it comes to selling residential property. 

Philippa Lamb is joined by Sally Baker, Head of Corporate Reporting Strategy, and Caroline Miskin, Senior Technical Manager in Digital Taxation. 

Links 

• ICAEW: By All Accounts: https://www.icaew.com/technical/corporate-reporting/corporate-reporting-resources/by-all-accounts 
• ICAEW: TAXline: https://www.icaew.com/technical/tax/tax-faculty/taxline  

Host 

Philippa Lamb 

Guests 

• Sally Baker, Head of Corporate Reporting Strategy, ICAEW 
• Caroline Miskin, Senior Technical Manager, Digital Taxation, ICAEW 

Producer 

Natalie Chisholm  

Episode first published: 10 May 2024
Podcast recorded: 1 May 2024 

In this special bonus episode of Insights In Focus, we meet new ICAEW CEO Alan Vallance to discuss the leadership lessons of his career. 

Alan is an ICAEW Chartered Accountant and joined the Institute as CEO in April 2024. His career has spanned various sectors and countries, as well as detailed experience in leading membership bodies RIBA and the Chartered Insurance Institute in recent years.

In this conversation with Philippa Lamb, Vallance shares how his career journey has shaped his approach to leadership – from qualifying as an ACA at Ernst & Whinney (now EY) to working in post-Soviet Hungary and his 15 years with Australia Post at a time of early digitalisation.

Links 

• How the profession can embrace change, according to ICAEW’s new CEO: https://www.icaew.com/insights/viewpoints-on-the-news/2024/apr-2024/how-the-profession-can-embrace-change-according-to-icaews-new-ceo

Host

Philippa Lamb

Guest

Alan Vallance, CEO, ICAEW

Producer

Natalie Chisholm

Episode first published: 3 May 2024
Podcast recorded: 25 April 2024

In this Insights In Focus episode, we discuss how accountants can build the skills needed to take on leadership and executive roles during their careers.  

In a recent report by the Financial Times, one anonymous headhunter was quoted as saying: “If America is run by lawyers, then the UK is run by accountants.” It’s backed up by the data, too: around one-third of today’s FTSE 100 CEOs have previously served as CFOs in their careers. But what makes finance professionals a good fit for the top spot? And what skills beyond financial prowess will help them make a success of it? 

To answer those questions, host Philippa Lamb is joined by Sarah Walker-Smith, CEO of legal and professional services group Ampa; Joe Dubbin, Managing Director of executive search firm Cripps Leadership Advisors; and Melanie Coeshott, career coach and mentor at Blue Diamond. 

Links 

• ICAEW Academy: https://www.icaew.com/learning-and-development/academy
• ICAEW: The Tax Track podcast: https://www.icaew.com/insights/podcast/the-tax-track
• ICAEW Student Insights podcast: https://www.icaew.com/insights/student-insights/podcast 

Host

Philippa Lamb

Guests

• Sarah Walker-Smith, CEO, Ampa
• Joe Dubbin, Managing Director, Cripps Leadership Advisors
• Melanie Coeshott, career coach, Blue Diamond

Producer

Natalie Chisholm

Episode first published: 17 April 2024
Podcast recorded: 12 April 2024

In this episode, we discuss why the arrival of the 2024/25 tax year is particularly busy for accountants, and the main changes to be aware of from 6 April. Plus, six months on from the passing of the Economic Crime and Corporate Transparency Act, we learn what progress has been made to enact its various provisions.

To shed light on those two topics, Philippa Lamb is joined by Stephen Relf, Technical Manager, Tax, and Sally Baker, Head of Corporate Reporting Strategy.

Links

• ICAEW: The Tax Track podcast: https://www.icaew.com/insights/podcast/the-tax-track
• ICAEW: Tax changes taking effect from April 2024: https://www.icaew.com/technical/tax/tax-faculty/taxline/articles/2024/tax-changes-taking-effect-from-april-2024 
• ICAEW: Economic crime hub: https://www.icaew.com/technical/trust-and-ethics/economic-crime 
• Economic Crime and Corporate Transparency Act 2023: the story so far: https://www.youtube.com/watch?v=UAZWpeLR_T0 

Host

Philippa Lamb

Guests

• Stephen Relf, Technical Manager, Tax, ICAEW
• Sally Baker, Head of Corporate Reporting Strategy, ICAEW

Producer

Natalie Chisholm 

Episode first published: 5 April 2024
Podcast recorded: 26 March 2024

In this Insights In Focus episode, we discuss how changes to the funding of British farms could affect the UK’s broader economic resilience.

As a result of Brexit, British farms will stop benefiting from the EU Common Agricultural Policy by the end of 2027. The policy paid subsidies largely regardless of land use. Now, farmers need to transition to new schemes established by the UK’s devolved administrations. These require farms to meet environmental requirements such as hedge management, rewilding and tree-planting, which critics say will have a negative impact on food production and reduce the UK’s resilience to market shocks.

To discuss the future of British farming, host Philippa Lamb is joined by David Missen, consultant at Larking Gowen, and Roseanne Bennett, partner at Greaves West & Ayre.

Links 

• ICAEW Farming & Rural Business Community: https://www.icaew.com/technical/farming-and-rural-business 

Host

Philippa Lamb

Guests

• David Missen, consultant, Larking Gowen
• Roseanne Bennett, partner, Greaves West & Ayre

Producer

Natalie Chisholm

Episode first published: 22 March 2024
Podcast recorded: 11 March 2024

In this Insights In Focus episode, we discuss the contents of the 2024 Spring Budget and their likely impacts on the UK economy.

The Spring Budget was delivered against the backdrop of recession and persistent inflation. While the Chancellor had better-than-expected headroom for delivering tax cuts, the UK economy and its public finances are still navigating a difficult road to recovery. And, with a general election taking place within the year, will anything announced on 6 March have an impact on public sentiment?

Host Philippa Lamb breaks down the Spring Budget with Iain Wright, ICAEW Managing Director, Reputation and Influence; Frances Haque, Chief Economist at Santander UK; and David Williamson, Political Editor of the Sunday Express.

Links 

• ICAEW: Spring Budget 2024: https://www.icaew.com/technical/economy/spring-budget-2024
• ICAEW Manifesto 2024: https://www.icaew.com/technical/economy/manifesto-2024
• ICAEW Business Confidence Monitor: https://www.icaew.com/technical/economy/business-confidence-monitor
• ICAEW Resilience and Renewal hub: https://www.icaew.com/technical/economy/resilience-and-renewal 

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: 8 March 2024
Podcast recorded: 7 March 2024

In this Insights In Focus episode, we catch up with ICAEW Chief Executive Michael Izza ahead of his stepping down from his role later this month.

Izza has been with ICAEW since 2002 and Chief Executive since 2006. In that time, he’s steered the Institute through the global financial crisis, the pandemic and the early stages of a global technological revolution.

Host Philippa Lamb discusses with Izza the fresh challenges and opportunities facing the profession, as well as what he will be taking away from his time at ICAEW.

Links 

• ICAEW Insights: https://www.icaew.com/insights
• ICAEW Manifesto 2024: https://www.icaew.com/technical/economy/manifesto-2024 
• ICAEW - Alan Vallance announced as new ICAEW Chief Executive: https://www.icaew.com/insights/viewpoints-on-the-news/2023/oct-2023/alan-vallance-announced-as-new-icaew-chief-executive 

Host

Philippa Lamb

Guest

Michael Izza, Chief Executive, ICAEW

Producer

Natalie Chisholm

Episode first published: 1 March 2024
Podcast recorded: 22 February 2024