Pat Sweet

Pat Sweet

Pat Sweet is online reporter at Accountancy Daily and contributor to the monthly Accountancy magazine, published by Croner-i, covering news stories as they happen each day. With a background in specialist business publications, Pat covers tax, audit and accounting, as well as management consultancy and IT, and is now focused primarily on developments in the accounting and finance markets. Contact Pat Sweet

Insight / Accountants prioritise wellbeing

As Covid-19 challenges add to daily stresses, accountants view mental wellbeing as more important and give it a higher priority than other professional groups, including lawyers and management consultants, according to a survey by wealth management firm Saunderson House

Insight / Covid drives FS sector home working

Half of the UK’s financial services workforce want to work from home after Covid-19, according to a report by KPMG and the Financial Services Skills Commission,  suggesting the  dramatic change in working patterns created by the pandemic is likely to lead to a new approach

Insight / Goldman Sachs fined record $2.9bn over business bribery

Goldman Sachs is to make a record payment of more than $2.9bn (£2.2bn) to regulatory authorities in the US, UK, and Singapore after the group and its Malaysian subsidiary admitted conspiring to pay over $1bn in bribes to obtain business

Tax / Coronavirus: essential updates for accountants, tax advisers and auditors - Part 2

To assist accountants, tax advisers and auditors in dealing with the coronavirus crisis, all our related covid-19 coverage will be available here as soon as new announcements are made, plus expert analysis

Insight / Covid job support package enhanced to match new restrictions

In the face of mounting concerns about the disparity in help available, Chancellor Rishi Sunak has announced changes to the government’s coronavirus job support scheme (JSS) to provide additional funding for businesses placed under tighter restrictions but not legally required to close

Accounting / Financial Services Bill introduced to Parliament

The government has introduced the Financial Services Bill as a first step in shaping a regulatory framework for the UK’s financial services sector outside of the EU

Insight / Regulator issues guidance on £170bn pension ‘superfunds’

The Pensions Regulator (TPR) has published new guidance for trustees and employers on transferring to defined benefit (DB) ‘superfunds’, as PwC research suggests up to one million pension scheme members and £170bn of assets could take this route over the next decade

Audit / FRC to beef up standard on fraud detection

The Financial Reporting Council (FRC) is to update the UK auditing standard covering the auditor’s responsibility relating to fraud, amid concerns that the 16-year old regulations are not sufficiently clear about what the requirements are

Tax / Icelandic music stars challenge tax laws

The Icelandic post-rock band Sigur Rós is calling for a review of the country’s tax laws, as its members prepare to face a second trial over charges of tax evasion, claiming there is a risk of ‘double jeopardy’

Insight / Deloitte to close four offices

Deloitte is the first of the Big Four to announce it is reducing the amount of office space occupied by the firm as a result of the impact coronavirus has had on working patterns, with plans to shut four of its offices

Accounting / FRC seeks corporate reporting improvements

The quality of corporate reporting from some the UK’s largest companies has not improved over the past year, and there remain concerns about the frequency of restatements relating to cashflow, according to the Financial Reporting Council’s (FRC’s) annual review

Tax / Call to improve administration of tax reliefs

Taxpayers are missing out on claims for tax reliefs because of the complexity of applying, and HMRC should enhance the functionality of digital tax accounts and streamline expenses claims to improve take up, according to a report from the Office of Tax Simplification (OTS)

Insight / Profit warnings soar as businesses struggle

After just nine months, the number of profit warnings issued by UK quoted companies has reached a new, annual high with more expected as the impact of Covid-19, Brexit and reduced government support take effect, according to EY

Insight / Wales, Ireland opt for tighter Covid-19 measures

Businesses and workers in Wales and Ireland are bracing themselves for tighter restrictions on activities as both administrations introduce lockdowns to halt the growing number of coronavirus infections and slow the progress of the pandemic

Tax / Business warned ‘time is running out’ over Brexit planning

With around 50 working days until the end of the Brexit transition period, at which point the UK will leave the EU customs union and single market, the government is to urge business leaders to accelerate preparations for an Australia-style exit