Practice & Industry

Audit / Global ethics board strengthens rules for accountants over inducements

The International Ethics Standards Board for Accountants (IESBA) has updated its global ethics code to strengthen rules to guard against accepting excessive inducements and hospitality, highlighting the importance of avoiding being put in a compromising situation 

Insight / Administrators grill Gaucho steak chain

Matthew Smith and Robert Harding, partners from Deloitte, have been appointed joint administrators of Gaucho Grill Ltd, Gioma (UK) Limited and Cau Restaurants Ltd, the operators of a chain of restaurants specialising in Argentinian steaks which has collapsed, putting over 1,200 jobs at risk

Insight / What is wrong with unpaid internships?

With graduates struggling to enter employment after completing their studies, internships and work experience placements are essential but is it wrong that so many businesses do not pay their interns? Gudrun Limbrick, lead consultant at Word Works, looks at how the Taylor Review and government are trying to change this

Insight / Deloitte creates Asia Pacific firm

Deloitte is to create a new entity, Deloitte Asia Pacific, bringing together its geographies in Australia, China, Japan, New Zealand and Southeast Asia, with the aim of increasing its services and presence in the region, which it says is the fastest-growing area of its network

Insight / BDO South Africa to merge with Grant Thornton

BDO South Africa has announced it is to merge with Grant Thornton Johannesburg, with the aim of creating the country’s leading mid-tier audit firm

Insight / Godfrey-Billy: artificial intelligence will set accountants free

With artificial intelligence (AI) and automation threatening to change the face of the accounting profession, Kirsty Godfrey-Billy, chief accounting officer at Xero, asks how technology will reduce repetitive tasks and improve controls

Tax / £20bn fund for NHS will raise taxes

The Office for Budget Responsibility (OBR) is warning that the Prime Minister’s recent pledge to increase spending on the NHS is likely to put significant pressure on public finances, placing public sector net debt on an ‘unsustainable upward trajectory’, unless the government introduces future tax rises or spending cuts

Insight / FTSE 350 senior level gender diversity flatlining

Corporate UK is missing out on a £13bn ‘gender dividend’ because companies are still failing to get enough women into top roles, with no real progress since 2016 and just 16% of FTSE 350 executive committees female, a proportion which has not changed in two years, according to research from diversity consultancy the Pipeline

Insight / Single financial guidance body CEO announced

The Department for Work and Pensions has appointed John Govett as the first chief executive officer of the new single financial guidance body (SFGB), which will bring together three existing money and pension advice services

Insight / Mazars teams with King’s College London to offer law degree

Mazars has announced a partnership with the Dickson Poon School of Law, King’s College London, to offer a specialised master of laws (LLM) in international tax law delivered through an advanced online learning environment

Insight / A third of accounting graduates have regrets about their degree

As student graduations take place around the country, over a third of accounting graduates report they have regrets about their degree, with more than half saying their current job is not even related to their chosen subject, according to research by online jobs specialist CV-Library

Insight / KPMG sells loan portfolio advisory business

KPMG has sold its portfolio solutions group business, which specialises in advising financial institutions in relation to non-performing and non-core banking assets worldwide, to Alantra, a global investment banking and asset management firm

Insight / Government plans to leave Single Market and Customs Union

Following Cabinet discussions at Chequers, the government has now issued a detailed policy paper setting out its commitment to leave the Single Market and Customs Union post Brexit, although it is looking for regulatory equivalence across a number of areas, including audit and accounting standards, and financial services

Audit / Artificial intelligence and machine learning in mid-tier firms - part 2

Rob Munro explores the challenge to mid-tier firms posed by artificial intelligence, machine learning and blockchain as theses smaller firms struggle to compete with the Big Four who have the financial backing to invest heavily in these developing technologies

Insight / Regulators challenge financial services boards on ‘operational resilience’

The Bank of England, Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) are consulting on a joint approach to improve the operational resilience of firms and financial market infrastructures (FMIs)