Practice & Industry

Insight / FRC’s Mike Suffield to join ACCA in summer

Mike Suffield is leaving his role as acting executive director of audit and actuarial regulation at the Financial Reporting Council (FRC) to join ACCA as its director of professional insights in August 2019, after it was announced last week that the FRC would be disbanded to make way for a new audit regulator

Tax / HMRC and BEIS extend post Brexit guidance for SMEs

The Department for Business, Energy and Industrial Strategy (BEIS) has published a leaflet for SMEs, outlining changes that may affect the business when the UK leaves the EU, with advice on actions to take and sources of support

Tax / Hong Kong leapfrogs UK for offshore company registrations

Hong Kong has toppled the UK as the top international financial centre (IFC) for global corporate services, while the trend towards moving business to onshore and mid-shore jurisdictions continues to increase, according to research by Vistra

Accounting / PwC probe finds £5.6bn of accounting errors at Steinhoff

A probe by PwC into accounting irregularities at South African retail giant Steinhoff International, which owns Poundland in the UK, has uncovered some €6.6bn (£5.6bn) of errors over an eight-year period

Insight / Risk proofing M&As for tax liabilities

Leon Steenkamp provides practical guidance on how tax insurance can be used to mitigate tax risks arising from group restructurings, and mergers and acquisitions

Insight / Interserve faces administration as rescue talks fail

Outsourcing giant Interserve is expected to go into administration after the company’s shareholders voted against a rescue plan

Insight / Number of UK millionaires drops 16%

The number of people in the UK earning more than £1m per year has dropped from 19,000 in 2015/16 to 16,000 in 2016/17, with the introduction of the EU bankers’ bonus cap playing a key role, according to UHY Hacker Young

Insight / FTSE 350 boards challenged over ‘one and done’ female diversity

The Investment Association (IA) and the Hampton-Alexander review have written to 69, or one in five, of the FTSE 350 companies, challenging them about the lack of gender diversity on their boards, with suggestions their approach is ‘tokenistic’

Insight / Lack of funding for cyber security for government online services

Despite the importance of the digital economy and the move to online services such as Making Tax Digital, the government does not have a sufficiently clear strategy for ensuring cyber security and may not have allocated sufficient funds to its five-year action programme, the National Audit Office (NAO) is warning

Insight / How can accounting firms improve their brand image?

The Big Four audit firms have strong identities and take brand seriously, but outside the top tier, accounting firms project a fairly autonomous image and do not differentiate themselves. David Shalam, creative director at Studio 2br provides five tips for building a brand that stands out

Audit / Financial Reporting Lab seeks views on future projects

Just a week after news that the Financial Reporting Council (FRC) is to be disbanded, its financial reporting lab is seeking views on the reporting topics that it should select for its projects over the next few years

Insight / FRC sets date for Women in Finance mentoring event

The Financial Reporting Council (FRC) will be holding a Women in Finance networking event focusing on sponsorship and mentoring to disucss ways to increase the representation of women at the senior level of accounting firms

Insight / Capita back in profit after first year of turnaround

Outsourcing giant Capita, which a year ago signalled it needed to reorganise its finances after issuing a profits warning and a £680m rights issue, has now announced a return to profit as it completed its first year of a major overhaul of its operations

Audit / EU agrees framework for whistleblower protection

The European Parliament and member states have reached a provisional agreement on a set of rules that will guarantee a high level of protection for whistleblowers who report breaches of EU law in a range of areas, including anti-money laundering, fraud and corporate taxation

Insight / Hentons extends national reach with London merger

Leeds based accountancy and advisory firm Hentons is merging with London specialist music industry practice C C Panayi & Co, whose clients include four times Brits winner Emeli Sandé, as part of its national expansion plans