Insight

Insight / FCA confirms Payment Services Directive implementation approach

The Financial Conduct Authority (FCA) has published its approach to implementing the revised Payment Services Directive (PSD2), which aims to make payments safer and more secure, affecting all institutes which provide payment-related services from 13 January 2018

Tax / Guidance on accounting officer assessments to scrutinise government projects

The Treasury has released guidance on the government’s commitment to publish a summary of the key points from an accounting officer assessment from April 2017, while providing advice on how accounting officers should assess a policy/project against four standards, including details on when to publish a summary

Insight / Ice cream director scooped for accounting records failure

Robert Scappaticci, the director of a Manchester-based ice cream company, has been disqualified for six-and-a-half years for failing to ensure that the company maintained or preserved adequate accounting records

Insight / PwC partner profits fall despite record revenues

PwC’s UK partners took approximately 8% less distributable in profits this year despite record revenues, the Big Four firm’s latest UK results reveal

Audit / KPMG South Africa’s CEO resigns amid Gupta scandal

Chief executive of KPMG’s South African arm, Trevor Hoole, has resigned with the firm’s chairman, chief operating officer and five senior partners also departing following an internal investigation into the work it carried out on behalf of the Gupta family and a report it produced for the South African Revenue Service

Insight / US tax authority grants filing extension to hurricane victims

The US Internal Revenue Service (IRS) has granted an automatic filing extension to businesses and individuals affected by Hurricane Harvey, extending tax filing and payment deadlines beginning 23 August 2017 to 31 January 2018

Tax / Anti-money laundering online service rejecting certain reference numbers

HMRC’s new anti-money laundering service, the Supervised Business Register, provides taxpayers with longer reference numbers which are not currently compatible with its search tool, meaning taxpayers must use the company name to verify if the business is registered under Money Laundering Regulations

Insight / Economic trends: removing currency risk post-Brexit

Carl Hasty, director of Smart Currency Business, provides a potted history of currency movements between sterling and the euro since the UK voted to withdraw from the EU, and examines the level of risk to the pound going forward

Insight / People in the news: KPMG, RSM, Kingston Smith

In this week’s moves and appointments roundup, KPMG appoints a head for its Manchester office, 288 trainees join RSM and Kingston Smith gains a senior corporate solicitor

Insight / Moore Stephens' revenue up by 15%

Revenue at Moore Stephens, the largest member of top ten accountancy network Moore Stephens UK, has increased by 15% in the last year to £121.4m in 2017, up from £105.5m in 2016

Tax / Edward Troup retires as HMRC executive chair

HMRC’s executive chair and first permanent secretary, Edward Troup, has announced plans to retire after working for the tax authority for five years, officially departing on 31 December 2017

Insight / Ex-PwC auditor faces £27,000 fine over insider trading

A former PwC auditor has paid $36,000 (£26,773) to settle charges from the US Securities and Exchange Commission (SEC) that he tipped his relative with inside information about a client on the verge of a merger

Insight / Investigation into charity over unauthorised payments

The Charity Commission has opened a statutory inquiry into Fadak Media Broadcasts, over concerns about possible unauthorised payments

Insight / Changes to way Insolvency Service calculates holiday pay payments

The Employment Appeal Tribunal has made a decision which affects how the Insolvency Service’s redundancy payments service (RPS) calculates holiday pay payments

Audit / NAO publishes cyber security risk guidance for audit committees

The National Audit Office (NAO) has published cyber security and information risk guidance for audit committees, after identifying a high incidence of access-control weaknesses and other issues in the course of preparing its reports
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