Practice & Industry

Insight / Guidance updated as serious incidents in charities go unreported

The Charity Commission has issued clearer guidance on reporting serious incidents as charities are currently failing to report many instances as soon as they occur, with the regulator warning this can put charities at risk of further harm

Insight / Accountants invited to take part in national golf tournament

Accountants across the UK are being invited to do some number crunching of a different kind by taking up the challenge to play in a new golf tournament especially for the profession

Insight / Lord Chancellor rejects ICAEW’s bid to regulate reserved legal services

The Lord Chancellor, David Lidington, has rejected the ICAEW’s application to become an approved regulator and licensing authority for the six remaining reserved legal services, which came as a surprise as the accounting institute was backed by the Legal Services Board (LSB)

Insight / Apprenticeships: advice for accountancy firms

Accountancy firms should take advantage of apprentices as a cost-effective alternative to hiring entry-level staff. Rachel Taylor, employer engagement manager with apprenticeship provider Step Forward provides tips and advice for accountancy firms when taking on apprentices

Insight / Inside Biometrics given cash injection with sale out of administration

Medical devices company Inside Biometrics has been saved from closure following the appointment of Mercer & Hole’s corporate advisory partner, Chris Laughton, to handle the company administration when it ran out of cash and risked having to close

Audit / FRC not ‘too close’ to audit market, says PwC

There is no issue around the Financial Reporting Council’s (FRC) independence from the auditors and audit firms it regulates, according to senior PwC partners

Insight / Grant Thornton partner detained in Dubai

The Dubai authorities have stopped a Grant Thornton partner from leaving the United Arab Emirates after confiscating his passport when he landed in Dubai on a connecting flight in July

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 / 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. CCH Daily's Calum Fuller talks to senior partner Kevin Ellis

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 / 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

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