Practice & Industry

Insight / KPMG's incoming chief Bill Michael plans to shake up leadership team

Bill Michael, who takes over from Simon Collins as KPMG’s chair from 1 October has shaken up the firm’s top team, bringing seven new members on to the executive committee, with tax, consulting and technology represented for the first time

Audit / KPMG hangs up on telco operator Lycamobile

KPMG has resigned as the auditor of Lycamobile UK Ltd, citing problems in obtaining ‘sufficient, appropriate audit evidence’ and concerns about whether there are adequate accounting records at the mobile network operator, which is involved in a £26m VAT dispute with HMRC

Insight / CIPFA signs up to deliver apprenticeships

CIPFA is to begin delivering accountancy and finance apprenticeships from autumn this year, after being accepted onto the Education and Skills Funding Agency’s (ESFA) register of apprenticeship training providers

Insight / Data breaches: preparing for EU General Data Protection Regulation

Changes to data protection laws will have wide-reaching impact on UK companies and subsidiaries, with tough penalties for non-compliance when the EU General Data Protection Regulation (GDPR) is introduced in 2018. Huw Beverley-Smith, a partner in the technology transactions group at Faegre Baker Daniels, considers the implications for accountants

Insight / 13% of accountancy firms have no website

The accounting sector’s presence on social media is lacking compared to other industries with only half of firms having a twitter profile and 13% admitting to not having a website, according to a report by Propero Partners

Audit / KPMG picks up Swiss energy audit at ABB

Swiss power transmission and automation technology specialist ABB is to appoint KPMG as its external auditor effective for the financial year 2018, ending a more than 16-year relationship with EY

Insight / Restructuring specialist Quantuma sees 21% turnover hike

Restructuring and insolvency practice Quantuma has reported turnover up by 21% in the year to 31 March 2017, and has announced an expansion of its regional offices

Insight / Half of accountants expect promotion within two years

Accountants are becoming increasingly ambitious and are craving quicker career progression routes as well as wanting more recognition for their work, with over two thirds aspiring to reach senior positions such as CEO and CFO, according to Hays’ What Workers Want report 

Insight / Accountancy students worry about work/life balance

Over a third of accountancy students are unhappy about their work-life balance according to a survey of wellbeing amongst ICAEW ACA students conducted by CABA, the sector charity, which found that many are worried about long hours and are concerned their health is suffering

Insight / MEPs reject incomplete anti money laundering blacklist for third time

The European Parliament has again rejected a proposed list of countries at risk of money laundering, financing terrorism or promoting tax evasion as being too narrow in scope, with MEPs calling for the EU to have an independent, autonomous process for judging whether countries pose a threat of financial criminality

Insight / Self-employed waste 19 million hours on finances

Sole traders and micro businesses are spending 19 million hours every month, equivalent to 2.5 million working days, managing their finances resulting in 50% lacking in confidence and a third stressing over the task, according to research from KashFlow

Insight / Milsted Langdon acquires Exeter firm

Milsted Langdon has acquired Exeter based firm, A D Holmes & Co to continue its expansion in the region, which has seen the firm appoint more than 20 people over the past year

Tax / Tax pushes UK to top of ex-pat league table of costs

The UK remains the most expensive destination among the top 40 financial-hub countries for expatriates from foreign companies, despite the fall in sterling, largely because of higher tax costs, according to analysis by ECA International 

Accounting / Warning on Scottish limited partnerships and PSC rules

Scottish limited partnerships may not be aware of extensions to the rules for the register of people with significant control (PSC), which come into effect from next month, warns Saffrey Champness 

Insight / Supreme Court ruling sees £5bn additional Lehman insolvency payout

Creditors of Lehman Brothers International Europe (LBIE) are in line for an additional £5bn payout after a Supreme Court ruling determining the arrangement for payment of statutory interest and the rate of exchange to be used on foreign currency conversions