Technology

Audit / Blockchain: game changer for audit?

Given its dubious black economy origins, initially there was widespread distrust of Blockchain among audit and accounting circles. But it could change audit radically if it is adopted by larger businesses and auditors are forced to review their technical capability, reports Calum Fuller

Insight / UK business fraud losses hit £125bn

Annual UK business losses from fraud and error hit a record £125bn as fraudsters increasingly take advantage of technology and corporate inaction

Insight / Banks signal move to Blockchain adoption by 2020

More than 80% of bankers anticipate the industry adoption of Blockchain by the end of the decade, as study from consultancy firm Infosys and its technology arm Infosys Finacle has found

Insight / FTSE 100 companies fail to recognise risk of cyber threats

Only 5% of FTSE 100 companies have a director with specialist technology or cyber security experience, despite the fact that 87% recognise cyber threats as a principal risk in their disclosure reporting, according to research by Deloitte

Tax / Government approach to cyber security ‘dysfunctional’

The government’s approach to handling public sector data breaches is ‘inconsistent and dysfunctional’ and it should do more to consolidate an ‘alphabet soup’ of agencies involved in the fight against cybercrime, according to a report from the public accounts committee (PAC)

Audit / FRC calls for effective use of data analytics in audit

UK audit firms are at the forefront of developing and using data analytic techniques which have the potential to improve audit quality, but need to adopt a more structured approach to deployment to ensure they are effective, according to a review carried out by the Financial Reporting Council (FRC)

Insight / £168m support for carbon capture storage ‘not value for money’

Attempts by the Department for Business, Energy and Industrial Strategy (BEIS) to start the adoption of carbon capture storage (CCS) have been unsuccessful, and the £168m spent on support for companies to adopt the technology has not been value for money, according to the National Audit Office (NAO)

Insight / CABA helps ICAEW members discover career adaptability

CABA has launched an online career adaptability tool for ICAEW members and their families, to show users how capable they are when adapting and managing change occurring in modern working life

Insight / Barclays launches mobile app lending service for SMEs

Barclays has launched a mobile business lending service to provide instant loans via a mobile app to businesses after research has revealed an economic opportunity to release £34bn of growth from SMEs by 2021

Insight / MPs want single regulator for cyber security in financial services

Andrew Tyrie, chair of the Treasury committee, is calling for more action to protect the financial services sector from cyber attacks, suggesting the current approach is ‘opaque’ involving too many different regulators and with insufficient use of critical intelligence information provided by GCHQ

Audit / GT partners with law firm to offer cyber security audits

Grant Thornton UK has teamed up with international law firm Lewis Silkin to launch a new data and cyber security audit service, which the firms say will help global organisations ensure they are compliant and minimise risks in the face of increasing data breach risk and regulation

Insight / Fault on Insolvency Service enquiry line

The Insolvency Service has put out a statement warning of a fault with its insolvency enquiry line which it is currently attempting to resolve

Insight / Charity Commission launches customer survey on digital strategy

A customer survey has been launched by the Charity Commission, the independent regulator of charities in England and Wales, to seek public views on its digital services 

Accounting / Pre-Bexit uncertainty: risk management and planning

Following the High Court’s ruling on triggering Article 50, beating economic uncertainty takes more robust planning and risk management explains Dee Houchen, senior director at Oracle

Insight / Business portal launched for international trade post-Brexit

The Big Four’s consultancy arms plus the five major banks are backing a service launched by the Department for International Trade (DIT) to support UK business to break into overseas markets in the wake of the UK’s planned exit from the EU
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