Practice & Industry

Insight / Call for watchdog to assess public spending plans

Failures in financial planning mean the government is being forced into poor and reactionary spending decisions, instead of getting ahead of problems before they become crises, spending over £10bn in five years just to keep troubled services going, according to research by CIPFA and the Institute for Government

Insight / Unpaid tax bills see HMRC pull the plug on computer reseller

Misco UK Ltd, a computer reseller business has gone into administration after HMRC applied for a winding-up order over unpaid taxes, with the loss of around 300 jobs

Insight / Tips and advice: preparing your accounting practice for sale

When accounting firms look to sell their business, it is essential to profile and prepare the business ready for a sale, from the critical financial data to softer information about management structure, client base and staffing splits, advises Keith Underwood, managing director of merger experts Foulger Underwood

Insight / UK organisations lagging on cyber security preparations

Despite some well publicised and damaging cyber security incidents recently, nearly one in five UK organisations do not prepare for cyber attacks and only half conduct penetration tests to examine their defences, according to research by PwC

Insight / Treasury Committee launches inquiry into women in finance

The Treasury Committee is to investigate women in finance, focusing on the Treasury’s women in finance charter and the progress made against it, in a bid to identify the barriers to women entering and progressing in the financial services industry

Insight / ACCA says more focus needed on ethics at work

Half of UK workers have encountered unethical situations at work and a similar proportion also do not think their employer is committed to ethical behaviour, according to a survey by ACCA calling for more focus on ethics released on 18 October, which is designated as global ethics day

Insight / FTSE 350 governance and reporting inconsistent

Although FTSE 350 compliance with the UK corporate governance code is at its highest level ever, investor engagement continues to decline, particularly for smaller companies, according to analysis by Grant Thornton

Accounting / FCA mines Rio Tinto for record £27m fine over disclosure failings

FTSE 100 mining giant Rio Tinto has been fined a record £27.4m by the Financial Conduct Authority (FCA) for breaching disclosure and transparency rules, and is also facing fraud charges brought by the Securities and Exchange Commission (SEC) in the US against both the company and its former CEO and CFO

Insight / Plans to lower turnover threshold for foreign takeover scrutiny to £1m

The government is to update the merger system to enable greater scrutiny of foreign investment with measures which it says are designed to better protect national security, and include substantially lowering the threshold for intervention

Accounting / BEIS consults on streamlining energy and carbon reporting

The Department for Business, Energy and Industrial Strategy (BEIS) is consulting on proposals for streamlined energy and carbon reporting within the Companies Act 2006 business reporting framework, in a bid to reduce administrative burdens, raise awareness of energy efficiency, reduce bills, and save carbon

Insight / Raising finance for business: tips and advice

Lots of businesses want to raise funds and often they will turn to their accountant for help in the first instance. Clive Hyman FCA of Hyman Capital Services provides a brief overview of the issues to consider from identifying finance sources, financial modelling and business valuations

Insight / Surrey firm TWP completes merger with local outfit Piper Thompson

Surrey firm TWP has announced the completion of a merger with fellow south east firm Piper Thompson Chartered Accountants

Insight / CFOs less fearful over Brexit although it remains top concern

Optimism among chief financial officers (CFOs) has recovered from its post-election low and is close to levels seen at the end of last year, with Brexit viewed as less of a concern although the focus remains on defensive strategies, according to research by Deloitte

Audit / FRC fines EY £1.8m over Tech Data audit misconduct

EY has been reprimanded and fined £1.8m, reduced from £2.75m, after admitting misconduct in relation to the audit of the financial statements of Tech Data Ltd (formerly known as Computer 2000 Distribution Ltd), for the financial year ended 31 January 2012, following an investigation by the Financial Reporting Council (FRC)

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