New direction for UK audit?
The Financial Reporting Council (FRC) will be superseded by a new authority as a result of a comprehensive Independent Review led by Sir John Kingman. What does this mean for UK auditors and accountancy firms?
The new body, in contrast to the FRC, will be able to make direct changed to accounts, rather than applying to court, and will directly regulate the big audit firms. A new board is intended to 'change the culture and rebuild respect of those it regulates', and will set out a strategic direction in the public interest by holding companies to account.
Secretary of State for Business, Energy and Industrial Strategy Greg Clark said: "This new body will build on our status as a great place to do business and will form an important part of strengthened public trust in businesses and the regulations that govern them. I am most grateful to Sir John Kingman for his work in this area.
"Taken together with the CMA’s market study and Sir Donald Brydon’s review of audit quality and effectiveness, they will enable us to deliver a major set of reforms on the regulation of company audit, accounting and reporting."
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Know a CA attending today's admission ceremony and want to congratulate them? Tweet congratulatory message using the tag #ICASclassof2019 between 9.30am and 1.30pm! You can also tell us about your experience of attending the ceremony and advice for future or current CA students by messaging us @ICAS_students or email firstname.lastname@example.org.
In today's blog, we help you prepare for the tricky world of office politics, and to spot false economies. For those who have just qualified and will be completing their training contract, we examine the benefits of big and small accountancy firms, as well as 21 email etiquette tips for professionalism. Finally, as TC classes are about to start in April, we look at how to make the transition from university-style learning to the first year of ICAS.
TC Level Controller, Joanne Lloyd-Jones introduces the TC level for new students and discusses how to navigate the course to your best advantage.
Using email might seem like the most straightforward of communications, but there are pitfalls - here are 21 tips to always be impressive on email.
Hackers and cybercriminals can take down servers, prevent business deals, increase costs, destroy data, or even sell it to the highest bidder. We have guidance on how to be a great gatekeeper of business data.
Many young people find themselves unprepared for office politics, according to a 2016 study by the Co-op. A surprisingly high 54% of those surveyed said that they were not prepared for, or as informed as they would like to be, about how to deal with office politics in the workplace.
Ever get the feeling you've been had? Always counting the last pennies in your pocket? You might have fallen into the trap of a false economy. We'll show you what to look out for and what to avoid!
The ICAS tutor team report on the different advantages of working in big versus smaller accountancy firms. Whether you are about to embark on CA training and trying to choose your training contract firm, need to switch firms during your contract due to exam failure, or are seeking your possibilities once qualified, this guidance outlines the benefits that can be gained from both size of firms.
Monday 11 March
- The rise of FOMO and night-time phone use
- Back to basics: Share matching
- Admission ceremony reminder
- Video: Ethics is at the heart of being a CA
- Back to basics: Director Responsibility
- Staying in touch with ICAS
11 March: Insights and advice from a One Young CA
This week is your last chance to enter the Top Young CAs 2019 or nominate a Young CA you admire. Even if you aren't eligible just yet, read this advice from 2018 One Young CA Michael Scott, who will be speaking at this year's Admission Ceremony.
How has your career evolved since being named One Young CA?
I have made the move from practice into industry and am now Group Financial Controller at DPS Group.
Although this progression was an inevitable career goal for me, the experience of entering One Young CA and Top 100 Young CAs 2018 instilled in me a greater level of confidence and self-belief. I was more willing to accept new and greater challenges, tackling them head-on with enthusiasm and conviction.
Why are you Proud to be a CA?
Primarily, it was just an incredibly difficult qualification to obtain. There is no question that the robust training, comprehensive coursework and the experience obtained in practice is a fantastic foundation for a very successful career.
The opportunity is there to progress into a diverse range of roles in business and organisations, but this was accompanied by stress, late nights, sheer determination and a lot of coffee.
Moreover, to be a part of the global CA community, which is well recognised and highly respected, is a privilege. I have encountered CAs who, within their respective organisations, charities and businesses are leading initiatives, driving equality and facilitating real change.
Do you have any advice for aspiring Young CAs?
I am delighted knowing that in addition to the high ethical standards, professional competence and technical ability expected from ICAS members, there is also a growing emphasis on social awareness, charitable causes and community spirit.
Use your highly respected and recognised qualification for good. By all means, go out, develop your career, be successful - but at the same time do something that makes a change, no matter how small. Give a little back.
Get in touch
In this week's blog, we ask you to think about your 'fear of missing out', go back to basics on share matching and director responsibility and share a video on CA ethics. We also have a reminder about what you need to do before the 2019 ICAS Admission Ceremony and how to keep your details up-to-date with us.
A Deloitte study showed that one-third of UK adults check their smartphone during the night, prompting questions over the extent of ‘FOMO’ amongst under 34s and the knock-on effects.
In the run-up to the end of the tax year, many individuals may be considering realising capital gains to make use of their 2018/19 annual allowance of £11,700. Here is an overview from the CA Principles of Taxation course.
We have started our countdown to the 2019 ICAS Admission Ceremony, held on 23 March in Edinburgh, and with less than two weeks to go it's time to checklist entry requirements!
'Ethics is at the heart of being a CA' (41 seconds), examines why ethical behaviour is intrinsic to chartered accountancy, and how to apply it. It includes a handy reminder on the ethical declaration you will make at the Admission Ceremony.
Business Law is relevant throughout the CA qualification as well as your post-qualification career. Use our mnemonic to get back to basics on director responsibility, as explained by Chris Cunnane, Lecturer.
4 March: Commercial awareness in action
Two giants of the UK retail scene have hit a roadblock in their plans to merge. However, is the Competition and Markets Authority (CMA) right to worry about a coupling of Sainsbury's and Asda?
Provisional findings of the CMA investigation into a potential merger between the supermarkets have raised significant concerns regarding the knock-on effect for consumers.
Stuart McIntosh, leader of the independent inquiry group, said: "These are two of the biggest supermarkets in the UK, with millions of people purchasing their products and services every day. We have provisionally found that, should the two merge, shoppers could face higher prices, reduced quality and choice, and a poorer overall shopping experience across the UK. We also have concerns that prices could rise at a large number of their petrol stations."
Addressing the issues raised at the start of the investigation last year, Sainsbury's CEO Mike Coupe asserted that the prices of popular food products would, in fact, drop by up to 10% should the merger go ahead and dismissed the idea of in-store job losses or closures.
Currently, there are numerous locations across the UK where the catchment areas of Sainsbury's and Asda already overlap and the impact of a tie-up would be keenly felt on both a national and local level. A successful deal would position the resultant company as the largest supermarket chain in the UK, overtaking market competitor Tesco and totalling an estimated £50bn in annual sales.
While the supermarkets now have the opportunity to present their own responses to this analysis, the wider sector seems largely sceptical of a convincing argument.
The sale of assets and stores to reduce the overall market share of a merged company has been suggested as the most obvious way to allay the CMA's concerns. However, these hypotheticals have led worker unions to seek reassurances for existing staff and supply chain providers point to the potential loss of business in what will be an already tense post-Brexit environment.
Case studies like this are great for improving your commercial awareness at TPE.
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In today's blog, we find out the quick way to remember accounting dates throughout the year, investigate why chocolate puns are helpful for TPE and TC students, and discover ways to learn in a large classroom. We have a chortle at the weirdest expense claims sent to HMRC, and hear about Calum A. McDonald's journey from student to ICAS lecturer. And ahead of International Women's Day on 8 March, we look back at everyday sexism in finance and the double standards.
Our class sizes vary throughout the country, but each individual is sure to have a preferred learning style and setting to make the most out of their time - here are our tips for taking on any learning environment, whether it's with ICAS or in-house company training.
Don’t let yourself down with dates - knowing the number of days in each month is essential for picking the correct accounting period.
All publicity is good publicity” – it’s a phrase that’s often used, but it doesn’t always hold true. Find out why chocolate puns and product recall are important to TC and TPE students.
Imagine being unable to apply for a loan or hire purchase agreement without finding a husband or gaining the signature of a male relative, first. Ahead of International Women's Day on 8 March, we look back to dubious practices of the last 50 years.
January saw the self-assessment deadline come to pass and HMRC, perhaps fearing the worst, decided to share some of the rather odd claims and excuses for missing the deadline.
25 February: Stay up to date with the latest accountancy news
What other accountancy-themed publications do you stay up to date with? We're taking a look at AccountingWeb this week, and the recent articles you may have missed but deserve a read.
Neil Warren's piece on VAT: Ten quirks of the flat rate scheme, looks at the 'pitfalls' of using flat rate scheme (FRS) for small businesses, including the fact that a business can withdraw from FRS at any time.
There's also a fascinating piece on Harry Potter actor, Rupert Grint, and how he landed in hot water after trying to change an accounting date to avoid a higher tax rate, and Damon Anderson on why making tax digital is an 'opportunity for firms and their clients'.
Meredith McCammond goes over the new loan charge which takes effect on 5 April 2019, and Philip Fisher gives advice on how businesses should be talking about Brexit with their clients to ensure they are adequately advised and the relationship is sustained.
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In today's blog, we find out how to make the most of your TPE Feedback sessions, and get back to basics on partial exemption for allocating residual input tax for a business. We have the key to effective case study answers and three ways to study and work at home, rounded off with an examination of the new deemed domicile provisions in tax and six tips for presenting financial data.
myCABLE days and flexible working policies can mean you get to stay at home to work. On paper it sounds great - no dress code, early commute or unfulfilling sandwich at lunchtime - but how do you stay focused outside of a class or office environment?
Whether you are just starting out in your training contract, or have a bit more experience, presenting financial data to others will be part of your role. Here's how to present data in a clear and concise manner for clients and employers.
Answering a case study can seem intimidating to many TPE students, especially under the pressures of an exam. Follow our four-step guide to producing a great case study answer.
Domicile is one of the determinants of an individual’s liability to UK tax. As of 6 April 2017, new provisions relating to ‘deemed domicile’ came into effect. This article looks at the concept of domicile, the new deemed domicile rules and how domicile can affect an individual’s tax liability.
TPE Level Controller, Catherine Devaney, helps you achieve value in the TPE feedback sessions.
Do you know how to allocate residual input tax for a business? We get back to basics on calculating partial exemption for TPS level.
18 February: Calling the next generation of CAs
The search for the ICAS Top 100 Young CAs 2019 is now underway. Could you be the next One Young CA?
Each year, we look to recognise the best and brightest young talent of the ICAS membership to raise their profile and promote their work to fellow CAs and beyond.
All CAs aged 35 or under are eligible for the competition, regardless of industry or location. We are also accepting entries from CA students who are due to be admitted to membership before 30 May 2019. You can nominate yourself or submit an entry on behalf of a Young CA you know.
This year's focus is on three pivotal categories: Technology, Trust and Talent.
We foresee the Young CAs having a positive impact in these areas as pacesetters for the future of ICAS and the profession as a whole. However, exceptional candidates operating outside these spheres of influence may be eligible for special recognition.
One Young CA 2018 Michael Scott said: "I am looking forward to hearing from Young CAs who are motivated and passionate about local and global causes and are working with purpose and determination to make a difference.
"Having had to be nudged on myself last year, I would encourage people to nominate someone that they believe would make a fantastic role model for Young CAs. Someone who is redefining the profession, proud to be a CA and using the designation to impact their communities and wider society.
"The competition is an opportunity for ICAS to showcase the variety of incredible talent the next generation of CAs has to offer."
Nominations are open until 15 March 2019 and winners will be announced in July 2019. A further judging process will then commence to select this year's One Young CA, who will be announced in September 2019.
Get in touch
In today's blog we look at the five steps for sitting mocks and advise on how to get the best out of myCABLE. Business law is tackled with a look at the notice period conundrum and we look at how auditing made it to the Oscars ahead of the event on Sunday. IFRS 16, Leases, is now applicable for all businesses - find out what the standard replaced and why, and learn about why a ship with beetles has lessons for TC BM, TPS Afin and TPE students.
Mock exams and progress tests are a key indicator of how well you understand and can communicate the material in your course. Ahead of the real exam, make sure you are using these opportunities to achieve your full potential.
Working with myCABLE is integral to your CA studies but could you be using its resources more effectively? Your tutors share their top tips for making the most of myCABLE.
A notice period conundrum cropped up for one of our students, so our Business Law tutor Amanda McKenzie is on hand with the answers.
If you thought you needed perfect memory skills to retain all that great chartered accountancy knowledge, just think of what goes into the voting process of the world's biggest awards show.
From 1 January 2019, the long-awaited accounting standard on leases, IFRS 16, became mandatory and therefore replaced IAS 17.
Why did 'stink beetles' from East Asia potentially cost thousands of jobs in the car industry in New Zealand? We can analyse this somewhat bizarre business situation from the perspectives of TC BM, TPS Afin and TPE.
11 February: New opportunities on the horizon
It's a fact of life that some of our talented trainee CAs will fail their exams at some point. However, there is a solution even if you reach the end of your current training contract.
If you have failed a recent TPS exam you are probably feeling quite despondent right now, but please remember that a number of students fail at least one exam and the vast majority still go on to become a CA.
One of the first things you need to do is speak to your firm about your results. Some firms have particular policies in place about when you should be resitting. Speak to your training principal as soon as possible to understand their expectations.
If you and your firm decide you cannot continue your training contract, but you wish to continue your studies, please get in touch with Allison McEleney (email@example.com) to discuss your options - there may be an opportunity to continue your training contract with a different firm in these circumstances.
In the meantime, we have a great article explaining what you need to know about TPS resits.
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In this week's blog, we start the countdown to the 2019 Admission Ceremony - there are five weeks to go, so find out what you need to arrange before you attend and enjoy the festivities (and the all-important admission to membership of course!). We also continue our back to basics on materiality with an examination of thresholds to be applied, and ask what makes a good business plan for TC finance and business management students. There's a fun spotlight on the numbers behind Valentine's Day, and we find out what constitutes a conflict of interest - a great ethical reflection. Finally, you have to absorb a lot of information as a CA Student and during your firm's training contract, so we address the best methodologies to tackle information overload.
We have started our countdown to the 2019 ICAS Admission Ceremony, held on 23 March in Edinburgh, and with just over a month to go it's time to checklist entry requirements!
A clash between personal priorities and public or professional duty is known as a 'conflict of interest' (COI) and can have serious ethical implications for CAs.
Are you comfortable with the basics of establishing materiality in audits? In the conclusion of our Materiality Back to Basics articles, we look at other thresholds used during the course of the audit engagement.
Business plans can be difficult to understand, especially for those unaccustomed to the format. We identify what makes a good business plan with reference to TC Finance and Business Management.
Do you have trouble remembering what you have studied after a long day of hitting the books? Is keeping track of your workload becoming overwhelming? You may be suffering from information overload.
Roses are red, violets are blue, the numbers add up for couples of two. With the season of love upon us, we round up 14 fun facts in numbers about Valentine's Day.
4 February: Conquering the biggest time drain at work
How much of your day do you spend reading, writing, sorting and deleting emails? The Harvard Business Review has figured out the biggest drains on time.
Full inboxes are the biggest email time-waster, according to research from Zarvana and the Harvard Business Review. A backlog of unread missives enables several email bad habits: reply procrastination, thread build-up, manual scrolling and re-reading old information.
However, even if you're always on top of marking things as 'read' and sorting your email away into organised folders, it's likely you're still spending way too much time on those tasks. Over-checking email is the next biggest time-waster at 21 minutes, followed by archiving messages into niche categories.
The latter practice, while useful to a certain extent, can make things hard to locate if taken too far and also eats up the time spent creating, naming and filling endless sub-folders. Manually moving your emails around can account for 11 minutes a day.
Finally, reading unimportant and irrelevant emails can chip away eight minutes from your busy schedule.
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This week, we take a look at the five things you need on your desk at work or home, what you can do to avoid bad habits as a future leader, and what to consider when saving for your first home. We also share some advice for those of you advancing from TC to TPS and go back to basics on audit risk for PAR.
Elizabeth Lyle, Partner and Managing Director of The Boston Consulting Group, explains why potential leaders need to change now.
First-time buyers are saving for longer to afford their deposit, and with rising prices, we offer advice on how to get started.
TPS Level Controller Lauren O’Brien answers your questions on how the TPS stage varies from TC, and how to make the most out of the level.
Can a few small changes to your desk improve your productivity? Browse our infographic for ideas to brighten up your workspace and keep your mind on track.
Have you got to grips with the Principles of Audit and Reporting (PAR)? Anna Cameron takes us back to basics on audit risks to make sure you’re on PAR for success!
ICAS tutors have put together a series of Back to Basics guides, infographics and support material on TPS subjects. They are a great place to start if your question practice has flagged up areas that you need a firmer grounding.