We have already had a number of questions raised on our Technical Helpline about determining the lease term under the revised FRS102 Sept 2024 for leases that are on a “rolling basis” (sometimes referred to as “evergreen” or “perpetual” leases). For some leases, the contractual terms will be such that it is clear that it […]
Identity verification became a legal requirement on 18th November 2025 with a “transition year”, designed to let existing directors, LLP members and people with significant control verify at a sensible point in their own filing cycle. As of June 2026 figures released by Companies House less than half of the Directors, LLP members and PSC’s […]
AI is everywhere now whether you’re using it to draft emails, summarise technical guidance, analyse documents or generate ideas. However, AI should not simply (blindly) be believed as an authoritative source! Treat AI as a starting point for research, not the final answer. Incorrect AI outputs could lead to incorrect advice, client complaints and reputational […]
What’s the impact on your audit if the client is using AI? As AI adoption across the board increases more and more audit clients may start to use it in their accounting systems be it to form an estimate / valuation, draft a disclosure or process a transaction (whether this is an AI agent […]
The Department for Business, Innovation, Science and Trade has commenced a consultation setting out the government’s proposals to modernise the UK’s corporate reporting framework, with the objective of supporting economic growth and strengthening the UK’s international competitiveness. The consultation runs until midnight on 30 November 2026, with a response expected to be provided by the […]
During our cold file reviews, we come across a couple of scenarios that are more common than most practices would like to admit and one is worth sharing, because the reasoning behind the ‘wrong’ answer was genuinely good. It just was not answering the right question. The scenario A company had a material loan due […]
ICAEW’s Clients’ Money Regulations (and ACCA’s / ICAS’s) are “prescriptive and detailed” (aka not as simple as it may seem) and non-compliance can lead to disciplinary action and hefty fines. In fact the Institutes do find year on year (from their firm visits) that a significant proportion of firms that hold clients’ money do not […]
During a recent cold file review, one issue stood out and it’s something we continue to see across many firms, an Engagement Quality Review had been carried out by the Audit Manager rather than someone formally authorised by the firm with the appropriate authority and experience. It’s a good reminder to step back and revisit […]
HM Treasury has published guidance regarding digital identity verification, jointly with the Department for Science, Innovation and Technology and their Press Release includes: “It clarifies how digital verification services can be used for identity verification checks required under the Money Laundering Regulations (“MLRs”). In order to be used for these checks, digital verification services […]
