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 […]
Since January 2025, the FRC have been running a campaign “to help small and medium-sized enterprises (SMEs) access audit services and reduce reporting burdens where possible”. One element of this campaign has been a focus on auditors of SME’s, due to sentiment in the market that the requirements of the auditing standards are too […]
The Financial Conduct Authority (“FCA”) has confirmed that Deferred Payment Credit (commonly known as “buy now, pay later” (“BNPL”)) will fall within their regulation with effect from 15 July 2026. They indicate that consumers will benefit from: Clear information: Consumers will get clear, upfront details about their agreement, including when payments will be […]
The Importance of Legally Binding Agreements for Long-Term Classification Introduction Over the past three months of conducting audit compliance reviews, we have identified a recurring and serious deficiency that continues to result in failed audit files and defective accounts. The issue is that Director(s) loans and intergroup loans incorrectly classified as long-term creditors (amounts falling […]
Authorised Corporate Service Providers (ACSPs) are individuals or organisations that undertake anti-money laundering (AML) supervised activity, such as: company formation agents accountants chartered secretaries and governance professionals In the near future (Companies House timetable being “Spring 2026”, accountants will need to register as an ACSP to be able to file at Companies House on […]
From 18 November 2025 all company directors and persons with significant control (PSC’s) need to verify their identity with Companies House. In our Quarter 2 2025 technical update we went through the process of how an individual can verify themselves with Companies House (via the app, website or in person through the Post Office) and […]
