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 […]
Changes to charity law, implemented by the Government on 27 November 2025 should mean fewer charities will be required to ask for the Charity Commission’s authority to make moral (‘ex gratia’) payments. Their Press Release includes: “From today charity trustees have new powers when considering if there is a moral rather than legal obligation […]
As auditors, we should be preparing the audited entities and ourselves for these changes (HAT have covered the changes in our Quarter 2 2025 technical update Quarterly Update for Accounting Firms: Key Trends & Changes and there’s an ICAEW helpsheet on implementing FRS 102 revenue recognition amendments for instance). Key points re the 5 step […]
Companies House have advised that they review their fees every year to make sure they’re set at the right level and reflect the cost of delivering their services. As a result, some of their fees are changing on 1 February 2026, with legislation set out in The Registrar of Companies (Fees) (Amendment) Regulations 2025 (S.I. […]
As part of our file reviews we normally raise question on how the audit team documented their understanding of the IT environment and IT controls. We have developed a Case Study: AM-TM-IM Ltd. – Electrical Goods Wholesaler to assist audit engagement team with this. The case study will be published in 2 articles. The first […]
The Financial Reporting Council (“FRC”) has issued two new factsheets to support entities applying FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and their Press Release includes: “These factsheets provide entities with additional clarity when applying specific elements of accounting standards. The new factsheets focus on the following areas: […]
HM Treasury has published draft Money Laundering and Terrorist Financing (Amendment and Miscellaneous Provision) Regulations 2025 (“the SI”) alongside a note detailing the policy intention of the SI. The consultation which runs until 30 September 2025 sets out the following as being the key proposed amendments which will impact accountants and auditors: Making customer […]
