AI is everyway 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 […]
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 Pensions Research Accountants Group (“PRAG”) has released the Statement of Recommended Practice, Financial Reports of Pension Schemes 2026 (the “2026 SORP”) and their Press Release includes: “The final 2026 SORP has been released onto the member section of the PRAG website / Member area / Publications and it is required to be adopted for […]
