May 2022 Newsletter
Our May 2022 Insights newsletter can be accessed here.
What Makes a Good Audit Manager
The role of audit manager can be a tricky one; managing the RI on one hand and the rest of the audit team on the other, not to mention the client! It requires a
Coaching moments
In this month's vlog, Nicky Clough discusses coaching, delegation and team development.
April 2022 Newsletter
Our April 2022 Insights newsletter can be accessed here.
UKRAINE – WHAT IT MEANS FOR ACCOUNTANTS
In this month's vlog, Peter Herbert discusses various accounting issues relating to the situation in Ukraine.
Change ahead for group auditors
For many accountants, dealing with group accounts can be a daunting experience – straining to remember all those adjustment workings from exam training and hoping there are no flaws in the consolidation spreadsheet. There
March 2022 Newsletter
Our March 2022 Insights newsletter can be accessed here.
Top Tips for Pension Scheme Audits
In this month's vlog, Peter Herbert gives his top tips for upcoming Pension Scheme audits, including controls, investment reports and ISA 500.
Delegation – the importance of setting clear expectations
How to delegate well is always a key topic on our management skills courses. It isn’t always easy to delegate, people may be reluctant. That reluctance usually comes from a desire to keep control,
February 2022 Newsletter
Our February 2022 Insights newsletter can be accessed here.
PEOPLE ISSUES AND TEAM DEVELOPMENT
In February's vlog, Nicky Clough discusses common team issues firms are currently facing, including staff retention and team dynamics.
Key considerations for charity accounts in 2022
The challenges of the last two years have varied greatly across different entities and sectors and the diverse nature of the charity sector means it has experienced the full spectrum – from those who
January 2022 Newsletter
Our January 2022 Insights newsletter can be accessed here.
KEY LESSONS FROM THE PATISSERIE HOLDINGS CASE
September 2021 saw the Financial Reporting Council (FRC) impose sanctions against Grant Thornton (GT) and Audit Engagement Partner David Newstead, in relation to their audit of Patisserie Holdings Plc for the financial years ended
AML – KEY FINDINGS FROM ICAEW
In January's vlog, Peter Herbert discusses the key findings of ICAEW’s latest AML report published in November of last year.
December 2021 Newsletter
Our December 2021 Insights newsletter can be accessed here.
ENVIRONMENTAL, SOCIAL & GOVERNANCE REPORTING
In December's vlog, Peter Herbert discusses environmental, social and governance reporting.
Good Communication – it’s all about balance
We’ve had a number of conversations with clients recently about dealing with conflict and difficult situations. As more of us have returned to the office it seems that issues that have been bubbling below
WHERE NEXT FOR UK GAAP?
It’s been quite a while since the FRS 102 (and FRS 105) ‘triennial amendments’ were implemented for periods commencing on or after 1 January 2019. The next revision isn’t far away though. Here are
SMALL COMPANY & SMALL GROUP LIMITS
In November's vlog, Peter Herbert discusses small company and small group limits and commonly asked questions.
October 2021 Newsletter
Our October 2021 Insights newsletter can be accessed here.
Commercial Awareness and Junior Staff
Commercial Awareness – why it’s so important for junior staff to develop early This is the time of year that firms are taking on new joiners. Last month we were involved in an induction
A Question of Ethics
In this month's vlog, Peter Herbert discusses the ever topical issue of Ethics.
September 2021 Newsletter
Our September 2021 Insights newsletter can be accessed here.
Difficult Conversations – How developing your Emotional Intelligence can help
Difficult conversations – we’ve all had them! Perhaps it’s giving feedback on poor performance to a junior colleague, a tough fee negotiation, delivering bad news to a client, saying no to your boss. How
HOT TOPIC – DEFERRED TAX
In this month's vlog, Peter Herbert discusses deferred tax and the impact of The Finance Act 2021.
July 2021 Newsletter
Our July 2021 Insights newsletter can be accessed here.
4 KEY ISSUES FOR 2021 ACADEMY AUDITS
This month, Peter Herbert discusses key issues for 2021 Academy Audits.
WHAT’S NEW IN PRACTICE ASSURANCE?
May 2021 saw the publication of ICAEW’s 2021 Practice Monitoring Report. The report can be downloaded here. Look out in the months to come for further ICAEW reports on Audit Monitoring and AML Monitoring.
June 2021 Newsletter
Our June 2021 Insights newsletter can be accessed here.
MORE QUESTIONS ON FRS 102 SECTION 1A
This month, Peter Herbert discusses common questions about disclosure requirements for FRS 102 Section 1A accounts, including S413 credits, advances and guarantees, related party transactions and accounting policies.
AML DUE DILIGENCE – MORE FAQS
We get lots of questions at Insight Training about anti money laundering – and lots about client due diligence procedures. With more and more firms moving towards electronic tools or platforms to help with
May 2021 Newsletter
Our May 2021 Insights newsletter can be accessed here.
Effective Feedback
‘Can I give you some feedback?’ How does that phrase make you feel? For many it’s a sinking feeling. ‘Oh no – it’s going to be bad news; I’m not going to like what
TRUSTEE & RELATED PARTY TRANSACTIONS IN CHARITY ACCOUNTS
This month, Peter Herbert discusses common questions about the disclosure of trustee related transactions and the need to make reports of matters of material significance to the Charity Commission.
April 2021 Newsletter
Our April 2021 Insights newsletter can be accessed here.
Furlough Fraud – All the Angles
This month, Peter Herbert discusses recent FAQs on furlough fraud. He covers anti-money laundering issues and reporting requirements, audit considerations and financial reporting issues.
New ways of working?
There’s a lot of reflection going on right now. We’ve reached the milestone of one year since the first lockdown. Lots of looking back but also looking forward. Most people are very much hoping
March 2021 Newsletter
Our March 2021 Insights newsletter can be accessed here.
Pension Scheme Accounts & Audit Hot Topics
This month, Peter Herbert discusses some pension scheme accounts and audit hot topics, including narrative disclosures, the impact of Covid-19, GMP equalisation and common audit failings.
All Change for S479A
We’ve had a flurry of queries at Insight Training in the last few weeks about section 479A of the Companies Act 2006 and how Brexit will affect it. Here, in a nutshell are the
February 2021 Newsletter
Our February 2021 Insights newsletter can be accessed here.
Handling conflict in your remote team
Most of us are incredibly busy with the day job right now. January is typically heads down in most practices whether its dealing with tax or year end accounts and this year there’s even
Provisions for Liabilities
This month, Peter Herbert discusses provisions for liabilities, including grant repayments and audit considerations.
January 2021 Newsletter
Our January 2021 Insights newsletter can be accessed here.
Audit Reports and Going Concern
Peter Herbert discusses the topical issues regarding Audit Reports and Going Concern in this month's vlog.
AML – NEW YEAR, NEW RESOLUTIONS!!!
As the New Year starts, anti-money laundering compliance will be anything but the number one priority for most practitioners – especially with everything else that’s going on! Nonetheless it’s an area that Professional Bodies
December 2020 Newsletter
Our December 2020 Insights newsletter can be accessed here.
Small Company Reporting FAQs
Peter Herbert discusses frequently asked questions on small company reporting.
GDPR – WHERE WE’RE UP AND WHERE WE’RE HEADING
The General Data Protection Regulation was introduced with much fanfare in May 2018 but seems to have drifted off the radar as an area of major concern for many firms. However Insight Training workshops
November 2020 Newsletter
Our November 2020 Insights newsletter can be accessed here.
Accounting for Government Support and Other Aid
Peter Herbert discusses frequently asked questions on accounting for government support and other aid.
THE 5TH EU MONEY LAUNDERING DIRECTIVE – 5 KEY TAKEAWAYS
The publication in early September of the CCAB’s draft publication ‘ Anti-Money Laundering and Terrorist Financing: Guidance for the Accountancy Sector’ has brought the 5th EU Anti-Money Laundering Directive back into focus. Remember the
October 2020 Newsletter
Our October 2020 Insights newsletter can be accessed here.
HELPING CLIENTS WITH BUSINESS PLANNING IN DIFFICULT TIMES
The big picture Businesses have faced an incredibly challenging six months and the future for some is precarious. Restrictions are changing on pretty much a weekly basis. For some the capacity to trade at
Accounting for Investment Properties
This month, Peter Herbert chats about accounting for and auditing investment properties.
September 2020 Newsletter
Our September 2020 Insights newsletter can be accessed here.
New Kids on the Block (or not!)
How to get new joiners off to the best possible start when working remotely. As Autumn approaches, many firms will be set to welcome their new joiners. Induction will vary from firm to firm
REMOTE AUDITING – A FILE REVIEWER’S PERSPECTIVE
Peter Herbert discusses the current issues faced by auditors carrying out remote audits.
BITE SIZE FINANCIAL REPORTING 5
Peter Herbert discusses the Covid-19 accounting issues for charities.
BITE SIZE FINANCIAL REPORTING 4
Peter Herbert discusses the accounting implications of government and other aid.
BITE SIZE FINANCIAL REPORTING 3
Peter Herbert discusses the legal and accounting issues of paying dividends - particularly topical in the current climate.
BITE SIZE FINANCIAL REPORTING 2
Peter Herbert discusses Going Concern in our second bite size Financial Reporting webinar.
BITE SIZE FINANCIAL REPORTING 1
Peter Herbert discusses some topical issues for Practitioners in a short update webinar.
Taking Stock – Auditing Stock Quantities for 31 March 2020 Year Ends
In the midst of the current unprecedented crisis, we’ve had a number of queries in recent days about stocktake attendance for 31 March 2020 year ends and the audit approach to adopt in the
AUDIT ETHICS – FIVE TO WATCH
AUDIT ETHICS – FIVE TO WATCH The FRC’s new Ethical Standard takes effect from 15 March 2020. Much has been said about the impact on larger firms that audit public interest entities (PIEs). Here
Money Laundering Mayhem
During the Autumn we’ve been delivering a number of Anti Money Laundering (AML) refresher and update sessions. Here are some of the key themes arising: Regulators are on the offensive Supervisory bodies like ICAEW
Charitable Incorporated Organisations – Questions Answered
Charitable Incorporated Organisations – Questions Answered Charity update courses that we’ve been running this Autumn have prompted lots of questions about Charitable Incorporated Organisations (CIOs). Here are the some of the more interesting ones.
FIVE THINGS ACADEMY AUDITORS MUST DO THIS AUTUMN!
As the new academic year begins, so does the Academy school audit season. Delegates have been brimming with excitement during recent Insight Training courses! Here are five things that you must remember to do
Important changes in pension accounting
Spring 2019 has seen a flurry of guidance about pension accounting. The changes are ‘niche’ and will not affect all organisations but will be impactful where they do apply. Here is a summary of
IFRS 15 JUDGEMENTAL AREAS IN THE FIVE STEP MODEL
Insight Training's Clare Jones discusses some IFRS 15 issues in one of our Adobe Connect update webinars.
RUNNING THE 21st CENTURY PRACTICE
Nicky Clough and Peter Herbert discuss some topical issues for Practitioners in our recent Adobe Connect update webinar.
Gift aid payments in charitable groups
Gift aid payments in charitable groups Accounting for gift aid payments in charitable groups truly is the gift that keeps on giving (!) and is a topic that we’ve covered in previous blogs, notably
Professional Scepticism – Easier Said than Done?!
A number of the auditing ‘scandals’ that have hit the press in recent months (in particular those concerning Carillion and BHS) have reopened the debate on whether auditors exhibit real professional scepticism. Although auditing
IFRS 16 DETERMINING AN APPROPRIATE DISCOUNT RATE
Clare Jones discusses some interest rate issues when implementing IFRS 16 in our recent Adobe Connect update webinar.
BANK AUDIT CONFIRMATIONS – A PERFECT STORM!!
On audit update courses that Insight Training have run during the Autumn, there has been much discussion about bank confirmations. The withdrawal of the FRC’s Practice Note 16 will lead to more flexibility of
IFRS 9 IMPLICATIONS OUTSIDE THE FINANCIAL SERVICES SECTOR
Insight Training's Peter Herbert discusses some IFRS 9 issues in our recent Adobe Connect update webinar.
A Question of Ethics
It’s been a tough period for the audit profession, with a number of the bigger firms hitting the headlines for all the wrong reasons. A recurring theme in a number of the cases has
THE THORNY ISSUE OF FRS 102 AND CHARITABLE GROUPS
Although FRS 102’s triennial review has been generally well received, one issue covered, that has been quite vexatious to some, has been that of payments made by subsidiaries to their charitable parents that qualify
INVESTMENT PROPERTY ACCOUNTING UNDER FRS 102
Nearly three years on from the introduction of FRS 102, accounting for investment properties is STILL a major bone of contention for accountants and auditors alike. Here are the most common questions that crop
Anti Money Laundering Due Diligence
Peter Herbert discusses Anti Money Laundering due diligence requirements in our recent Insight Training Adobe Connect update webinar.
GDPR – THE IMPLICATIONS FOR ACCOUNTING & AUDIT WORK
Peter Herbert discusses the GDPR implications for accounting and audit work in last month's Insight Training update webinar.
Getting to grips with the numbers – key questions on financial awareness
At Insight Training we spend a lot of our time helping finance professionals to get the numbers right. Why? So that the people who use those numbers can take useful and appropriate action –
Financial Instruments under FRS 102
Insight Training’s Peter Herbert discusses Financial Instruments under FRS 102 in our recent Adobe Connect webinar.
Topical Issues with FRS 105
Insight Training's Peter Herbert discusses topical issues with FRS 105 in our recent Adobe Connect webinar. https://www.youtube.com/watch?v=BqNCm5zvpIs&feature=youtu.be
GDPR – BIG RISKS FROM MOBILE DEVICES
The GDPR enforcement date is here and we’re all getting a deluge of emails asking if we still want to be contacted by organisations we’d forgotten we’d ever signed up to! On recent courses
CHARITIES SORP UPDATE BULLETIN TWO – WHAT’S IT ALL ABOUT?
Back in February, the Charities SORP Committee published draft SORP Update Bulletin Two, with a short consultation period ending on 4 April. The purpose of the Update Bulletin is to apply the Financial Reporting
GDPR – PRAGMATISM NEEDED ON DATA PRIVACY
My colleague Liz Hollingsworth’s blog on GDPR in October of last year advocated the need for accountants to adopt a practical approach to compliance. Since then we’ve have had lots of discussions with practitioners
Private company auditors – what can you learn from the Carillion debacle?
It’s been an insightful couple of weeks for me. I’ve had a very interesting three days delivering ICAEW's ‘False Assurance’ video for the North West society. This shows how quickly apparently successful corporates can
Anti-Money Laundering Due Diligence – What People Really Want to Know!
The big change brought in by the 2017 Money Laundering Regulations in respect of due diligence is the need for a ‘firm level’ risk assessment. However, we are getting lots of questions about the
New Rules for Charity Independent Examiners
The beginning of December 2017 sees the introduction of new England & Wales Charity Commission (CC) Directions on Independent Examinations (CC32). The new Directions can be downloaded from: https://www.gov.uk/government/publications/independent-examination-of-charity-accounts-examiners-cc32 Although not a radical rewrite
Charitable groups – the long and winding road to FRED 68
Financial Reporting Exposure Draft (FRED) 68, ‘Draft amendments to FRS 102 – Payments by subsidiaries to their charitable parents that qualify for gift aid’, was published by the Financial Reporting Council (FRC) in September 2017.
GDPR – a more practical approach!
GDPR – a more practical approach! There are lots of blogs and press releases about GDPR (The General Data Protection Regulation) at the moment. Here’s our take on how the new regulations, coming into
Money Laundering Regulations 2017 – New Risk Analysis Processes for Firms
As we enter the Autumn, we’re getting a much better picture of what the new Money Laundering Regulations will really mean for accountancy practices – and, although there are a number of significant changes,
More Questions about FRS 102 Section 1A Disclosures
In a blog in March, I discussed some of the disclosure issues that small companies face in respect of directors’ remuneration when applying FRS 102 Section 1A. Here are 10 more common questions about Section
Watch for Deferred Tax Traps with FRS 102
Many small companies applying FRS 102 for the first time this year, for accounting periods beginning in 2016, are struggling to get to grips with some of the very different rules that apply in
Filing Small Entity Accounts under new UK GAAP
With FRS 102 (or FRS 105) applying for the first time for small entities (companies and LLPs) from accounting periods beginning on or after 1 January 2016, the thirst for knowledge about new UK
All Change for LLP Accounts – Again!!
It’s been a busy few years for the CCAB, the organisation which publishes the LLP SORP. Having published an updated version of the SORP in 2014, to align with new UK GAAP (FRS 102),
Disclosure of Directors’ remuneration and dividends in small companies
The dust is now starting to settle on new UK GAAP for small companies in the form of FRS 102 section 1A and practitioners are starting to get into the detail of the disclosures
New UK GAAP – Making the Case for FRS 105
A very common question from practitioners on courses about new UK GAAP at the current time concerns the choice between FRS 105 (the new standard for micro entities) and FRS 102 Section 1A (for