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.
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.
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
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
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
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
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
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 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.
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
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
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
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
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
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
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
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
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
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.
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,
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