Upcoming courses
Our 2025 CPD programme is open for bookings on our website.
You can download our booking form and brochure here.
Date – Time – Course – Presenter
4th Mar – 9.30-12.30 – Charity Accounts and Audit The Fundamentals – Richard Hemmings
7th Mar – 9.30-12.30 – Charities Update – Peter Herbert & Maya Norbury
10th Mar – 9.30-12.30 – Audit Testing of Systems and Controls – Peter Herbert
14th Mar – 9.30-12.30 – Spring Tax Update – Malcolm Greenbaum
18th Mar – 1.00-2.00 – Effective Communication and Influencing Others – Nicky Clough
19th Mar – 9.30-12.30 – Payroll Update – Rebecca Benneyworth
25th Mar – 9.30-11.30 – Independent Examination of Charities – James Chalrton
25th Mar – 12.30-1.30 – IT Controls Under ISA 315 – James Charlton
Our AML, Ethics and GDPR E-Learning Programmes are available now. New versions will be available in February 2025.
“Excellent delivery, easily understood with some good points raised.” Delegate, Autumn series
FAQs from recent courses
Audit
Our audit file reviewer has challenged us on non-recognition of deferred tax assets in respect of a company with carried forward trading losses. Is this reasonable?
We take a fairly pragmatic approach to this issue. Deferred tax assets should definitely be recognised in this situation under FRS 102 (though not FRS 105) where they are clearly recoverable. Many companies and their auditors look for anticipated recoverability within 1-2 years based on future trading expectations. Beyond that timescale, we find that many auditors take a more prudent approach. We’re generally happy with that, as long as the audit file clearly spells out the rationale for non-recognition of the deferred tax asset. Some feel that not to recognise deferred assets in this situation suggests that there are question marks about the entity being a going concern. We simply don’t agree!
Ethics
If we have acted for a client for 10 years and they need an audit for the 1st time in year 11, is that long association?
Paragraph 3.5 of the FRC Ethical Standard states that ‘where applicable, once an engagement partner has held this role for a continuous period of ten years …’ consideration is given to the need for them to rotate them off the audit or for other relevant safeguards to be put in place, based on what an ‘objective, reasonable and informed third party’ would conclude. Although there is no specific rule about when the clock starts ticking on the 10 years, we believe that consideration should be give to the role of the engagement partner and their relationship with the client in the years leading up to the first year of audit in reaching that conclusion. With the FRC Ethical Standard, it’s the spirit as well as the letter of the law which is really important.
Interpersonal skills
Why do I always feel so frustrated with people who just don’t get to the point?!
Did you know that our brains process words five times faster than people generally speak? According to a Harvard Business Review most people speak at around 175-200 words per minute, but we can process between 600 and 1,000 words per minute! That gap often results in distractions, premature assumptions or waning interest, and, yes, frustration that the other person is taking too long to make their point.
The answer isn’t to get them to hurry up! Few people set out to bore or frustrate you. When people sense that the other person isn’t listening, some people end up saying more, over explaining as they attempt to regain your interest. Tuning in, improving your listening is the answer. When we take control of our distracted brain, concentrate and focus fully on the other person, we improve the relationship and interaction. This is likely to improve their concentration and their focus, meaning they are more likely to get to the point sooner!
Financial Reporting
What evidence is there of companies early adopting the FRS 102 periodic review in advance of the ‘official’ implementation date?
We don’t have evidence of lots of companies early adopting, though there are some.
We were recently made aware of a company that wanted to transition from p/c 1 January 2024 but decided to wait a year because the proprietary accounts production software wasn’t ready!! The reasons for early adoption in this case were twofold. First, lots of the companies operating in the sector were large IFRS-adopters and applying the revised FRS 102, especially in respect of lease accounting, put them on the same footing. Second, bringing operating leases on balance sheet would improve the entity’s EBITDA, which was deemed to be an important consideration in terms of raising finance.
In a recent poll
Have you seen your firm’s firm wide risk assessment?
Many feel that the firm level risk assessment is the responsibility of a firm’s MLRO and/or senior leadership team. It is – but we feel it’s a very insightful document for all. We would encourage team members to take a look at the firm wide risk assessment – and MLROs to share it internally. It was interesting that 42% of respondents ‘weren’t sure’ whether they’d seen the document, rather than being clear one way or the other!
