Julia Penny

Julia Penny

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  • CMA review of audit market

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    All change for audit firms?

    On 9th October 2018, the Competition and Markets Authority (CMA) launched an investigation into the audit market with the issue of an invitation to comment. This was not unexpected, as there had been very public statements by parliamentary committees and ministers, that “something needed to be done” about the state of audit. This scrutiny and […]

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    Accounting and audit if there is no deal

    The government have issued their technical notice for accounting and audit if there is no deal. Key features are as follows: Audit In order to sign off an audit report for a UK audit firm, the auditor must possess a qualification recognised in the UK. The UK will provide unilateral recognition up until the end […]

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  • AIM companies and corporate governance codes

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    AIM companies and corporate governance codes

    In March of 2018 the AIM rules changed to require that companies specified, as part of their Rule 26 disclosure obligations, which corporate governance code they were choosing to follow along with some related information. The rule took effect from 30 March 2018 for new listings, but from 28 September 2018 for existing AIM companies. […]

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  • Brexit uncertainties

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    Brexit uncertainties and contingency planning

    Introduction Everyone knows that the UK is set to leave the EU on 29 March 2019. What we don’t yet know is the terms on which we shall do so. Will this be a hard Brexit, a soft Brexit or something in between? How will it affect cross border transactions, taxes, duties, grants and regulations? […]

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    Trust in audit – Kingman, Tyrie and Wate

    The Kingman review of the FRC, which is to have a detailed look at whether the regulator can achieve its aims (and indeed what these aims should be) with its current structure and powers, has launched a call for evidence, open until 6 August 2018. The call for evidence launches quickly into the concerns raised […]

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    Money Laundering: Criminal record (DBS) checks for BOOMs

    Many of you will recently have received a letter from ICAEW, or whoever your supervisory body is for money laundering purposes, regarding the need to carry out criminal record checks (called DBS or Disclosure and Barring Service checks) for all of the “BOOMs” in your firm. A BOOM is one of the following, with the […]

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  • Mercia Blog CCAB draft anti-money laundering

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    Treasury Approved CCAB Anti-Money Laundering Guidance Issued

    On the 7th March 2018 the CCAB issued the final HM Treasury approved version of the Anti-money guidance for the accountancy sector. Whilst there are a lot of changes due to a general tidying up, for example using the word country instead of jurisdiction, there are not many of more significance.

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  • Mercia Blog CCAB draft anti-money laundering

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    CCAB draft anti-money laundering guidance issued

    On 11 August 2017 the Consultative Committee of Accounting Bodies (CCAB) issued their draft guidance reflecting the changes to the Regulations in ‘The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the 2017 Regulations)’.

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  • Mercia Blog Audit Issues Loan Covenants

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    Professional scepticism and the auditor

    I don’t think it matters how many years you have been auditing you will surely always feel that the issue of scepticism (or skepticism as IFAC et al insist upon using) is ever present. The trouble is, it is often ever present in that theoretical world of what auditors are supposed to do and perhaps […]

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