Page 7 - Iain Wright News Today

Russian businesses have been banned from using UK accountants and other professional services including management consulting and PR, in the latest raft of sanctions just announced by the UK government.

Sanctions on accountancy, consultancy and PR advice will not come into force for several weeks

In the light of international sanctions, ICAEW members are urged to look hard at any connections with Russia among their clients and perform careful due diligence.

Five leading companies have been formally removed from the Prompt Payment Code (PPC) after failing to honour their commitments.

The UK government’s Levelling Up whitepaper sets out an ambitious vision for the future, but is based largely on existing initiatives and funding.

As the consultation on a proposed international auditing standard for the audit of ‘less complex entities’ (ISA for LCE) draws to a close, it’s time to make the case for why it’s needed.

ICAEW’s Public Sector Conference on 10 December ended with a rallying call from Tony Juniper CBE, chair of Natural England, leading one participant to say, “I am very much inspired to inject some energy into a cross-function sustainability group in my department”.

As the government published its strategy to meet the UK’s commitment to become net zero by 2050, an HM Treasury report has highlighted the significant implications for public spending and tax revenues in meeting the costs.

ICAEW has welcomed the nearly £10bn foreign investment secured at the UK Global Investment Summit and called for an injection of best-in-class thinking about management and innovation.

Jon Thompson, chief executive of the FRC, told delegates at ICAEW’s Financial Reporting, Audit and Assurance Conference to expect some form of SOX in the UK and voiced support for market caps for FTSE350 audits.