Accountancy firms face margin squeeze as AI disrupts compliance services Prof Services Most UK accountancy firms admit margins on traditional compliance services are under pressure from automation, as professional services firms rethink strategies in the age of AI. According to a report shared exclusively with City AM by Ravical, while most British firms believe margins have increased over the last three years, the majority (63 per cent) [...]
Professional services firms facing ‘polycrisis of confidence’ Prof Services A major study of C-suite attitudes among professional services firms has revealed a complicated landscape of increasing AI use, growth fears, worries about cash flow and concerns over staff motivation. According to the Managing Partners Forum Winter 2025 Quarterly, shared exclusively with City AM, all firms surveyed have integrated Gen AI into their daily operations, but [...]
Bill Thomas’ successor: KPMG top job up for grabs amidst sector transformation Prof Services The Big Four giant KPMG’s election for the next global chair and CEO is currently underway, as big names across the firm vie to succeed Bill Thomas. Thomas has held the leadership position since October 2017, but his term is expected to conclude on 30 September. KPMG International is now launching a process to elect [...]
Labour scraps Audit Reform Bill to ‘avoid’ costs on firms January 20, 2026 The Audit Reform and Corporate Governance Bill, added into Labour’s first King Speech, is now being scrapped to “avoid significant new costs to firms”. The reform was first raised in 2018 following the collapse of Carillon, but has been on and off the table ever since. The Bill was shelved by the previous government in November 2023 [...]
AI-enhanced deception: The audit industry’s next big test January 19, 2026 The audit industry has been under the microscope over the past few years following a number of high-profile corporate collapses, prompting stricter measures to restore public trust. And with the rise of AI-driven fraud, auditors will be under more pressure than ever to adapt to an evolving risk environment. The Financial Reporting Council (FRC), the [...]
Accountancy body reverts to in-person exams over AI cheating fears December 29, 2025 The UK’s accounting body, which has almost 260,000 members, is planning to halt remote exams amid a surge of students cheating with AI. The Association of Chartered Certified Accountants (ACCA) has said that from March it will no longer allow students to take online exams, except in exceptional circumstances. Remote testing, like in many universities [...]
Accountancy body warns Finance Bill could criminalise honest mistakes December 19, 2025 A body has expressed serious concerns that measures in the upcoming Finance Bill could pose an “existential threat” to professional firms and cause significant harm to compliant taxpayers. The Institute of Chartered Accountants in England and Wales (ICAEW) pointed out several effects the Bill has on tax advisers, including introducing a criminal offence for promoting [...]