Audit reforms: IoD call for caution in plans to break Big Four dominance July 8, 2021 The government should approach its plans for an audit and corporate governance reform with greater caution, said the Institute of Directors (IoD). A government white paper aimed at breaking up the concentration of the Big Four auditing firms – Deloitte, PwC, KPMG and EY has stirred criticism from the business group, who said that the [...]
US lobby groups gear up to fight Biden corporate tax hikes July 6, 2021 US business lobbying groups are preparing to stop new corporate tax hikes in a spending bill linked to the bipartisan $1.2tr (£870bn) infrastructure deal. As reported by Reuters, the US Chamber of Commerce, the National Association of Manufacturers, the National Retail Federation and other wealthy lobby groups plan to sway a handful of Democrats against [...]
EY creates independent audit board ahead of operational separation July 5, 2021 EY has appointed two independent non-executive directors to its newly created UK Audit Board, ahead of plans to operationally separate its UK audit practice from its consultancy business. Last summer the accounting watchdog asked the Big Four firms to separate their audit units from the rest of their business by 2024. Auditors have come under increased regulatory [...]
UK services sector continues recovery amid mounting inflation fears July 5, 2021 The UK services sector continues to rebound from the pandemic, but fears about inflation are gathering pace, show new figures published today. The latest IHS Markit/CIPS UK Services PMI reached 62.4 in June, down slightly from 62.9 in May, but still the second-highest reading since October 2013. A reading above 50 indicates an expansion in [...]
Transforming private equity with data analytics July 5, 2021 Krekar Kawani CA, Founder of Touchstone Advisory, examines how private equity firms are leveraging game changing advancements in data analytics to their advantage. Data has been an integral part of human culture since the beginning of time. Humans going back as far as 40,000 years have been recorded using sequential markings by etching notches on [...]
Asda adopts permanent hybrid working for office staff July 2, 2021 Staff at Asda head offices will be able to choose where they work on a permanent basis even Covid restrictions are eased and working from home guidance is dropped. The change means around 4,000 staff, most of whom are based in Leeds, will be able to work more flexibly on a permanent basis. Asda said [...]
UK manufacturing growth slows in June July 1, 2021 Growth in the UK’s manufacturing industry slowed over the last month, according to a closely watched business survey published today. The IHS Markit/CIPS Purchasing Managers’ Index dropped to 63.9 in June, down from May’s record high of 65.6. A reading above 50 indicates growth in the industry. Read more: British savings jump during lockdown as [...]
Ren Baletti CA on why EDF will be powering the UK’s transformation towards zero-emissions July 1, 2021 The electric vehicle revolution is finally charging ahead. EDF’s Ren Baletti CA tells Ryan Herman why the utility giant will be powering the UK’s transformation towards a zero-emissions economy. This article first appeared in ICAS’ CA magazine. The car industry is often seen as a bellwether of our economy. In January 2021, figures from the [...]
To succeed in 2021’s complex world of trade, businesses need to go beyond the basics June 29, 2021 As businesses grapple with the effect of COVID-19 on global supply chains and issues of geopolitical instability, and with global sustainability and emerging technologies weighing on the minds of business decision makers, international trade is more complex than ever before. New research from EY shows that this fact is not lost on businesses, with the [...]
Consumer credit borrowing exceeds repayments for first time since August June 29, 2021 Households borrowed more in consumer credit than they repaid in May for the first time since August, according to Bank of England data published on Tuesday. Net consumer credit was £280m in May, reversing a trend seen throughout the majority of the pandemic as households reined in spending whilst the economy was shuttered. The positive [...]