AUDIT & ACCOUNTING
FRC publishes latest review of corporate governance reporting
The Financial Reporting Council (FRC) has published its latest Annual Review of Corporate Governance Reporting which finds ongoing improvements in the quality of reporting against the UK Corporate Governance Code, but also identifies areas where many companies are still falling short.
FRC report looks at "materiality mindset" for better corporate reporting
The FRC has published a report looking at how companies can improve their corporate reporting by taking a more focused, strategic approach to assessing materiality.
ICAEW Audit Monitoring Report 2022/23 available
The ICAEW has published its Audit Monitoring Report 2022/23. This includes some early feedback on ISQM1 implementation and insights and guidance on where firms can improve the quality of their audit work based on the findings of our Quality Assurance reviews during 2022/23, especially in light of the challenges firms have faced attracting and retaining staff post pandemic.
Charity Commission Regulations: Charitable Incorporated Organisations (Constitutions 2023)
The Charity Commission has published updated regulations and guidance setting out what should be included in the governing document of a Charitable Incorporated organisation (CIO). The update reflects changes introduced by the Charities Act 2022. All new CIOs are expected to use the new model constitutions immediately.
ICAEW 2022/23 AML Supervision report available
The ICAEW has published its 2022/23 anti-money laundering supervision report. This sets out the most common anti-money laundering findings from the ICAEW’s reviews, access to relevant resources and information about how they are evolving their supervisory approach.
ICAEW guidance on role of the MLRO
The ICAEW has published a thematic review of the role of the MLRO that seeks to understand who the money laundering reporting officer (MLRO) is and how they fulfil their responsibilities. The review considers the challenges they face, training, suspicious activity reporting, compliance monitoring and emerging risks within their client base.
Economic Crime and Corporate Transparency Act 2023
New legislation has been passed that aims to deliver reforms on tackling economic crime and improve transparency over corporate entities. The Act includes a range of new measures that aim to address the ability to use apparently legitimate businesses to conduct criminal activity.
Scams warning for 12 million self assessment customers
HMRC has urged customers to be on the lookout for scam texts, emails and phone calls from fraudsters. To read more, please click here.
HMRC has published their tax debt strategy
HMRC’s tax debt strategy sets out how it will improve the management of tax debt from 2023/24 to minimise its volume and value of tax debt. To read more, please click here.
Help to see if work qualifies as Research and Development for tax purposes
HMRC has released new guidance on how to find out if work qualifies as Research and Development for tax purposes and how to avoid common mistakes. To read more, please click here.
UK leads international crackdown on crypto tax evaders
The UK has agreed an historic joint statement with 48 countries to help combat criminals using crypto-assets to evade and avoid billions in missing tax. To read more, please click here.