PQ magazine, August 2025

PQs SHUN CORPORATE WORLD

The accountancy profession needs to take notice: the next generation of accountants don’t want to climb the corporate jobs ladder – they want to build their own!

Intuit QuickBooks’s new research on the Changing Face of Accountancy reveals a striking shift in how young people see the profession, with 75% of accounting students saying they want to start their own accountancy-related business.

It highlights a growing movement of young professionals who are no longer viewing accountancy as just a stepping stone, but instead as a launchpad for entrepreneurship, innovation and strategic leadership.

The research echoes ACCA’s Global Talent Trends 2025 survey, which found 61% of UK Gen Z accountants have real entrepreneurial aspirations, double the number of the rest of the UK’s accountants (31%).

An AAT study also found record numbers of AATs rejecting traditional employment in favour of establishing their own practices.

The Intuit study said whether it’s founding their own firm, launching a virtual tax consultancy or offering strategic services to start-ups, young people – especially those aged 20-24 – are embracing accounting as a gateway to entrepreneurship.

This aspiration is strong among

female students, with almost three-quarters (73%) aiming to set up their own company. With 72% of international students indicating the same desire it’s clear that diversity of experience will pave the way for next-generation accountancy firms.

Leigh Thomas, Vice President EMEA at Intuit, said: “Now a critically in-demand occupation, the accounting professional of tomorrow is part entrepreneur, part strategist, part tech leader. The industry has, however, seen a drop in new trainees and job candidates recently, and the average age of accounting professionals has

increased to 45. We believe the future belongs to those who embrace the new, multifaceted role of the accountant, and the new crop of dynamic students who are ready to change the game.”

Mazars AAT apprentice graduate, social media influencer and founder of Hardy Accounting, Grace Hardy (pictured), explained: “Accountancy gets labelled as male, pale and stale – but for people my age that’s not the vibe at all. What attracted me to the profession is the emerging tech being used.”

Despite its appeal, the path into accounting is not equal for all, said Intuit. The study found that 27%

of young people cite balancing study with other responsibilities as a barrier, and more than one in four said the cost of professional qualifications is too high (26%).

Nearly one in five (18%) highlighted a lack of access to mentors and work experience as the biggest challenges they face, with 29% of college and sixth form students studying accounting, citing this as a specific challenge.

There is also a deeper need for representation of a wider range of ethnicities, educational backgrounds and age groups, with uplifting neurodiverse voices also a priority. Some 16% of respondents point to a lack of diversity in the profession, and selfdoubt – especially among career changers – continues to quietly hold people back. This number increases to 20% when answered by international students, who represent 20% of the sample.

Accountancy and Finance Senior Lecturer and YouTuber, James Wright, said: “As the accounting sector grows increasingly appealing to both students and career-changers, it’s time for the profession to acknowledge and address the barriers to entry. Embracing diversity of thought and experience is key to driving innovation and effective problemsolving crucial elements for the industry to truly thrive.”

GRADUATES BEING REPLACED BY AI

The Big 4 accountancy firms are cutting jobs and scaling back their graduate recruitment programmes as they turn to artificial intelligence (AI) to do entry-level work, according to Louis Goss, writing in the Daily Telegraph.

Goss said hundreds of roles have been cut over the past two years as the Big 4 seek to maintain the £1m partner pay-outs in the face of the downturn in the consultancy market.

The cuts mean hundreds fewer school leavers and university graduates joining the likes of KPMG, Deloitte’s, PwC and EY compared with 2023, as AI takes up many more tasks.

He explained that KPMG has made “some of the sharpest cuts so far”. Its recruitment scheme has been slashed by 29%, from 1,399 in 2023 to just 942 last year. Around 1,000 graduates and school leavers are expected to join the firm this year.

Deloitte has made an 18% cut in joiners, from 1,700 in 2023 to 1,400 in 2024. Graduate recruitment will be flat this year.

EY has cut its numbers by 11%, from 1,800 in 2023 to 1,600 in 2024; PwC cut entry-level recruitment from 1,600 to 1,500, a 6% drop.

Goss revealed the jobs board Indeed shows UK accountancy firms posted 44% fewer adverts for grad job this year, when compared

with 2023.

The rise and rise of AI has coincided with an overall reduction of headcounts at the Big 4 firms. Both KPMG and PwC have reduced their total headcount in the UK the most – by 4% this year. And this follows sharp cuts in 2024.

Patrick Morgan’s James O’Dowd told the Daily Telegraph: “The Big 4 are looking at AI very seriously as they consider ways to use AI tools to replicate the work of juniors in a most cost-effective manner.”

Source Global Research’s CEO, Fiona Czerniawska, claimed: “AI is expected to substantially reduce the number of junior people in consulting firms.”

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IN THIS ISSUE

A note from the Editor

You would think after all the new syllabus launch madness last month things would quieten down. Well, nothing could be further from the truth. No sooner had we put the magazine to bed when we heard graduate roles at the Big 4 were being replaced by AI. The Big 4 were also fined $8.5m in the Netherlands when staff were caught cheating in internal exams (well, it three out of the four, as KPMG had already been fined a record $25m for the same offence in 2024). We asked the Dutch regulator what will happen to these hundreds of staff, which included partners, and the answer came back – nothing!

We also have the ACCA exam pass rates for June. There seems to be real progress being made in the pass rate of the option papers. For the first time ever all four had pass rates of 40% and above. Hopefully this means ACCA’s investment in the Practice Platform, Study Hub and My Exam Performance are finally paying off. We certainly hope so.

We have jumped onboard the great M&S strawberries and cream sandwich VAT debate, and try to explain when a poppadom is not a potato crisp – again for tax purposes!

Finally, we have lots on Professor Atul K. Shah’s new book, Organic Finance. Here is someone who is really trying to change how finance is taught so we can see the world differently – not as something to exploit, but something to cherish.

Happy reading!

Graham Hambly, Editor and Publisher, PQ magazine

6 PwC job cuts

4 Latest ACCA pass rates have landed

Have you seen the option pass rates? Something good might be happening at last to them!

5 New ACCA qualification

Why it pays to get ACCA qualified as soon as possible –and we are talking hard cash here

Big 4 firm is to make a tranche of junior auditors redundant as it continues to slash jobs

8 Big 4 cheats

Three Big 4 firms in the Netherlands have been fined a combined $8.5m 9 Ethics

Accountants must be caring, accountable and responsible if they want to save the planet

New ICAEW survey

Mid-tier firms wary of private equity investment, new survey finds

Tech news

FRC publishes guidance on using AI during the audit process

etc 14 Have your say

ACCA’s updated syllabus hits the spot; a pat on the back for AAT; and a big thank you to PQ for being there. Plus our social media round-up

17 The environment

How Donald Trump’s stance on ESG has impacted the United States’ growth

18 Wellbeing

How a sense of community can offer vital support to employees suffering from burnout

19 Viewpoint

Accountants need to engage with the real world before it’s too late, warns Professor Atul K. Shah in his latest book

20 Puzzle time

SBL studiers! It’s time to test yourself with our unique Strategic Business Leader crossword.

21 ACCA spotlight ACCA offers some key resources to help you achieve your qualification dreams – so are you using them?

23 VAT HMRC may want a bite of the strawberries and cream M&S sandwich…

24 International standards

All you need to know about IFRS 18 if you are preparing for the FR exam from September 2025 onwards

26 CIPFA spotlight

How you can grow, adapt and lead with purpose in order to achieve your career goals

August 2025

27 CIPFA Student Network

CSN President Susanna Farrell outlines her vision for 2025-26

28 Study advice

Karen Groves explains some of the methods and strategies you can adopt to help you best to approach your studies

29 CASSL spotlight

New leadership team bonds over a burger on Bournemouth beach

32 Money laundering

How a fraudster could get around your ID checks – and why you wouldn’t notice

35 Careers

Why getting to know AI will boost your pay packet; more wise words from our careers Agony Aunt; and we review an absolute belter for our Book Club

36 Fun

The lighter side of life – and accountancy

The columnists

Lisa Nelson Active learning improves you chances of success 4 Sunil Bhandari It’s horses for courses, so choose your tutor carefully 6

Prem Sikka Corporate giants get the cash, the little people get the blame 8

Anna Kate Phelan When it comes to AI you have to be proactive 10

Hannah MacDonald What I hope to achieve on ICAEW Council12

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LISA NELSON

Why active learning pays dividends

As you progress through your professional qualification, mastering increasingly complex and interlinked concepts becomes paramount. A highly effective approach to achieving mastery is through active learning.

Active learning goes beyond passive engagement, such as reading textbooks. It involves directly interacting with your study resources using critical thinking, problem-solving and application.

The benefits of incorporating active learning into your study routine are significant. First, it substantially enhances your knowledge retention and recall, which is crucial for exam success. When you actively process information you build deeper connections and solidify your understanding, moving beyond superficial memorisation. Second, it fosters the development of essential analytical and problem-solving skills. These skills become increasingly important as you progress towards the higher levels of your qualification.

Consider the following strategies:

• Prioritise question practice: Don’t just review solutions. Endeavour to complete every practice question independently. This forces the application of knowledge and helps you to identify areas that require further attention.

• Explain concepts to others: Articulating a concept to a peer or even verbalising it reinforces your understanding. The ability to teach a topic is a strong indicator of comprehensive mastery. Find a study buddy!

• Develop personal summaries and mind maps: Reorganising information in your own structure, perhaps through concise summaries or visual mind maps, facilitates deeper processing and strengthens conceptual links compared with passively re-reading existing materials.

Option pass rates come good!

For the first time ever every ACCA option paper at the latest sitting had a pass rate of 40% and above. The stats show the pass rates for the optional paper have been slowly improving for the past four to five sittings.

APM this time around was 40%, and you only have to go back to March 2024 to see a pass rate of just 33%. In fact, APM has never had such a high pass rate; well, not since June 2010. The same is true of AAA. The 40% pass rate this

A Rising Star: Marcos Lima, who works for Banco BV, recently walked off with the Rising Star prize at the Finance for the Future awards. The awards aim to recognise those who are embedding sustainability into their businesses and markets. The judges said: “Marcos demonstrates what happens when education and opportunity come together with a passion for sustainability. Developing proof of concept funding models that tie together the needs of Chief Financial Officers and Chief Sustainability Officers into platforms that are scalable was a particular strength of this rising star’s work.”

June matched the June 2015 high. PM, at 43%, again had the lowest pass rate of the Applied Skills papers this sitting. That said, the June pass rate is the highest since March 2024, when it reached the giddy heights of 45%. June 2010

was the last time PM had a pass rate above 50%.

The AA pass rate seems stuck on either 47% or 44%. This time it was 44%, the same as the March, June and December 2024 pass rates. It was 47% in September 2024 and March 2025.

ACCA JUNE 2025 PAPER PASS

RATES: BT 88%; FA 68%; MA 64%: LW 81%; TX 54%; FR 50%; PM 43%; FM 48%; AA 44%; SBL 51%; SBR 49%; AAA 40%; AFM 46%; APM 40%; ATX 49%

New President for CIMA

CIMA must look ahead to shape the future of the profession, anticipating the skills, knowledge and opportunities that will define the next generation, according to incoming President John Graham. Graham (pictured) becomes CIMA’s 92nd President, and has spent a large part of his career in the NHS, holding both CFO and director of finance roles for the past 16 years. He is currently CFO

646 job applications before getting one Caitlin Morgan left Swansea University with an economics and finance degree, but it took her 18 months and over 600 job applications to finally land her dream job in accountancy.

She explained what frustrated her the most was not getting any feedback for all those applications. She told BBC News: “I put so much effort into my application and so much time that when I didn’t hear back from

them I just wondered what made my application not worthy of feedback.”

The good news is she starts a job as a trainee accountant in London in September. Check out more on the BBC website

IASB reviews IFRS 16 Leases

The International Accounting Standards Board (IASB) is undertaking a post-implementation review of IFRS 16 Leases.

IFRS 16 is designed to improve information that companies provide about their lease arrangements to investors and other users of financial statements. The standard was issued in January 2016 and came into effect in January 2019.

The review will evaluate whether IFRS 16 is broadly working as intended for investors, companies, auditors and regulators.

Post-implementation reviews are a vital part of the IASB’s due

of Tameside and Glossop IC NHS FT and Stockport NHS Foundation Trust, and Deputy Chief Executive of Stockport NHS Foundation Trust. He is the first sitting CIMA President to concurrently hold a full-time executive position within the NHS during his term.

Graham lives with his wife and three children in Liverpool. He enjoys travelling (which is just as well, as CIMA is a truly global body) and is a keen sports fan – yes, the red side of the city.

process. The IASB conducts a review a few years after a standard has been implemented to assess its real-world effects.

Filing P&L to become mandatory

Sweeping new Company House regulations will mean all UK small businesses will have to use commercial software to file their accounts, but perhaps more worryingly disclose sensitive financial data in the form of their profit and loss account.

Lisa Nelson is Director of Learning at Kaplan

Get qualified now!

One of the big changes in the ACCA ‘redefined’ syllabus being introduced in 2027 is the reduction in the number of optional papers students will need to pass.

Instead of the current two, under the new rules students would only have to pass one optional paper.

It appears some students who have passed one of the optional papers under the current system seem to be seriously thinking of taking a two-year holiday, because they simply become exam qualified when the new syllabus rules come in. However, this is a minority view. One student ventured: “I have one

Darlington boy does good

Meet Rory Murphy (pictured), an apprentice accountant at the Bannatyne Group, who has achieved a top 10 global ranking in a recent CIMA case study exam. Murphy joined the company in 2019, and is currently undertaking his apprenticeship at the company’s head office in Darlington. He is on track to qualify as a chartered management accountant by October 2025. A former Head Boy at Carmel

College Sixth Form in the town, Murphy chose the apprenticeship route over university. He is currently part of the financial planning and analysis team,

more to do so just going to get it done rather than wait. I quite enjoy the challenge and learning.”

Top tutor Geoff Cordwell stressed there is a real cost to putting off becoming qualified. He said: “It actually costs you money. Qualification means pay rises and they’re compounded.”

The APM expert explained: “If you take your last option paper now and pass you will be better off than you would be by waiting by about £19,000 in present value terms and that is about £130,000 in extra pension value by the time you retire. Yes, really!”

mentored by Ben Hall, Group Head of FP&A.

Rory also plays an active role in shaping the future of apprenticeships. He is a member of the Apprentice Advisory Board of KAAP (Kaplan UK's Apprenticeship Programme), where he contributes to programme development and campaigns for improved funding. He regularly returns to Carmel College to support careers fairs and was a mentor on the Darlington STEAM Ahead project.

Unity Advisory finds equity partner

Unity Advisory has secured £220m in private equity from Warburg Pincus to set up a challenger firm to the Big 4.

The announced tie-up with Marissa Thomas (ex-PwC) and Steve Varley (exEY), will says the private equity firm help to create what they are calling a nextgeneration CFO advisory firm.

The press release says the new firm sets itself apart by offering partnerled, high-touch, technology-driven services without the constraints of audit conflicts. From day one, AI will play a central role in how the firm works and serves clients.

Headquartered in London, the firm plans to expand into other key markets and geographies over time.

Steve Varley, Chairman of Unity Advisory, said: “Our goal is to create a next generation firm that is entrepreneurial in spirit and rigorous in execution. The business has launched with great momentum; we already have significant client interest that will fuel growth, and a strong recruitment pipeline of talented individuals seeking more variety, reward and pace in their careers, with a path to partnership based on an inclusive meritocracy.”

SUNIL BHANDARI

Choose your tutor carefully

I didn’t take enough care of my knees – painful: I needed a knee replacement. So how did I choose my surgeon? Ditto to choosing your tutor!

First, I had to identify the surgeon, as you find your tutor. The hospital/college matters, but not as much.

Second, we talked. That made sense. Do you ‘gel’ with the tutor?

Third, I wanted a knee specialist. With tutors, choose a specialist in your exam, not just your subject.

Be wary of tutors who only teach the basics, often in short, easy sessions. The exam is too late for regrets. I chose an empathetic, psychologically supportive, but above all honest surgeons. Honesty matters. I want to know the whole truth, and I want it delivered supportively. Many tutors are supportive – but if you’re falling behind, or not hitting the mark, you need to be helped, not misled.

So it’s not OK for either a doctor or a tutor to say, “this is all you need to know”, or “that bit doesn’t matter”. If you want to ‘cut corners’ and your tutor does the same, then that usually ends badly.

Finally, the expert has to ‘put in’. What is their response time? How much homework will they mark? Feedback works!

Who’s on your team matters, so do your homework. What do they promise, both verbally and in writing? What do others say?

PwC cuts 175 junior audit roles

PwC is making a tranche of junior auditors redundant, according to The Financial Times (FT). This news follows the Big 4 firm letting hundreds of audit associates go in late June.

The new job cuts become real in August said the FT, with PwC saying it had to push through redundancies as not enough employees were coming forward for voluntary redundancy.

The FT pointed out that PwC’s audit business is the largest in the UK in terms of fee income with

revenue of £1.49bn in FY24.

On a positive note, the FT said that there is a major shortage

across the accounting profession so demand for these junior should be high.

A PwC spokesperson told the FT: “We always keep the shape of our business under review to respond to changing client demands, attrition rates and new opportunities.

“From time to time, we may need to reduce roles as a consequence – such decisions are never taken lightly. We continue to invest heavily in our people, including pay, promotions, bonuses and training.”

Demand for industry roles surge

There has been a big shift in UK accountancy hiring trends, according to the latest report from Morgan McKinley and Vacancysoft.

While accountancy financial services vacancies are set to fall, roles in commerce and industry have surged by 17% in 2025 –marking the strongest rebound in over a decade. Regional hotspots like the South West, West Midlands and Yorkshire are seeing some of the fastest growth, driven by ESG

reforms, infrastructure investment and changing workforce needs.

Key insights from the report include:

• London finance vacancies in commerce and industry up 15%.

• Asset management hiring forecast to drop 43%.

• Morgan Stanley, BAE Systems and EG Group among top hirers.

• AI, ESG and hybrid work shaping new employer expectations. You can download the report here

First things first!

When you start a new paper AAT students need to take a look at the exam/practice assessment before they do anything else, says e-Careers expert Karen Groves (pictured). She stressed that students should know what the exam looks like, and so know what they are aiming for.

IFA award winners 2025

The winners of the IFA awards 2025 were unveiled after a hugely successful conference in London recently.

IFA Member of the Year was M Bilal, IFA Practice of the Year went to Forest Phoenix Accountancy, and the Rising Professional of the Year trophy was picked up by Andrew Coombs (pictured).

Groves admitted that it can be a bit scary, but it will pay off in the long run. She also felt it stops a lot of the questions as you go through your studies. This advice is especially true for Level 4, with those dreaded templates.

No one should wait until the revision phase to know what they will

The judges said rising star Coombs showed a balance of progression and innovation in his role as a practitioner. There were also some great testimonials to back up his entry.

CASSL mentorship scheme returns

The Chartered Accountant Student Society of London (CASSL) has relaunched its mentorship programme.

Those accepted on the scheme

be facing come exam day, explained Groves.

If you look at the exam assessment on day one then you will know about the drop-down options and cash-based templates.

will gain valuable insight into careers across accounting and finance, and be given one-to-one support with their CVs, applications and interviews.

The scheme is open for any university student studying at Kingston University, City St George, University of London, University of Greenwich, and Queen Mary University of London.

There are 20 mentee spots up for grabs, and successful applicants will start their mentorships on 21 July. If you miss out this time watch

• Read Karen’s piece on how SWOT analysis can improve your approach to studies on page 28

The International Accounting Standards Board (IASB) has issued a revised Practice Statement on management commentary.

Investors had highlighted shortcomings in current practice, and in response the IASB carried out a major overhaul to help improve both the quality and focus of the information provided.

• Sunil Bhandari is an AFM tutor at FME Learn Online

LORD SIKKA

Cuts for some, cash for others

In contemporary Britain work doesn’t pay enough. Some 37% of Universal Credit claimants are in work. Around 16 million Britons live in poverty and rely upon charity and social security benefits.

Successive governments have eroded the real value of benefits through freezes and cuts – but few questions are asked about corporate welfare. Billions of pounds have been handed in subsidies and tax concessions to agriculture, arts, auto, banks, capital markets, energy, gas, oil, rail, steel, telecom, water and other industries without any meanstesting.

Since 2002, £22bn has been handed to the biomass sector including £6.5bn to Drax, a company that doesn’t pay carbon emissions levy even though it is the UK’s biggest single polluter. In 2023, it emitted 11.5m tonnes of carbon. Between 2012 and 2027 its subsidies are likely to hit £11bn.

The general public rarely benefits from corporate welfare. The UK has the fourth highest price of domestic electricity and the most expensive industrial electricity in the developed world. Shareholders are the biggest winners. In 2024, Drax reported operating profits of £1.06bn, boosted by a subsidy of £869m. It paid £97m dividend and announced a £300m share buyback programme.

Instead of handing out free money, the state could support industry by acquiring an equity stake or by providing repayable loans – but it does not do so. Meanwhile the less well-off are stigmatised for claiming benefits.

Prem Sikka is Emeritus Professor of Accounting at the University of Essex

Tax briefs

Expansion of voice recognition

HMRC is expanding its voice recognition technology, and will be offering it to all individuals that use its contact centres. Voice recognition is currently used by 1.5 million HMRC customers who have their identity verified by technology that analyses the unique biological characteristics of their voice.

The tax authority now has the technology to offer this easy, quick and secure way for people to use their voice to confirm their identity,

More exam cheating fines for Big 4 firms

Three of the Big 4 firms in the Netherlands have been fined a combined $8.5m by the US Public Company Accounting Oversight Board (PCAOB) for violations over their internal training programmes. Hundreds of the firms’ accountants, including partners, engaged in improper answer sharing, either by providing access to test questions or answers, by receiving such access without reporting it, and taking tests together. This misconduct extended up to the level of senior leaders at Deloitte Netherlands and PwC Netherlands.

The PCAOB and the Dutch Authority for Financial Markets (AFM) conducted parallel investigations, and the AFM has separately imposed intensive supervision measures aimed at preventing recurrences.

KPMG Netherlands was fined $25m by the PCAOB in 2024 for

the same offences.

PQ magazine contacted the AFM (pictured) and asked it what will happen to the hundreds of employees and partners who cheated? Will they be disciplined or sanctioned?

The AFM told us: “The AFM views exam fraud as a symptom of deeper systematic issues. It is linked to factors such as time pressure, commercial incentives, lack of direction and incorrect exemplary behaviour. Exams were a vulnerable point within this structure.”

AFM does not believe it is appropriate to attribute the misconduct to individual accountants. So disciplinary proceeding are not being pursued by the AFM, and the focus will be on the underlying system that enabled such behaviour.

Firms left with million-pound bills

The UK government’s decision to cut levy funding of Level 7 apprenticeships for apprentices aged over 21 from January next year will cost UK employers – many from the accountancy sector –around £214m in additional training costs, according to new research.

With 89% of Level 7 apprentices aged over 21, the study from the University Vocational Awards Council (UVAC) also reveals the extent to which cuts will widen the

skills gap, hinder social inclusion and stifle economic growth.

Dr Mandy Crawford-Lee, chief executive for UVAC, said: “The government’s policy to remove vital

Your sustainability knowledge hub

The IFRS Foundation has released new e-learning modules on its knowledge hub to help companies understand the implications of the new sustainability standards – IFRS S1 and IFRS S2. The knowledge hub is a fantastic resource for PQs too!

The new four self-paced modules include a mixture of written and visual content and interactive knowledge checks, designed to build

helping to reduce call times and increase capacity. The expansion will be introduced in phases across all personal and business tax lines between July and October 2025.

PAYE fraud update

HMRC recently revealed it is currently writing to around 100,000 customers after detecting unauthorised access to online tax accounts. This is equivalent to 0.22% of taxpayers.

These incidents involved criminals using personal information they

foundational knowledge of ISSB Standards. The modules are:

• Introduction to the IFRS Sustainability Disclosure Standards.

• Introduction to IFRS S1 General Sustainability-related Disclosures.

• Introduction to IFRS S2 Climaterelated Disclosures.

• Integrated sustainability disclosures and organisational considerations.

had already obtained from external sources to impersonate genuine taxpayers and claim money fraudulently from HMRC, rather than taxpayers themselves.

HMRC said that no customers have experienced, or will experience, financial loss in respect of their tax affairs. HMRC said it is working with other law enforcement agencies both in the UK and overseas to bring those responsible to justice. The letters advise customers who are represented to show their agent a copy. It believes that this applies

levy funding – that is supporting nine in 10 Level 7 apprentices – is a major blow to accountancy firms and will leave them facing both huge training bill costs and a skills shortage headache.

“Removing funding for those Level 7 apprentices aged over 21 indicates to us that the government is unfortunately not looking to prioritise the career and skills progression of accountants at every stage of their working life.”

At the end of each module, users have the option to sit a short, multiple-choice assessment to receive a certificate of completion. These modules are available for free with an IFRS.org account, with the e-learning modules serving as an introductory resource for companies beginning their preparation for sustainability-related disclosures and for any other stakeholders interested in learning more about ISSB Standards.

in a minority of cases as most customers affected by this incident are unrepresented.

Should anyone you know have wider concerns they can email HMRC’s fraud team at FraudPreventionCentre@hmrc. gov.uk or call them on the online services helpdesk on 0300 200 3600 (Monday to Friday, 8am to 6pm) – select the option for ‘unauthorised access of HMRC online accounts’.

Click here to check if a letter from HMRC is genuine on GOV.UK

Making finance fair – and accountable

Unless the science and training in finance changes to embrace culture and wisdom, humanity is doomed to destroy nature and civilisation, claims Professor Atul K Shah (pictured).

His new book, Organic Finance, aims to reshape the whole science of finance by making it caring, fair, accountable and responsible.

Shah says that finance has become increasingly distant from truth. And he feels that the science

and education need to be reframed from the bottom up rather than the top down. Shah stressed there are serious and damaging consequences when we train students and professionals in a finance detached from animals, nature, community and society. They become de-cultured, materialist and soulless.

He explained: “Purpose and

meaning have been sacrificed at the altar of abstract calculations, and once destroyed it is very difficult for students to reignite their sense of spirit and soulfulness.”

Ultimately, Shah believes students learn to become selfish and individualist, suppressing their own culture, trust and relationships in the pursuit of a transactional and highly abstract profession and workplace.

Read more from Professor Shah on page 19. We also review his book on page 35

Photographic evidence seals case

ACCA trainee Naveed Hussain of Melbourne, Australia, has been removed from the student register and fined costs of £7,000 for taking pictures of his exam and then sharing them.

The evidence came to light after a whistleblower sent the ACCA 32 photographs they had been sent from a recent FA2 Maintaining Financial Records exam.

Hussain’s student registration could be clearly seen in 11 of the photographs, and on another three his unique student registration was partially visible.

The committee said it considered that such conduct in a professional exam “undermined ACCA’s exam process, the

reputation of the profession and ACCA as a regulator”.

Interestingly, Hussain will now have to wait a minimum of 12 months before being able to reapply for admission as a student member. The decision may be subject to an appeal.

You can shape the future of AAT

AAT is looking for a new set of students, training providers and employers to join its award-winning advisory groups.

The key aim of the advisory boards is to keep AAT in touch with the people that matter – students, tutors and employers.

The board members will be consulted on future plans and discuss ideas and strategies for making things better. With a new qualification being introduced in 2026/2027 now is a really important time to get involved.

The Student Advisory group consists of 30 members – 10 students across each of the AAT Level 2, 3, and 4 qualifications.

You will be asked to attend three meetings over the 12-month term, with two online meetings and one face-to-face meeting (with travel expenses covered). The first meeting takes place in October this year.

Applications are currently open until 31 July 2025.

• AAT students should apply here

• Training providers should apply here

ANNA KATE PHELAN

Silver surfers rule the waves

As a part-qualified accountant, you might assume that AI is something you'll naturally “grow into”, a tool your more senior colleagues are cautious of, while your generation leads the charge. But the data tells a very different story.

New research by Silverfin reveals that accountants aged 55 and over are actually adopting AI faster than their younger peers. Surprising? It shouldn't be. These seasoned professionals have seen waves of change in the profession, and they understand the power of staying ahead.

So what’s slowing down younger accountants? Silverfin’s CEO Lisa Miles-Heal suggests it could be firms themselves. Junior staff may not be given the tools or the training to engage meaningfully with AI, and that’s a missed opportunity.

AI is not just a buzzword. It's reshaping how work gets done, from automating compliance tasks to surfacing insights that add real value. Those who embrace it now will be the ones best positioned to drive strategy, not just support it.

The message is clear: don’t wait to be told, be proactive. Ask about AI tools in your firm. Experiment with platforms that enhance your work. Seek training or teach yourself.

Long careers are built by those who adapt, not just those who qualify. If experienced accountants can rewrite the rulebook on tech adoption, there’s no reason you can’t lead the charge.

Anna Kate Phelan

Private equity not that attractive!

Fears over the impact of private equity on culture and ethical alignment are just some of the reasons why private equity investment (PEI) is still not an attractive proposition for the vast majority of mid-tier accountancy firms, says a new ICAEW study.

Three-quarters of firms that are independently owned – of which 93% have been approached by at least one private equity house in the past three years – felt PEI would destroy their firm’s unique values and identity.

Talent retention and the impact of succession to senior roles were also a worry for firms thinking of going down this route.

Where is the work experience?

Access to work experience is still heavily influenced by geography, cost and personal connections, says a new study from AAT.

The research shows that young people want to gain confidence and insight into the world of work through work experience, with 88% saying it would help with job applications, and 74% saying that it helps clarify their future careers. Employers see the long-term benefits too, with 65% saying work experience helps identify future employees, and 49% believing

it improves their organisation’s reputation.

Despite the shared belief in its value AAT’s study shows there are major barriers that disproportionately impact young people from disadvantaged background.

The association said it was tackling these problems head-on with its newly launched virtual work experience programme in partnership with Springboard.

“Too many young people are locked out of early career

In total, a quarter of mid-tier firms surveyed have secured PEI at some point, while 25% expressed a likelihood of pursuing it in the next three years, twice as many as in 2024. Additionally, the vast majority have engaged in boardlevel discussions about exploring PEI, the report found.

Alan Vallance, ICAEW CEO, said: “For every firm that identifies opportunities to broaden its reach or invest in tech, another will recognise it as a threat to culture and talent retention.”

experiences simply because they don’t have the opportunities or right connections,” said Sarah Beale, AAT CEO (pictured). “That’s a clear barrier to social mobility, and one we are determined to break down.”

Councils wilting under pressure

Local councils face a looming financial cliff-edge with no hope of a reprieve, according to a new Public Accounts Committee (PAC) report, and CIPFA is saying the UK government must act before time runs out.

CIPFA’s Iain Murray (pictured) explained: “This report comes at

a critical moment and reinforces the growing chasm between the demands placed on local government and the funding available to meet them. Without immediate, urgent and coordinated action, vital services will be placed at even greater risk.

“This isn’t just a fiscal issue – it has real consequences for

vulnerable people, particularly children and adults in receipt of social care and children with special educational needs and disabilities.

“To deliver reform, councils need proper tools, support and coordinated action. The government has a narrow window to act – it must seize this opportunity to restore local government sustainability before systemic failure becomes inevitable.”

EY breaks audit rotation rules

EY has been forced to tell its audit client Shell plc that for the FY23 and FY24 it was not compliant with the SEC’s auditor partner independence rules.

As a result, Shell plc has filed an amendment to its files Form 20-Fs for those years, with new US auditor opinions issued by EY.

EY informed Shell on 1 July that it had broken the audit partner rotation rules in those two years. It means the Big 4 firm has breached not only US listing rules, but also those of the UK Ethical Standards for Auditors.

EY said in a statement: “EY UK deeply regrets this occurred and has remediated the matter.”

Deloitte

tops gender equality list

Deloitte UK has been named in The Times Top 50 Employers for Gender Equality list for the 10th year running. The list, which is published in partnership with Business in the Community (BITC), recognises Deloitte as one of the top 50 organisations that continues to prioritise gender equality.

Deloitte UK supports diversity and inclusion in the firm through flexible working and initiatives such as the expanded Future Leaders Programme. This year, 20 women (33%) were promoted to partner at Deloitte UK, increasing the total number of Deloitte UK’s women partners to 421 (31%).

Large contracts still coming Big 4’s way

The Labour party has been accused of U-turning on its pledge to cut the government’s reliance on consultants. New figures show spending on consultants actually rose during Labour’s first year in power, write the Daily Telegraph. In all, the public sector awarded £1.29bn in 580 contracts to consultancies, including the Big 4. This represents a 5% increase on the £1.23bn the Conservative government paid out a year earlier.

Figures obtained by Reform UK show major awards include a £186m contract given to KPMG by the Cabinet Office to train civil servants, and a £129m technology contract given to Deloitte by HMRC.

is Head of Product at Eintech

HANNAH MACDONALD

Why I’ve joined the ICAEW Council

The Council is the governing body of the ICAEW, working to ensure the institute meets the objectives set out in its Charter. There are up to 125 members, most elected by ICAEW members. Many represent geographical areas but there are also communities and specialist areas represented: I’m representing the Diversity & Inclusion (D&I) Community.

Why did I put myself forward for election? Well, I’m passionate about the profession and in 2024 launched Accountancy Hub to support trainee accountants from a wellbeing, inclusion, exam and careers perspective. I’m keen to improve the early careers landscape – I know it can be better, and with the attractiveness of the profession in decline it needs to be. I’m keen to represent the trainee voice at Council meetings where I can.

I had a privileged upbringing, living comfortably on the edge of the Peak District in a single parent household (my mum is a total legend). I am, however, a dyslexic woman, and we still aren’t where we need to be when it comes to gender and neurodivergence. I have not joined Council to push my own interests – I’m keen to speak to as many trainees and members as possible to fully represent our diverse industry, whilst acknowledging the challenges that still exist and the huge benefits that diversity can offer.

Want to chat D&I? You know where I am!

AI in audit

The Financial Reporting Council (FRC) has published its first guidance on the use of artificial intelligence (AI) in audit, alongside a thematic review of the six largest firms’ processes to certify new technology used in audits.

As AI tools continue to be utilised in audit, this new guidance outlines a coherent approach to implementing a hypothetical AI-enabled tool, and offers insights into FRC documentation requirements, all

designed to support innovation across the audit profession.

Mark Babington, FRC Executive Director of Regulatory Standards, said: “AI tools are now moving beyond experimentation to becoming a reality in certain audit scenarios. When deployed responsibly, they have significant potential to enhance audit quality, support market confidence, drive innovation and ultimately contribute to

UK economic growth.

“The FRC continues to support and encourage innovation in audit. This guidance aims to illustrate how AI can enhance audit work as well as clarify FRC expectations around proportionate, appropriate

AI skills hub launched

Innovate UK, with the support of PwC, has launched a first-ofits-kind AI platform to connect individuals, employers, training providers and AI technology partners in a collective mission to advance AI adoption, job creation and growth.

PwC research shows that industries with high AI adoption have three times the productivity

growth and faster wage growth than less exposed sectors – with an 11% wage premium attached to occupations with AI skills.

The AI Skills Hub aims to unify the fragmented AI learning and employment landscape and fill the gap between employers’ demand and available skills. Initially, it will focus on four key industries: agriculture and food

Sage and AICPA team up

Sage has announced the first-of-itskind collaboration with CPA.com, the business and tech subsidiary of the AICPA. The partnership licenses selected AICPA resources to train Sage Copilot, its generative AI assistant, to support accountants’ teams with authoritative guidance.

This pioneering initiative is a major step for both Sage and the accounting software industry, bringing together the credibility of

international professional standards and the possibilities of generative AI. It is designed to explore how Sage Copilot can be enhanced

The bots are here!

Microsoft says it is cutting a further 9,000 jobs, on top of the 6,000 of cutbacks of middlemanagers and engineers in May. The latest set of redundancies amounts to 4% of its workforce.

The move comes as bosses order staff to use AI more. Microsoft’s CEO Satya Nadella said up to 30% of the company’s code was now being written by AI bots. In January, Microsoft said it would be spending $80bn on AI technology this year alone.

New reporting requirements for

crypto HMRC has published guidance for reporting cryptoasset service providers under the new Cryptoasset Reporting Framework (CARF).

From January 2026, UK businesses facilitating cryptoasset exchanges must collect user and transaction data, with the first submissions to HMRC due in May 2027. The UK is introducing the Organisation for Economic

Development (OECD) Cryptoasset Reporting Framework (CARF), which standardises global reporting for improved tax transparency, and extending it to include domestic reporting.

The framework requires any UK-based business that either transacts cryptoassets on behalf of users or provides a means for users to transact cryptoassets (such as bitcoin, stablecoins and non-fungible tokens) to report user information in XML format, with penalties for non-compliance.

documentation of tools that use AI.”

He added: “We recognise that this field is moving quickly and will continue to engage across the profession, both in the UK and internationally, to support innovation and the appropriate use of AI.”

processing; construction; creative; and transport, logistics and warehousing.

PwC research revealed that over 73% of employers in these industries report skills shortages in areas including AI systems, AI ethics, governance and regulations, and machine learning. Encouragingly, there is a strong appetite among employees to upskill in AI, with only 17.3% of employers citing employee resistance as a barrier to training.

with AICPA professional literature and content to further strengthen accuracy, context and trust for customers navigating complex financial tasks.

Aaron Harris, Chief Technology Officer, Sage, said: “This is a landmark moment for us. We’re not just advancing what AI can do, we’re defining how it should be done. By working with CPA.com we’re reinforcing our commitment to trustworthy, accurate and standards-aligned AI that adds real value for finance professionals.”

It’s time for Sage X3

Sage has launched Sage Copilot for Sage X3. Sage X3 is used by medium-sized businesses operating across manufacturing, distribution, food and beverage, chemicals and services. It manages finance, supply chain, production and customer operations at scale.

Sage Copilot for Sage X3 will first focus on empowering sales managers and representatives to query customer orders, shipping timelines and fulfilment issues.

Hannah Macdonald is the founder of Accountancy Hub

Love the new ACCA qualification

Can I firstly say well done PQ magazine for your coverage of the changes to the ACCA qualification.

Like many thousands of other students I went online to watch the live launch. Nice as it was, I was surprised we didn’t find out more. Even a leading tutor, who is very supportive of ACCA said: “Is it just me, or did anyone else come away with more questions than answers?” It was just as well PQ magazine was on hand to explain it all.

To me it seems ACCA has simply cut the number of technical papers we have to sit –we will have five instead of six at the applied skills level (now called Expertise), and three instead of

four at the strategic level. What is not to like about that!

I really like the new employability modules, too, which were needed. Anything is better than the ethics and professional skills module. That had to go.

I did smile at how, initially, quite a few students who had

passed one of the optional papers thought they might just wait until 2027 and become an affiliate. Why anyone would think that way is beyond me – that is not the attitude of a true professional!

My only gripe is that we have to wait two years for the new qualification to be introduced. If these are the skills we need now, we need them now!

Name and email address supplied

The Editor says: Hats off to ACCA. They helped us put together the information in the latest magazine, which we co-ordinated to come out just 30 minutes after the live launch. It meant a slight change to our publication date, but ensured we could inform you of the changes there and then.

Our star letter writer wins a fantastic ‘I love PQ’ mug!

Studying in silence really does work

Well done to AAT for trying something different to help us lonely and isolated studiers. It may have seemed counterintuitive, but the silent study session really made me feel connected and less alone.

I left the sessions (and I did a few) with a much more positive feeling about my AAT studies and future success.

We need more great ideas like these.

Name and email address supplied

The future of finance

Finally, someone in accountancy education is talking sense! Well done CIMA’s Steve Flatman for talking about how traditional jobs are being hollowed out and entry roles now need to have people with strong problem-solving and critical thinking skills. Your piece on last month’s cover came out just as UK national newspapers showed what he is saying is true –firms are increasing using AI to do those graduate entry roles. It is going to be tough for many graduates entering a new-look

jobs market, especially for those who are less aware of what is happening. I wonder what universities are doing to help them? Not a lot, I suspect, with the huge funding issues they have.

Maybe it’s time for the accountancy bodies to step into the gap and explain why the profession is still a great choice for anyone wanting to future-proof their career.

Name and email address supplied

Thanks PQ magazine!

Just wanted to drop you a quick email to say thank you. I have finally qualified and feel you were such an integral part of my journey it would be wrong not to say thanks. You made the journey that bit more human, and dare I say more interesting.

I will keep reading, so you haven’t got rid of me yet! Keep championing the profession.

Name and email address supplied

It is not often you associate an accountancy book with a multiaward-winning musician like Brian Eno, but Professor Atul K. Shah’s Organic Finance has made that connection.

In the forward to Shah’s book Eno says: “Reading Atul Shah, you realise that classical and modern economics has excluded as ‘externalities’ almost everything that matters to us and our lives. Here is the prospect of a compassionate economics that talks about what really matters and exposes indigenous beliefs which have long been in plain sight.”

Shah has been using his LinkedIn page to help promote his new book. He is hoping this book will help young people who want to have a meaningful and purposeful education that heals the planet instead of exploiting it. He really is worth following.

At the recent book launch Shah reiterated the fact that finance is supremely powerful but at the same time profoundly broken, both morally and culturally. And he said scientific jargon helps people ignore plain truths, such as its disrespect for nature. It has also converted money from a means to an end to an end in itself.

Lord Sikka agrees, and at that same launch said it really is time to unlearn what we have been taught so we can understand the nature and limits of money.

Check out more about what Shah is trying to achieve on page 19. You can read our review of his book on page 35

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PQ Hall of Fame, Clare Finch 2025

ESG – your opportunity

Clive Booth explains

how Donald Trump’s stance on ESG has impacted the United States’ growth

Environmental, social and Governance (ESG) factors are becoming a central consideration in how companies are valued, audited and invested in – especially within long-term institutional portfolios like pension funds. Yet, while some companies are expanding their ESG commitments, others are scaling back, influenced by shifting political, economic and regulatory landscapes.

For aspiring accountants and those studying for qualifications like ACA, ACCA or CIMA, understanding how ESG developments impact financial reporting, investment analysis and regulatory obligations is increasingly critical –not only for exam success but also for shaping future career trajectories.

The Global ESG Landscape is very much a mixed picture.

Companies scaling back

1. Disney: Under political pressure in the U.S., particularly around social and governance issues, Disney has reassessed its ESG positioning. Environmental targets remain, but reductions in social commitments raise questions around corporate governance, risk disclosures and stakeholder reporting. For accountants, this presents a case study in how non-financial risks can affect company value, especially as regulators look more closely at how companies define and disclose material ESG risks.

2. ExxonMobil: As energy prices soared in 2023, ExxonMobil and other oil majors were rumoured to be easing their ESG ambitions. This shift can alter how accountants assess provisions, asset impairments and long-term liabilities linked to environmental risks – key knowledge areas in corporate reporting and audit. Investment analysts and pension trustees may adjust risk weightings and stress tests accordingly, directly influencing asset allocations.

3. BlackRock: The world’s largest asset manager continues to champion ESG principles but has adopted a more cautious tone amid U.S. political pushback, including from Donald Trump and Republican state treasurers. Accountants working in or with asset management must be alert to how changing ESG strategies influence fund allocation models, risk reporting and performance metrics – especially for clients with fiduciary duties like pension funds. Additionally, the increased politicisation of ESG means that accountants must be prepared to assess reputational risk alongside financial disclosures.

Companies strengthening their ESG

1. Patagonia: Still a gold standard for sustainability, Patagonia’s ESG transparency sets an example for ethical sourcing and climate accountability. For students and trainees focusing on sustainability assurance

or integrated reporting, Patagonia exemplifies how ESG narratives can translate into brand value and investor confidence. As reporting frameworks demand more detailed, auditready disclosures, such companies help set the benchmark for what good looks like.

2. Unilever: Unilever’s ‘Climate Transition Action Plan’ reflects a serious commitment to ESG integration. For accountants, this links directly to the increased adoption of climaterelated financial disclosures (TCFD), scenario planning and ESG-related KPIs. For those entering advisory, audit or risk management roles, understanding how to evaluate the credibility and financial impact of such plans will be an essential skill.

3. Microsoft and SAP: These tech giants have pledged to be carbon negative by 2030. Their proactive approach to ESG enhances investor trust and ensures early compliance with emerging global standards such as the EU CSRD and IFRS S2. Accountancy professionals involved in financial planning, audit or reporting will increasingly need to assess and validate carbon data and transition plans as part of due diligence and assurance processes.

The rising tide of ESG reporting

In 2023 ESG reporting surged significantly, driven by:

• The EU Corporate Sustainability Reporting Directive (CSRD), requiring large and listed companies to provide detailed, audited ESG data.

• The SEC’s proposed climate disclosure rules in the United States, aimed at mandating climate risk disclosures in financial statements.

• The launch of the IFRS Sustainability Disclosure Standards (IFRS S1 and S2), bringing consistency and comparability to

ESG reporting globally.

For accounting professionals, this marks a structural change in the reporting environment. Sustainability disclosures are now entering the realm of statutory reporting, moving from voluntary to mandatory across many jurisdictions. Part qualified accountants must be ready to understand and apply these standards, particularly in relation to materiality, double materiality and assurance over ESG metrics.

ESG reports will become more detailed, auditable, and aligned with international standards. This is already influencing how pension funds assess long-term investment risk and how companies are benchmarked in financial models. ESG literacy will soon be a minimum requirement for roles in audit, corporate finance, financial planning and consultancy.

Key takeaways

• Be ESG-literate: Understanding how ESG affects financial reporting, audit, investment decisions, and stakeholder communication is becoming essential.

• Know the frameworks: CSRD, IFRS S1/S2, TCFD, and GRI are no longer niche - they are core to reporting, both now and in the future.

• Understand investment relevance: ESG risks can materially impact valuations, cost of capital, and pension fund asset allocations.

• Think career-wise: Whether you're heading into audit, corporate reporting, financial advisory, or risk, ESG competence will enhance your employability and strategic value.

• Sharpen ethical judgement: ESG data is still subject to interpretation. Professional scepticism, a cornerstone of accountancy ethics, is critical in evaluating narrative and numerical disclosures.

ESG is evolving

Despite political resistance, including from figures like Donald Trump, ESG principles are being embedded into global regulatory frameworks and investor expectations. For accountants – especially those in training –this represents an opportunity as much as a challenge. The profession is being called upon to uphold transparency, ensure accountability, and provide insight into how companies are responding to environmental and social change.

For those entering the workforce now, ESG awareness isn’t just a box to tick – it’s a cornerstone of future-proof finance careers. Whether you’re preparing for your next exam or stepping into the profession, make ESG part of your toolkit.

• Clive Booth, Founder of The ESG Foundation

Creating a sense of community

With nearly 75% of employees reporting burnout symptoms, the question isn’t if stress affects your workplace but how much. caba’s Paul Guess explains how a sense of community can offer vital support

Mental health challenges have never been isolated or rare in the modern workplace, only until recently poorly identified and supported. Whether due to high expectations, blurred boundaries between work and life or the pressure to constantly perform, many employees are struggling, often silently.

As workers continue to be piled with pressure, caba’s research shows that nearly three-quarters of respondents have experienced feelings of burnout at least ‘sometimes’ in the past year.

Now more than ever it’s essential for employers to take active responsibility in supporting employee wellbeing. Creating safe spaces for peer support is just one important element of a much larger commitment. This is where a strong workplace community can build emotional safety, encourage connection and help people feel seen and heard.

Workplace lifeline

A strong workplace support network is more than just a nice to have – it’s a vital source of support in a time when many people are struggling. With rising living costs, increased workloads and constant pressure to perform it’s no surprise that more employees are feeling the effects of stress, burnout and

emotional fatigue.

For younger workers in particular, these pressures are hitting hard, and many are already reporting that burnout is affecting their ability to function at work.

In the face of these challenges, connection matters. When people feel part of something bigger than themselves they’re more likely to check in with each other, speak up and ask for help when they need it. This sense of belonging can create a ripple effect. It becomes easier to talk openly about mental health, and less likely that anyone will suffer in silence.

Five steps to take

For organisations and managers, building a network around mental health within the workplace doesn’t require grand gestures. It needs feedback, inclusivity and consistency. 1. Encourage listening: It’s easy to get caught up in getting your point across but listening is just as important. Encouraging workers to be good listeners builds trust and improves how they communicate with the people they work with. However, we must recognise that communication styles can vary. Creating space for different ways of expressing and processing information whether verbal, written or nonverbal is key to making listening more inclusive. Getting involved in office small talk can break

the ice and help people feel at ease, especially those you don’t know well yet. Creating lowpressure, opt-in moments for connection allows everyone to engage in a way that feels comfortable.

2. Get to know people outside of work: Social time with colleagues isn’t always easy, especially with remote work and fewer office gatherings. But it still matters. Whether it’s grabbing lunch, going for a quick drink after work or joining a leaving do, these moments help workers connect on a more human level. People tend to be more relaxed outside the office, which makes it easier to get to know their strengths, quirks and personalities. caba’s recent burnout report has shown that over half (54%) of accountants reported that feelings of burnout affected their ability to maintain a healthy work-life balance. So, encouraging colleagues to engage with each other regularly can make a difference to their overall wellbeing.

3. Venture beyond your department: Most employees probably know their immediate team pretty well. But what about the rest of the company? Working with people from other departments gives you a broader view of how the business runs – and helps build relationships outside your usual circle.

Saying yes to projects outside your dayto-day can stretch your skills, build new connections.

However, it’s also important to remember that stepping into new spaces can be daunting, especially for those who thrive on routine or feel anxious in unfamiliar settings. Having clear agendas and defined roles can help make cross-team projects more accessible.

4. Tackle conflict early: Disagreements happen – especially in busy workplaces with lots of different perspectives. If you’re in conflict with someone speak to them sooner rather than later. Keep it professional. You might not agree on everything, but dealing with it early is better than letting things spiral.

5. Respect matters: Kindness and respect go a long way. You don’t have to agree with everyone, but stay polite and consider how your words and actions come across.

A respectful workplace that values different backgrounds and viewpoints is usually more productive, more positive and just a better place to be.

A connected and community-focused workplace acts as an informal safety net. It offers space for people to be honest about how they’re feeling without fear of being judged or penalised, which can make all the difference.

Workplaces can be excellent for support, fostering a sense of camaraderie, and sending a clear message: individuals need a robust support system not only to succeed in their work but also to truly thrive.

In a time when so many are under pressure, building a culture that genuinely prioritises well-being isn’t a luxury, it’s a necessity.

However, if you need access to formal mental health support, caba offers a variety of confidential services, including mental health counselling and financial assistance, to help those experiencing burnout or financial hardship • Paul Guess is mental wellbeing expert at caba

So, when did finance become culture blind?

The word community has disappeared from the accounting textbook and professional exams, laments Professor Atul K. Shah

If you examine any currency note anywhere in the world it says something like, ‘This is a promise to pay the bearer the sum of …. Guaranteed by the Central Bank’. But all accounting equations have turned money into a fact – the promise is forgotten, and trust and mutuality are also irrelevant to both accounting and finance. What does this mean in a world facing big crises of inequality and sustainability?

This is where culture comes in – it is culture, relationships and co-operation that effectively give money and currency its acceptance and reliability. Not a piece of paper, not a number. But we have forgotten this, as we have excluded history from our teaching of accounting. I have taken students on many field trips to the City of London to show them how the stock and insurance markets started in coffee houses, and how there were 104 churches in the square mile before the two world wars. Religion, belief and trust was central to the emergence of banking, stock markets and financial institutions, but this has now been demolished by a transactional and calculative approach to accounting education. In terms of time, the past 60 years have been extreme in terms of the way economics, finance and accounting education have become culture blind and arrogant, and so abstract that researchers live in their equations and game theories rather than the truth. It is empire disguised as science. Where are 60 years in the history of humanity? Nowhere – as we have been on the planet for at least 30,000 years. And most of the time we lived without money and built peaceful and cooperative communities. Today, we are soul-less and calculative, becoming greedy, individualist and selfish – the word community has disappeared from the accounting textbook and professional exams. Yet so many of our professionals and students

have cultures, beliefs and live in bonded families and communities. There is so much hope for the revival of this spirit in accounting education. This goes to the heart of equality and sustainability, for which many young people are passionate –including accounting students.

I have written a number of books along these lines – ‘Reinventing Accounting and Finance Education for a Caring, Inclusive and Sustainable Planet’; ‘Jainism and Ethical Finance’; ‘Inclusive and Sustainable Finance – Leadership, Ethics and Culture’; and the latest is ‘Organic Finance –Building an Inclusive and Sustainable Framework from the Ground Up’. All of these are published by Routledge, and available globally through Amazon.

In the heart of the City of London, where so much of modern finance was invented, there is an amazing oasis of peace called the ‘Centre for Peace and Reconciliation’ – St. Ethelburgas (www.stethelburgas.org). It is just opposite Liverpool Street station on Bishopsgate and open to the public. It’s well worth a visit, as at the core of it is a Bedouin Tent with picture glass windows from all the world’s cultures. Yes that’s right, in the City of London we have a stunning multicultural space which helps us build trust and relationships through conversations, and open dialogues about ethical accounting & finance and its possibilities. I have spoken there many times.

To counter individualism and materialism we can have pluralism and community, where we come together to help one another, to build social capital and relationships, and to help sustain life on planet earth for all living beings. We can think about how money can be used for social profit, not just private profit. We can help students understand how greed leads to coldness and insecurity – while we may need money to live, we don’t need to be aggressive. We also need to

see how billionaires live – on divorce, addiction, insecurity and restlessness, rather than the peace we can find in our cultural families and communities. When we treat our accounting clients with respect, and encourage them to trust us by being honest, they will keep referring us to all their friends and relatives, and we will never be out of work. These are true stories from many accountants I know. And they will also invite you to their family weddings and parties. Which world would you rather choose?

• Professor Atul K. Shah, City-St Georges –University of London. See www.atulkshah.co.uk

Organic Finance

Atul K. Shah’s latest book Organic Finance, published by Routledge, was launched at the end of June. Among the speakers at the launch were Lord Parekh, Lord Sikka, and artist and environmentalist Brian Eno.

You can currently purchase a paperback copy of the book for £31.99 (which includes free shipping) from Routledge’s website: Organic Finance: Building a New Sustainable and Inclusive Framework fr

SBL crossword puzzle

Marty Windle SBL guru tests your SBL knowledge bank. The asnswers are below, right

Proven to boost your exam results

Study Hub is proving to be a great success for ACCA students, increasing exam results by as much as 18%*. With online access to study chapters, practice questions, flashcards and short quizzes, it streamlines revision and enhances your understanding.

Use Study Hub as an essential part of your exam prep and boost your chances of success.

*Based on pass rates of Study

users vs. non-users for the September 2023 session-based exams.

Practice makes perfect: ACCA’s tools can help you get that all-important pass mark – as they did with these successful students in Zimbabwe

Get practising!

To maximise your chances of exam success, integrating practice into your preparation is crucial. ACCA offers some key resources to help you achieve this

ACCA Practice Platform

ACCA’s Practice Platform is an essential exam preparation resource and ACCA’s analysis shows that students who have used it have a 13% higher pass rate.

The more you use the ACCA Practice Platform, the more you will become familiar with the word processing and spreadsheet tools that are used in our session CBEs.

So, if you haven’t already, take the time now to really understand the CBE environment and practise using the live exam format, layout and functionality. Doing so will help your confidence and ultimately save you time in the exam, leaving you to focus on answering the exam questions.

ACCA Study Hub

The ACCA Study Hub gives you full access to exclusive ACCA study materials that are designed to enhance your learning and help you achieve even better exam results.

It offers a wealth of high-quality content covering the entire ACCA syllabus, providing study text chapters, end-of-chapter quizzes, flashcards to test your knowledge, additional questions to help prepare for exams and embedded Topic Explainer videos to help with those trickier topics.

Students worldwide have rated the Study Hub highly in satisfaction scores with over 90% agreeing they would use the resource again when sitting exams.

Our statistics show that:

• In December 2024, nearly half of all exam takers – 46% – had used the Study Hub.

• Global pass rate of all exams: Study Hub users performed nearly 12% better.

• Global pass rate of Applied Knowledge exams: Study Hub users performed nearly 16% better.

• Global pass rate of Foundations in Accountancy exams: Study Hub users performed 8% better.

• Global pass rate of Applied Skills exams: Study

Hub users performed nearly 9% better.

• Global pass rate of Strategic Professional exams: Study Hub users performed nearly 8% better.

Practice Tests

Are you preparing to take a Foundations in Accountancy or Applied Knowledge exam? If so, ACCA’s Practice Tests will give you an insight into a live experience of an on-demand computerbased exam.

Practice Tests are an ideal tool to use during your revision as you can take the test online and instantly receive a personalised feedback diagram to show how you have performed across the different areas of the syllabus. This will allow you to understand your strengths and weaknesses and let you focus on any weaker areas before you take the live exam.

Student Accountant app

The Student Accountant app is an invaluable tool designed to equip students with comprehensive support for their upcoming exams. It offers a wealth of resources, including targeted exam preparation content, practice advice and the latest updates on study resources and webinars, ensuring students are well-prepared and confident.

It’s available to download for free from the App Store and Google Play.

• Thanks to ACCA for this article

A berry taxing issue

HMRC may want a bite of the strawberries and cream M&S sandwich, says Catriona Hyde

Strawberries and cream, the quintessential British summer dessert. Or is it? Marks & Spencer has recently launched a new treat, the viral strawberries and cream sandwich. It’s apparently so good that most of us haven’t managed to find one yet.

In typical accounting style though, we are now fixated less on the delicious treat and instead on a different issue – what is the VAT position of this product?

In the UK, VAT law should be fairly simple; the majority of food and drinks (other than alcohol) are zero-rated for VAT. The idea is that essentials should not incur an additional cost to consumers. There are, of course, a number of exceptions to this for non-essential items, including ‘confectionery’, which is standard rated at 20% VAT. Confectionery in the HMRC guidance is defined as ‘any item of sweetened prepared food… which is normally eaten with the fingers’. Looking at that definition in isolation, it seems clear that this sandwich is ‘confectionery’ (it is

include 20% VAT.

It is important at this point to note that M&S hasn’t commented on this question and the company may have priced this sandwich inclusive of the standard VAT rate. Assuming, however, that M&S would like to keep the price passed onto customers as low as possible, it is likely that they will make the argument to HMRC that this is not ‘confectionery’.

There are a number of potential arguments that M&S may make. The first is that this is a sandwich. This sandwich is based on a Japanese Sando and, like the dictionary definition of a sandwich, it is a filling between two slices of bread. In M&S shops this product is displayed amongst the other more traditional sandwiches. Although strawberries are not typical fillings in sandwiches, crème cheese is, and so are other fruits such as tomato, cucumber and cranberry. There is certainly an argument to be made that

this is therefore a zero-rated item. One issue M&S may need to overcome is that this sandwich has only the equivalent of one slice of bread and is therefore not the same size as their other products. The bread is also not made using the same recipe as other sandwiches, as it is sweetened

In the alternative, M&S may argue that this is a cake. Everyone who has studied accounting knows the big Jaffa cake debate from 1991, which was settled when McVitie’s produced a giant Jaffa Cake in order to prove that a Jaffa Cake is a cake because it has cake-like properties and was ‘soft and friable’. As a result of that case, HMRC guidance set out that cakes are ‘often made from a thin batter containing flour and eggs, and aerated in the process of cooking’; these include ‘sponge cakes, fruit cakes, pastries, éclairs, meringues and Jaffa Cakes’. M&S may argue that their product meets this definition. One potential barrier to this argument being successful is that bread is generally made from dough rather than ‘batter’. Notwithstanding the similarities in ingredients to a Victoria sponge, this new sandwich doesn’t feel the same.

Ironically, in Ireland this would be less of an issue. In 2020, the Irish Supreme Court decided that even Subway rolls were not in fact bread –the high sugar content meant that it was cake and therefore under Irish Law had a higher VAT rate. Different VAT nuances mean that this argument doesn’t apply in the UK, but might be worth M&S lawyers reviewing when looking for a favourable definition of what constitutes cake.

The third option is that M&S find a different and entirely creative definition of what this product is. They are not limited in terms of the number of different descriptions that they can attach to this sandwich, they only have to prove that it isn’t confectionery. The key element in the existing case law appears to be to determine that it is something else entirely so we can wait with interest to see the arguments that M&S include and ultimately how the courts interpret this product. In the meantime, we can try to get hold of one to try it!

• Catriona Hyde, Associate Professor in Accounting and Finance, University of Leicester

sweetened, it is prepared and it isn’t going to be eaten with a knife and fork) and therefore the price should

IFRS 18: what FR students need to know

Marina Matyukhina explains what you need to know about IFRS 18 if you are preparing for the FR exam from September 2025 onwards

The standard on presentation of financial statements is one of the IFRS’ historical relics. Dating back to 1975, it is almost as old as the IASB’s predecessor, the IASC. When first issued, the standard was named IAS 1 Disclosure of Accounting Policies. In 1997, it was replaced by IAS 1 Presentation of Financial Statements. Now, almost 30 years later, after multiple patches and add-ons, the time has come for another major revamp.

Over the years, while amendments were being made to improve terminology, refine the definition of materiality and classification of liabilities, a significant issue remained pending – bringing multiple complaints from investors. The comparability of entities’ statements of profit or loss was not consistent enough, and the problem was getting worse.

Some companies reported operating profit, while others didn’t. Some included the profit from associates in their operating profit, others left it outside. Many could get away with hiding a huge litigation expense in the ‘Miscellaneous’ category. Many could use management-defined performance measures looking incredibly appealing to investors, unless the latter inquired about the logic behind reporting EBITDA before Moon Phases or Profit adjusted for Unicorn Dust (these aren’t real, of course, but the real ones are sometimes no less entertaining!)

In a long-awaited refresh in 2019, the IASB issued an exposure draft intended to address the investors’ concerns. Having collected feedback from users, it came up with a new improved standard, which substantially strengthened the IAS 1 and IAS 8 requirements and introduced changes to how financial performance was reported. IFRS 18 went live in April 2024.

Entities must apply IFRS 18 for annual periods beginning on or after 1 January 2027, with earlier application permitted. The ACCA syllabus has been updated accordingly, with the new requirements examinable starting from September 2025.

IFRS 18 at a glance

The table below summarises key points you need to know about IFRS 18:

Financial statementWhat’s not changed What’s new

Primary financial statements and notes

Most requirements for presentation and disclosure, including: comparative information, frequency of reporting and offsetting

Statement of profit or loss

Statement of cash flows

Expenses can be presented by nature or by function (now only in the operating category)

Most requirements of IAS 7 remain the same

Aggregation/disaggregation: based on shared/non-shared characteristics if the resulting information is material.

Killing ‘other’ (when possible!)

Five income/expense categories Three mandatory subtotals

Indirect method: starting with operating profit or loss

Interest and dividend inflows –investing only, except for banks*

Interest outflows – financing only, except for banks

Dividend outflows – financing only, even for banks!

Managementdefined performance measures (MPMs) - Setting out financial performance MPMs subject to disclosure requirements in the financial statements

* A ‘bank’ here is short for an entity with specified main business activities, such as investing in a particular type of assets or providing financing to customers (as defined by IFRS 18).

SPL categories: the Fab Five

The new categories introduced by the standard are: • Operating

SOLVERS SOLVERS

• Investing

• Financing

• Income taxes

• Discontinued operations

All income and expenses must be placed into one of these five categories, with the relevant cash flows being classified into the matching categories in the SCF.

IFRS 18 sets out specifically which items of income and expenses must be put into investing, financing, income taxes and discontinued operations categories. All the rest is left for operating.

At the same time, the new rules for aggregation and disaggregation refer to materiality and strongly discourage the use of the line item ‘other’ anywhere in the financial statements. As far as practicable, any ‘other’ items of income and expenses, or assets and liabilities must be sorted into defined lines. In the SPL, they must be at least split between or placed into one of the five categories.

Bottom lines aligned

The new requirement for all reporting entities is to include the following subtotals in their SPL:

• Operating profit or loss;

• Profit or loss before financing and income taxes;

• Profit or loss.

There are no changes to other subtotals commonly used by companies (for example, gross profit, profit before income taxes), but

these three are now mandatory and must be reported.

Including MPMs

IFRS 18 requires certain managementdefined performance measures (MPMs) to be included in the financial statements with corresponding disclosures. These are the MPMs that are used in public communications outside financial statements and aim to communicate management’s view of an aspect of the financial performance of the entity.

What it means for your FR exam • SPL subtotals and categories

One of the Section C questions may ask you to prepare a statement of profit or loss of a standalone company. Don’t forget to set up the proforma with the relevant categories and subtotals.

• SCF: start with operating profit or loss

Another new thing to keep in mind (especially if you were attempting FR previously) is the new starting point for the statement of cash flows. Particularly, cash flows from operating activities prepared by indirect method must now start with the operating profit or loss figure, followed by the relevant adjustments. Also, because the new figure is an ‘upper’ subtotal in the SPL, forget about interest income or expense adjustments.

• No more interest and dividends in cashflows from operating activities

Interest and dividends paid can now be

classified as financing cash flows only, while interest and dividends received as investing only accordingly. No longer in the cash flows from operating activities, as was previously allowed.

• Ratios: operating profit ≠ profit before financing and income taxes

Another topic examined regularly affected by IFRS 18 is the calculation of ratios.

ROCE now is calculated as Profit before financing and income taxes

Capital employed

At the same time, the asset turnover is calculated as Revenue

Capital employed

This makes the formula previously used to calculate the interrelationship between ratios

ROCE = Operating margin × Asset turnover no longer relevant, unless a company has no investment income or expenses.

• Management defined performance measures (MPMs)

Good news at last! These are not examinable. For now.

Also, what remains unchanged – and as relevant as ever – is the frequently overlooked advice: make sure you are using up-to-date study materials.

• Marina Matyukhina is a freelance tutor whose courses can be found on the fmelearnonline. com ACCA Platinum ALP platform

Achieving your career goals

Lindie Engelbrecht explains how you can grow, adapt and lead with purpose

Embarking on a career in public sector finance offers more than just job security or a stable salary. It’s an invitation to be part of something bigger – to help shape communities, support national priorities and to contribute to long-term public value. But to make the most of this opportunity, future finance professionals need wider professional aptitudes than just technical skills. They need clarity, adaptability and a mindset focused on growth.

One of the most important lessons I’ve learned is this: success starts with asking the right questions. What do I want to achieve? What do I want to be remembered for? Do I want to keep learning, evolving and challenging myself?

The public sector is dynamic and everchanging. As finance professionals, we must be equally agile, ready to reassess our goals and adapt our path. Career plans aren’t static documents: they’re living strategies that should grow with you.

Resilience your superpower

In this field resilience isn’t just useful – it’s essential. As Lin Liu, Finance Team Leader at Bedford Borough Council and previous CIPFA Student Network President, said at Public Finance

Live 2025, you’ll face setbacks.

You’ll have moments of doubt. But resilience means staying the course, bouncing back and finding new motivation when things don’t go as planned.

I’ve found that generosity of spirit and openness to new perspectives can strengthen your resilience. Sometimes you’ll need to let go of short-term comforts to stay aligned with your longterm ambitions. Taking a risk and grabbing hold of new opportunities can broaden your experience. And adopting a long view can sustain you through tougher stretches and keep your purpose in focus.

Building balance

Achieving balance isn’t about perfection every day; it’s about understanding your priorities and practising self-compassion when things inevitably go off track.

One of the most effective ways to foster growth is by stepping outside your formal job description. Say yes to new opportunities, try a different project or volunteer to help when a crossfunctional team needs support. These moments of stretching beyond your comfort zone often lead to the most transformative growth and can open unexpected doors.

The most significant opportunities don’t always arise from being in the right place at the right time (though sometimes that helps). More often, they come from stepping up and going beyond your job role. No one ever moves up in their career by sticking to their job description; it’s the individuals who take on new challenges, expand their skillsets and venture outside their area of expertise who truly advance.

CIPFA support

At CIPFA we’re here to support you at every stage of your professional journey. Unsure of where to start? Our Competency Framework can help individuals and organisations identify the behaviours and skills that drive high performance in public finance.

This practical tool enables you to select and tailor the competencies most relevant to a specific role, helping you build stronger teams, deliver better services and support career development with clarity and confidence.

Whether it’s mentoring, training, or thought leadership, the institute is your career companion - helping you shape a career that’s both fulfilling and future-ready.

Ten top tips

Inspired by my colleague Stephanie Donaldson, Deputy CEO and Chief Financial Officer at St Helens College and Knowsley Community College Group, whose advice really stuck with me, here are 10 principles I return to often:

1. Don’t be too prescriptive – leave space for surprises.

2. Stay open to opportunity but stay grounded in your values.

3. Be brave and take calculated risks.

4. Keep your CV current – you never know when you’ll need it.

5. Get involved in professional volunteering.

6. Trust your instincts – they’re usually right.

7. Know your limits and be kind to yourself.

8. Reach out for advice – it shows strength, not weakness.

9. Own your mistakes and learn from them.

10. Be yourself – authenticity is your greatest asset.

Building a rewarding career in public finance isn’t about ticking boxes. It’s about staying curious, showing courage and choosing growth, even when it’s uncomfortable.

With resilience, reflection and the right support, along with intellectual curiosity and lifelong learning, I believe today’s finance professionals can forge impactful careers and help build a stronger, more equitable future for all.

• Lindie Engelbrecht, Director of Education and Membership, CIPFA

Building community and opportunity

CIPFA Student Network President Susanna Farrell (pictured) outlines her vision for 2025-26

There is nothing quite like being in a room full of student accountants who have successfully conquered another exam season. The atmosphere was buzzing at this year’s CIPFA Student Network (CSN) Prize Giving, held in June at Public Finance Live 2025 in Birmingham.

As your new CSN President I was incredibly proud to be part of an afternoon that celebrated our hardworking, determined and frankly brilliant student community. The Prize Giving wasn’t only about top marks; it was about recognising resilience, potential and the power of community in what can feel like a lonely qualification journey.

We handed out awards for academic excellence in the past year’s exam sittings. I had the chance to introduce myself as the CSN President, and interact with future accountants who had travelled from far and wide. It was a brilliant reminder that success comes in many forms – and that we are stronger when we support each other.

My vision

I have chosen three key themes to direct the CSN in the coming year: outreach, representation and opportunities. These themes will help us in continuing to build up our network into a true community.

Outreach: While some of us are fortunate to study alongside our colleagues, there are many

students who may feel alone in their studies. Over the coming year, the CSN will be making a concerted effort to reach out to every student –especially those feeling isolated in their studies. Whether you’re the only trainee in your team, or just feeling unsure of where to turn, the CSN is here to be part of your support system.

We will also be reaching out to universities to show prospective students that public finance is not only worthwhile – it’s exciting and highly rewarding.

Representation: While we have made great progress over the last year there is still more to do. The CSN should represent students from all regions, backgrounds and experiences. This year we will be working to ensure that voices from across the UK are not just heard, but are a central part of our planning, events and decisionmaking.

Diversity is our strength. We’re going to keep building on the momentum we have gained already, and keep asking the hard questions about who is at the table - and who is missing. Opportunities: The CSN’s ultimate goal is to improve the student experience – a key part of this is improving opportunities to learn, network and grow professionally. This year we will develop our offer of exam support, mentoring and networking to give all CIPFA students access to real, meaningful opportunities.

We will be offering a range of learning

opportunities, from virtual drop-ins to national events, opening more doors for students across the country.

Let’s do this together

There are exciting plans on the horizon: collaborations with CIPFA and ICAEW; CSN social media platforms; and (spoiler alert) some new student-focused initiatives that I can’t wait to share.

If you are interested in helping to make these plans a reality, please get in touch at csn@cipfa. org. You don’t have to be the loudest voice in the room or a spreadsheet wizard (though we love those too). CSN is what the student community makes it, and everything you contribute helps to achieve our overall goal of improving the student experience.

Here’s to a year of growth, connection and supporting one another. Whether you’re revising late at night, smashing your exams, or just surviving your first budgeting meeting, know that you’ve got a whole network behind you.

• Susanna Farrell is CIPFA Student Network

President

CSN PRIZE WINNERS

• Best Performance in Financial Accounting: Cameron George, East Riding of Yorkshire Council; Louise Naylor, Cabinet Office

• Best Performance in Audit and Assurance: Daniel Wormley, Rotherham Metropolitan Borough Council

• Best Overall Performance in Developing Strategy and Data Analysis: Pandora Glennie, London Borough of Southwark

• Best Performance in Business Reporting: Sahir Ameen, City of London Corporation

• Best Performance in Tax and Law: Daniella Owen, Coventry City Council

• Best Performance in Public Sector

Financial Reporting: Edmund Gutberlet, London Borough of Barking and Dagenham

• Best Performance in Implementing Business Change: Aisling Hargadon, London Borough of Southwark

• Richard Emmott Memorial Prize for Best Performance in the Strategic Case Study: Isabella De Freitas Maalouf, London Borough of Waltham Forest; Ryan Kelly, NHS Graduate Management Training Scheme

• Arthur Collins Memorial Award for Best Overall Performance in the Strategic Case Study and Strategic Public Finance: Adam Jackson, London Borough of Sutton

How do I study?

Karen Groves explains some of the methods and strategies you can adopt to help you best to approach your studies

One of the first questions you probably ask yourself is how to approach your studies – so where to begin?

Many of my students over the years will have heard me discussing how you can use a SWOT analysis to help as a starting point and then getting them to draw this out.

A SWOT analysis will help you identify:

• Strengths – what are you good at?

• Weaknesses – what are you not so good at?

• Opportunities – what career opportunities will further study provide you?

• Threats – what may stop you achieving your goals?

A ‘strength’ might be that you are good at double entry bookkeeping, which will help you with any bookkeeping units.

A ‘weakness’ might be that you find certain topics challenging, so to overcome this you will need to allow yourself more time to study these units.

An ‘opportunity’ could be that you are looking at changing job roles, and by completing the course will put you in a stronger position to secure that dream job.

A ‘threat’ might be family commitments you have, that could prevent you having the time to study. By preparing a SWOT analysis you would address this and look at possible solutions; for example, having a set time each day/week to study when you aren’t disturbed.

Preparing a SWOT analysis will help you to come up with a plan of action. If you are unable to attend an onsite college course then distance learning would be a great option for you, as this is flexible and fits around your other commitments.

Your study goals will be both short, medium and long term and each should have a specific target; for example, this year you want to complete the AAT Level 2 qualification. As part of your goals you will need to have effective time management in place to enable you to complete the required study hours. It is important to re-evaluate your SWOT analysis at every level of your studies. By taking this approach you are identifying factors that may hinder your studies and potentially stop you achieving what you have set out to achieve. I also find it reduces stress levels, as you are identifying these factors before you commence your studies, so you must address these early on rather than realising six months into your study course, and then wishing you had drawn up a study plan timetable to ensure you had ‘study

time’ scheduled.

Once you have carried out your SWOT analysis, then it is time to start studying! So where do you start? This will depend on several factors, for example the training provider or college you are studying with, or you might be purely distance learning with no tutor support. Regardless of what subject or level you are studying the approach will be very similar. Once you have completed the first exam or two you will soon get into the swing of what works well for you, as we are all different in what suits us.

I will base my ‘how to study’ on AAT courses. My advice to our students at e-Careers is to use a mix of the resources you have access to. For example, in the tuition stage work through our online study content, join live sessions or watch the recordings,

and refer to the Kaplan study texts, including Kaplan Practice Questions.

When you come to the revision stage you should be completing online assignments, joining or watching back live exam preparation sessions, and working through the AAT practice assessments. This will ensure you are exam ready, and you will know the format of your AAT assessment to be taken at the exam centre. Regardless of how you are studying you will be able to apply the above, as you will have access to study books and the AAT Lifelong Learning portal.

For revision, I always used to make an A4 page of notes for every chapter during my ACCA studies, as I found the sheer volume of content could be very overwhelming. Condensing it right down also helped me to establish areas I needed to re-visit. The very last thing I looked at before going to take the exam would be the Kaplan pocket notes. You can create your own study cards, or if you do have a set of pocket notes for the course you are studying, make extra notes on these as that can also help.

My final word of advice is that you must want to achieve and do well. If you are not in the right frame of mind to study you will find excuses as to why you can’t do it, which in turn will lead to not achieving.

I found the ACCA FM unit very difficult, as I worked in practice at the time. I would convince myself that rather than studying I should clean the oven, iron, garden or anything else that would seem a reasonable excuse for not doing what I should be doing – getting my head down and studying! Needless to say, the exam took a few attempts, so lesson learnt!

View studying as a positive factor. While it will be very time consuming, once completed you can then secure the job you have always wanted.

• Karen Groves is an AAT tutor and Faculty Director of Accounting at e-Careers

Bournemouth beginnings…

CASSL Vice Chair

Ife Adejuyigbe explains how the new CASSL committee forged friendships on the sunny south coast

For the new CASSL committee our recent weekend trip to Bournemouth was more than just a seaside getaway; it was the beginning of our story.

Over the course of a couple of days a group of near-strangers, united by the shared experience of the ACA qualification, transformed into a cohesive and spirited team, ready to take on the year ahead. This new chapter was built on a surprising mix of beachside barbecues, serene woodland walks and an unexpected, yet unifying, obsession with animated films.

From the moment we settled into our accommodation a distinct theme appeared: Pixar. What started as a casual suggestion for some light entertainment quickly snowballed into a full-blown movie marathon. The living room became a makeshift cinema, filled with the sounds of laughter during Ratatouille and the Cars franchise, and a deep dive into the Bee Movie, which sparked some thoughtful debate. Between the films, the real connections began to form. Shared stories, inside jokes and friendly games became the bridge that connected us, regardless of where we were on our individual ACA journeys. Coming so soon after the intensity of the June Professional exams it felt like a collective exhale– a chance to reset and breathe.

After a relaxed morning we made our way into the heart of the New Forest National Park. The gentle quiet of the park was punctuated by easy conversation and the occasional shared silence as we stopped to admire the wild horses grazing serenely in the open fields. It was a moment of grounding, a chance to connect not just with each other but with the tranquil beauty of our surroundings.

That evening we headed down to the beach for one of the weekend’s highlights: our first CASSL committee barbeque. With the aroma of charcoal filling the sea air, we embraced a true do-it-yourself spirit. The highlight of this culinary endeavour was undoubtedly the creation of surprisingly effective makeshift tongs crafted from a roll of aluminium foil – a moment of chaotic genius that perfectly encapsulated our resourcefulness. The enthusiastic calls of “Who wants a burger? Sausage? Chicken?” echoing across the beach gave our gathering the feel of a bustling seaside market stall. As the sun dipped

below the horizon, casting a golden glow across the water, we cooled off with a refreshing dip in the sea. It was a perfect encapsulation of a British summer evening – filled with simple joys and a growing sense of togetherness.

Our final meal was a culinary exploration organised by our very own Sunny at a local Chinese restaurant. As a self-proclaimed foodie I was thrilled to discover a host of new and delicious dishes, from crispy fried aubergines to an array of richly flavoured tofu creations. The food was exceptional, but it was the atmosphere around the table that truly made the afternoon

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special. Easy laughter, a few chopstick-related mishaps and the quiet, unspoken understanding that we had genuinely come together as a group.

For me, the trip was made all the more special as I had the pleasure of celebrating my birthday with this incredible new team. I couldn’t have wished for a better start to my tenure as Vice Chair. I left Bournemouth feeling energised, inspired and, most importantly, no longer a newcomer, but part of a team that I am excited to grow with this year.

If you have any inquiries about CASSL feel free to reach out. My email address is ife@cassl.uk

Learning Resources

Award winning learning resources including printed books, eBooks & e-learning, videos and quizzes.

Help is at hand

CIMA has just released a new resource to help students who have failed an exam. Nasheen Wuisman explains all

The May 2025 CGMA Case Study exam results are out.

I hope you got the result you worked hard for. If you didn’t, don’t be hard on yourself – professional exams are challenging and it’s just a matter of time before you achieve your pass.

In the meantime, CIMA has a new resource available to support you on your CGMA journey over the coming months: it’s called ‘Revitalise: your guide to regaining exam confidence’.

The aim of Revitalise is to give our candidates the opportunity to assess where they are in their study journey and to choose the support they need based on their selfdiagnosis.

We appreciate the need for a holistic approach when you have faced exam disappointment. Some candidates might be ready to delve straight in but for others we would like to offer you self-care support to help you to be ready to start preparing for an exam again – to regain exam confidence. See: • Access Revitalise: Self-Tailored

Pathway

• Access Revitalise: CGMA Finance Leadership Program Pathway

We would also like to introduce a new format for our monthly PQ article starting next month. In the next edition of the magazine you will see my very first ‘Ask Nasheen’ column, where you can ask me

study-related questions and share study challenges. I will aim to answer as many as I can in each column and share relevant study resources we have created to support your CGMA progression. If you have a question for Nasheen email your query to CGMAStudySupport@aicpa-cima.

com and add subject title ‘Ask Nasheen’.

• Nasheen Wuisman, Senior Manager of Global Academic Progression at AICPA & CIMA, together as the Association of International Certified Professional Accountants

this.

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Do you know who I am?

Richard Simms explains how he would get around your ID checks – and why you wouldn’t notice

If I wanted to bypass your identity checks I wouldn’t need fake passports or forged signatures. I wouldn’t need to hack your systems or bribe your staff. I’d just walk straight into your business – documents in hand, a plausible story ready – and pass through your onboarding with little resistance.

This isn’t about corruption. It’s about the gaps that exist in so many AML policies, controls and procedures (PCPs). I’ve been in professional practice for over 25 years and been my firm’s Money Laundering Reporting Officer for 15 of them. I know how stretched most businesses are, and how easy it is to assume a new client is fine when everything looks in order.

Let me show you how I’d do it. And, more importantly, how to stop me.

Step 1: Crafting a convincing persona

The trick is to look like I belong. I wouldn’t pose as someone flashy or unusual. I’d arrive as a small business owner, consultant or modest investor. Someone who fits your client profile and doesn’t stand out. I’d tailor my story to your business, and back it up with:

• A LinkedIn profile with a small network and a vague job title.

• A basic website for my consultancy business.

• A virtual office address in a respectable postcode (legally available for as little as £50 a year).

• Clean-looking documents: utility bill, driver’s licence… all real, or close enough to pass. This profile is deliberately bland, nothing about it screams risk. That’s why it works. If you’re busy, if everything looks in order, and if there are no immediate red flags, you’re unlikely to look deeper.

So where do these documents come from?

Synthetic identities are often created using real personal data harvested from breaches, phishing or bought on the dark web. A UK driving licence or utility bill template costs under £200. A common trick is combining a real National Insurance (NI) number with a fabricated identity: new name, address or job title. Because the NI number is genuine, it bypasses superficial checks.

The UK government explicitly warns that NI numbers should not be used as proof of identity – they’re not private, not secure and frequently abused in fraud.

Step 2: Exploiting the gaps

A convincing identity is only half the job; I still need you to accept it. That’s where your processes come in. Once I’ve got the right documents I rely on your process to do the rest.

Manual checks: Many businesses still carry out manual checks—visually inspecting passports, driving licences and utility bills. But under time pressure or without adequate training, staff may overlook subtle signs of forgery or accept documents at face value. Some common indicators of a forged or fraudulent identity document include:

• Inconsistent fonts or font sizes on the document.

• Low-quality or pixelated images and watermarks.

• Holograms that don’t reflect correctly when tilted.

• Signatures that appear printed rather than hand-written.

• Physical wear inconsistent with the issue date (e.g. heavy wear on a recently issued ID).

• A photo that doesn’t match the holder’s physical appearance or appears digitally manipulated.

Digital checks: Many ID verification tools are designed to check format and validity – not cross-reference the identity as a whole. They confirm whether a passport is expired or if a utility bill matches a postcode, but often fail to verify whether the individual behind the identity truly exists or has a credible background and, most importantly, is the person claiming that identity.

Many electronic ID checks fail to verify if the individual is a real person and who they claim to be, whether their story makes sense, or whether their background aligns with the risk. In other words, the technology checks the documents –not the person.

As highlighted in the UK government’s identity verification guidance, National Insurance numbers are not private, are often shared, and are vulnerable to misuse in identity fraud schemes. If the name, date of birth and NI number line up with something plausible, most systems will let it through.

If your checks don’t dig beneath the surface –if they stop at verifying documents, not identities – then I’m in.

Step three: Illusion of legitimacy

Passing the ID check is just the start. Once I’m through the door I make my fake identity look real.

I’ll open a UK bank account using the same documents I gave you. Since most banks use similar ID verification software, if I passed your checks I’ll likely pass theirs too.

Then I’ll build out a backstory:

• Invoices from my ‘consultancy’ to other companies I control.

• PAYE records showing a modest salary.

• A lease agreement linking me to a physical address.

• Light online presence: company details on Companies House, maybe a few blog posts or job ads.

It’s a curated but convincing profile. And it’s designed to fit what most professionals expect from a small, compliant business.

Meanwhile, you’re processing dozens of similar clients, many with far messier setups. I’m polite, responsive, I pay on time. Nothing about my file stands out. And that’s the point.

Step four: Using your credibility

Now comes the part where your role becomes central to the whole plan.

As a regulated accountant, your professional standing gives my synthetic identity a powerful cloak of legitimacy. When you verify my identity, file my accounts and submit my tax returns, it reassures banks, regulators and law enforcement that proper checks have been done.

The ‘unwitting enabler’ isn’t just theory. According to the UK’s National Crime Agency, professionals like accountants are among the most commonly exploited actors in money laundering schemes, often without realising it. Criminals use regulated firms to lend credibility to front companies, shell structures and fake directors.

A real-world case study from the Consultative Committee of Accountancy Bodies (CCAB) illustrates this risk clearly. In the example, a small accountancy firm continued to process VAT returns for a client despite spotting implausible sales data and unusual business behaviour.

The firm failed to question the underlying transactions or consider whether a Suspicious Activity Report was necessary. As a result, they inadvertently helped facilitate VAT fraud by legitimising the client’s filings.

The case study is available from CCAB here Even where there’s no criminal intent, the consequences are real. And they’re more common than most firms realise.

When HMRC investigates

Eventually, someone asks the right question.

I’ve submitted a VAT return showing substantial consultancy income, offset by large, vague expense invoices. My business seems profitable on paper, but the transactions don’t quite make sense.

HMRC looks closer. They discover:

• The company was registered just six months ago, with a virtual office as its business address.

• The director has no digital presence – no LinkedIn profile, no past trading history.

• The expense invoices lack clear descriptions and appear to be from companies with minimal traceable activity.

Under the new Companies House rules introduced by the Economic Crime and Corporate Transparency Act, identity verification is required for all company directors and beneficial owners.

In this case, the business would have needed to pass those checks. But the fact that the company was still able to be set up, despite

later suspicions, demonstrates that passing basic ID verification doesn’t eliminate risk. The documents may still have been forged or genuine documents misused, which is why further checks by professionals remain essential.

What happens next?

HMRC will often pass its concerns to another authority (typically the National Crime Agency or a law enforcement body) if it suspects the issue goes beyond tax non-compliance. That’s when the case moves from a routine check to a potential money laundering investigation.

You’re the accountant on record. You filed the VAT return and prepared the accounts. By the time you’re being asked for your client file, you’re no longer just a service provider: you’re part of the investigation.

These next questions are most likely to come from law enforcement or a regulatory authority, after HMRC has passed the case on. If your AML supervisor or professional body becomes involved, this questioning could be as part of a Continued on page 34

disciplinary or compliance review triggered by that referral.

So:

• What checks were done at onboarding?

• Did you verify the identity and beneficial ownership?

• Did you question the nature of the client’s trade or the substance of the invoices?

• Was there a rationale for not applying enhanced due diligence?

If you relied solely on supplied documents, without further probing the client’s story or source of funds, then the investigation doesn’t stop with the company. It turns to you. If you can’t answer clearly or your file doesn’t contain the evidence, your business is exposed.

What you must be able to show

Under Regulation 28 of the UK Money Laundering Regulations, you must demonstrate that you:

• Obtained and verified identification documents, including reliable, independent sources for both individuals and legal entities.

• Identified the beneficial owner and took reasonable steps to verify them, especially in layered or opaque structures.

• Assessed the purpose and intended nature of the business relationship, including the client’s business model, transaction types, and funding sources.

• Determined and recorded the client’s risk

profile, factoring in jurisdiction, sector, ownership, delivery channels, and more.

• Applied ongoing monitoring, meaning you didn’t file the client away and forget them. You must check that activity aligns with expectations.

How to stop me

Risks are part and parcel of working in a regulated profession. But while you can’t eliminate them entirely, you can understand where those risks lie and take steps to mitigate them.

1. Cross-reference client information

Use multiple data points– Companies House, credit reference data, open-source searches – to verify the story, not just the documents.

2. Don’t accept an NI number as ID It’s not a reliable identity check and is

Scale of the problem

Experian reported a 60% rise in synthetic identity fraud in 2024, with such cases now making up nearly one-third of all identity fraud incidents.

Over 8.6 million people in the UK have used fake, fraudulent or borrowed identities to access credit, services or goods.

Identity fraud is estimated to cost the UK economy £1.8 billion annually, much of it flowing through regulated sectors.

specifically discouraged by UK government guidance.

3. Dig into vague business models

Descriptions like ‘advisory’, ‘consultancy’ or ‘investment support’ should prompt deeper questioning.

4. Train your team to escalate

Junior staff handling onboarding need confidence, knowledge and authority to question anything that doesn’t feel right.

5. Use smart AML systems

Look for tools that go beyond checklists – ones that encourage more details to be gathered and added about the client and the risks so you can flag unusual patterns, relationships and behaviour over time.

The bottom line

I wouldn’t need to break your systems, I’d just need to blend into them. A clean-looking identity. A plausible business. A modest company with just enough documents to pass.

By the time you realise what I’ve done I’ll be long gone. And you’ll be left trying to prove you did everything right.

But you can stop it by asking one more question, digging one layer deeper and staying one step ahead of people like me.

Because if I can see the weaknesses in your system, so can everyone else who’s looking for a way in.

• Richard Simms, Founder and Director of AMLCC

Dear Karen

Ask PQ’s very own agony aunt Karen Young when you need advice from a real expert. Email your dilemma to graham@ pqmagazine.com, and he will pass on the best ones to Karen

THE DILEMMA

I’ve got my first performance review coming up and I’m nervous and not sure what to expect. How should I deal with it?

KAREN’S RESPONSE

Although your first official performance review can feel daunting it’s a perfect opportunity to reflect on your achievements, address any areas for improvement, receive formal support and ultimately keep you on track to move your career in the right direction. So approach it with a positive mindset –this is your opportunity to shine!

Arriving prepared will help to reduce your anxiety, so make sure you allocate some time well before your meeting to look back on your goals, where you’ve met them, what you have achieved, and what you’ve learnt.

As well as recognising the positives it’s just as important to address challenges you might have faced to show self-awareness and a willingness to grow from any objectives you have missed. Consider the steps you will take to overcome obstacles going forward and don’t be afraid to ask your manager for their advice when it comes to dealing with certain challenges that arise.

Performance reviews are the prime time to get feedback that you can adopt into your role to support your overall development. Crucially, you want to come out of your review with a clear outline of your upcoming goals and how you plan to meet them. That way, you can take accountability for your own progress and carry out your responsibilities with a strong sense of focus, direction and motivation.

• Karen Young is a director at Hays. She is passionate about helping people to find the right job and companies the right person

AI equals x3 higher growth

Being AI-literate really helps your company to grow –and perhaps more importantly bumps up your pay

AI is sprinkling stardust on UK employees and sectors that are best able to use the technology, suggests PwC’s 2025 Global AI Jobs Barometer. Workers in ‘exposed sectors’ (where AI can be readily used for some tasks) are more productive and able to command higher wage premiums. The report is based on analysis of close to a billion job ads and thousands of company financial reports from six continents and covers from 2018-2024.

The analysis shows that industries most exposed to AI have three times higher growth in revenue

In brief

PQ JOB OF THE MONTH: Assistant accountant

A leading and rapidly growing group in the education and care sector is looking for an assistant financial accountant. The position offers remote/hybrid working with only one day a week required in their office in Gloucester and flexible working hours.

You will be supporting the financial accountant in performing statutory accounts preparation, month-end journal postings, reconciliations, day-to-day cash management, revenue processes and financial query resolution.

Study packages available for AAT/CIMA/ACCA/ACA if required.

A salary of £30,000 to £33,000 is on offer.

Applications close on 25 July. For more information click here

Remember, every week PQ magazine posts a Job of the Week

per employee compared with the least exposed industries. Although factors beyond AI are contributing to these results, the findings also show growth in revenue per employee for AI-exposed industries surged when large language models such as GenAI became mainstream.

Revenue growth per employee

on our website – so check out www.pqmagazine.com

460 students on Deloitte work experience

Deloitte’s immersive Summer Vacation Scheme is up and running, with 460 UK university students turning up at one of the Big 4’s 15 office locations.

The summer paid work experience is for university students who are in the penultimate year of their degree. Participants gain a valuable insight into a career in professional services, including the opportunity to work closely with the firm’s audit and assurance and tax and legal businesses, as well as the consultative businesses – strategy, risk and transactions advisory; and technology and transformation. There may also be an opportunity to receive an offer for a place

has nearly quadrupled in industries most exposed to AI (such as software), rising from 7% between 2018 and 2022 to 27% between 2018 and 2024. In contrast, revenue growth per employee in industries least exposed to AI (such as mining and hospitality) fell slightly, from 10% between 2018 and 2022, to 9% between 2018 and 2024.

In turn, wages are growing twice as fast in AI-exposed industries. This includes roles that are classed as ‘automatable’ (jobs containing some tasks that can readily be automated). The highest premiums are attached to occupations requiring AI skills, with an average premium in 2024 of 11% for UK workers in these roles.

on the firm’s coveted graduate programme.

Thames Valley hotspot

Despite broader caution, the Thames Valley seems to be a hotspot for accountancy jobs. Recruitment firm Pro-finance has said there is unprecedented demand for accountants in ‘the Shires’, with finance and accounting roles surging by over 150% in the past year. Some 87% of finance leaders acknowledged that the talent shortage is at levels never seen before.

PQs are seeing big rises in salaries, with pay packets jumping on average 5.8%. Pro-finance said firms are desperate to attract and retain the next generation of talent, so they are sweetening the deal for up-and-comers.

NQ auditors and tax associates are also commending premium offers.

The PQ Book Club: books you should read

Organic Growth: Building a new Sustainable and Inclusive Framework from the Ground Up, by Atul K. Shah (Routledge £39.99).

We are told finance is neutral, that the market has no politics, but debt has always chosen sides, says Professor Atul K. Shah in his latest tome. He reveals who shapes power, quietly, persistently and globally, and how we can reclaim it; not to abolish finance but to root it in justice and equality.

He explains there is an invisible supply chain of finance. You know where your coffee,

your clothes, your chocolate come from, but do you know where your money sleeps at night?

But we fail to trace the finance supply chain. In his book, he emphasises that we need to demand transparency not just in trade, but what we are using the money for, too.

You know what you are getting from the prof when you see the title of his first chapter – ‘Evil Finance’. You also get a wonderful poem (more next month on that).

However, Shah stresses that to fully understand his book, mere reading and intellectual

analysis will not be sufficient. He wants you to spend time visiting the rain forests, or an indigenous temple, and even try some meditation and mindfulness. What he wants is for accountants to engage with the real world – perhaps a world that is rarely ‘valued’ but so valuable!

PQ rating: 5/5 Just wow! As Lord Sikka said, there is so much we need to unlearn before we can see or understand the nature and limits of money.

Mind the tax gap

The UK government’s revenue people failed to collect £46.8 billion in owed tax in 2023/2024, according to… HMRC itself! That makes the official tax gap 5.3%, with HMRC bringing in £829.2bn (the other 94.7%).

Interestingly, HMRC says this latest figure is better than the tax gap in 2022/23 – it was originally put at 4.8%, but has now been revised up to 5.6% (£46.4bn).

HMRC is blaming small businesses for the largest proportion of the tax gap (60%); this figure was 48% in 2019/20. However, Corporation tax accounted for 40% of the total tax gap.

It claims the main ‘behavioural reasons’ for the overall tax gap are failure to take reasonable care (31%), error (15%) and evasion (at just 14%).

The Exchequer Secretary to the Treasury, James Murray, said that in its first year in office Labour set out plans to raise an extra £7.5bn through “the most ambitious ever package to close the tax gap”.

Dawn Register, Head of Private Client Services at BDO LLP, said: “The most alarming trend is the deterioration in Corporation Tax compliance. The Corporation Tax gap has ballooned to 15.8% of theoretical liabilities, making it the single largest component of the tax gap at 40% of the total. This is a dramatic increase from the 24% share Corporation Tax represented of the tax gap just five years ago in 2019-20.” Ten years ago the Corporation Tax gap was 10%.

When a poppadom is not a potato crisp

Walkers has lost its appeal against HMRC over its claim that its Sensations Poppadoms should be treated as zero-rated for VAT. The First-tier Tribunal had earlier decided that the poppadoms fell within the excepted item group of “potato crisps, potato sticks, potato puffs and similar products”, so should be standard-rated for VAT as HMRC claimed.

The appeal judges said although poppadoms

are listed on HMRC’s website as a separate product to potato crisps and zero-rated, the reference was to traditional poppadoms served with meals and made from a traditional recipe (gram flour).

Justice Mead and Judge Ashley Greenbank said Walkers calling them poppadoms “does not affect the question as to whether Sensation Poppadoms should be treated as similar to potato crisps”.

The appeal was duly dismissed.

Strawberries and cream in a sandwich!

M&S has launched a new strawberries and cream sandwich, which is a nod to a signature Japanese sweet treat the fruit sando.

M&S is using a sweetened brioche bread, along with red

diamond strawberries placed between a thick layer of whipped cream. The treat costs £2.80 for the one slice.

Tax experts have been all over the new sandwich, too. They are wondering if it is

classified as a standard sandwich (which is zero-rated for VAT) or as a confectionery item (and subject to VAT at 20%).

Currently, there is no news out of M&S about whether the sandwich is being sold with or without VAT. HMRC are sure to be on the case soon.

600,000 penalties for those who owe no tax

In the past five years 600,000 people who owe no tax have been charged HMRC latefiling penalties, the Tax Policy Associates (TPA) has revealed.

The penalties start at £100, but can snowball into four- and five-figure debts: one woman with severe mental health difficulties was pursued for £10,000; another was driven into bankruptcy.

A system that was intended to encourage timely tax filing has become, in the words of retired tax judge Richard Thomas, “the most punitive in the world” for

people on low incomes.

The previous Government promised to scrap the penalty for a single missed return and cap any bill at £200, but this reform has vanished into the long grass.

TPA said: “It’s unjust. The Government should act, and stop the most vulnerable in society having their lives made harder by HMRC.”

Read the full TPA report here

W E V E G O T T H E L O T

’ Book Club giveaway

We have the latest review books from the PQ Book Club to give away in our lucky draw this time.

Up for grabs are ‘A Student’s Guide to Auditing Practice’, which is signed by co-author Steve Collings; ‘See your Elephant’ by Dr Jo Brown; and ‘Reflections on the Case for Audit Reform’ by Krish Bhaskar and Rod Sellers. To be in with a chance of winning one of these great books send an email with your name and address to giveaways@pqmagazine.com and we will send the lucky winner their prize – simple as! Head up your email ‘Book Club’

Two for the price of one!

They proved so popular we have three more sets of travel puzzle books to be won this month. They are a perfect companion if you are heading for sunnier climes. There are 128 pages to enjoy, so hours of fun await. And, remember, you will receive not one but two books, so you can keep one and give one away.

For a chance to win these books just send an email headed ‘Sunnier Climes’ to giveaways@pqmagazine.com along with your name and address

Terms and conditions: One entry per giveaway please. You must send your name and address to be entered for the draw. All giveaway entries must be received by Friday 15 August 2025. The main draw will take place on Monday 18 August 2025.