The accountancy profession has railed against claims that the profession will soon be replaced by machines.
Former Conservative Chancellor of the Exchequer Jeremy Hunt (pictured) recently claimed graduates should think about careers in medicine and IT instead of accountancy, if they want fulfilling and long-lasting professional careers.
In a podcast chat – Jimmy’s Jobs of the Future – Hunt told the host Jimmy McLoughlin he would “steer people away” from accountancy because computers are going to be able to do a huge amount of the work that is currently done by them. He went on to suggest: “There are certain markets where you think if you go into this market, you’re pretty dead.” It would appear Hunt thinks the accountancy profession is one of those!
ICAS CEO Bruce Cartwright has written an open letter to Hunt expressing his disappointment at the comments. He said far from
being an outdated profession, accountancy is at the heart of the modern economy, providing essential services to businesses, governments and individual alike.
And, while AI will mean fundamental changes on the number-crunching side, it will ultimately add value to business
and allow accountants to focus on more strategic activity.
Cartwright accused Hunt of being short-sighted and felt his views could be detrimental to the future of the industry and broader economy.
Director of ACCA UK, Abdul Goffar, said without doubt AI will
increasingly revolutionise the world of accountancy, bringing opportunities, risk and change. He also stressed accountants will need to upskill if they are going to be successful – including in their current roles. Goffar feels ultimately AI will enable accountants to contribute much more effectively to analysis, interpretation, strategysetting and decision-making.
Meanwhile, Andrew Harding, Chief Executive – Management Accounting, AICPA & CIMA, said Hunt was misguided and his views just aren’t a reflection of reality. He explained: “While it’s true that technology, including AI, is transforming the profession it’s certainly not eliminating the need for accounting and finance professionals. In fact, it is quite the opposite according to the research and advisory company, Gartner, or the global staffing and recruitment company, Robert Half.”
• For more see our letters page and features inside, where we publish Cartwright’s letter in full.
MAKE ACCOUNTING GREAT AGAIN!
Australian chartered accountant
Joe Kaleb and a dedicated group of fellow accountants have joined forces in an attempt to ‘revitalise’ the profession.
To this end they have launched a grassroots ‘Make Accounting Great Again’ movement, and their mission, which they hope will go global, is to inspire the next generation of accountants to embrace the fantastic opportunities that accountancy provides.
Kaleb wants to change the
perception that accounting is boring or just about numbercrunching, by highlighting its dynamic, diverse and evolving nature.
He said: “We need to better communicate to young people that there are so many avenues for them to go down in our profession, whether it be in public practice, working for a company or in government, or even starting their own business.
“We also need to emphasise the
many valuable contributions that accountants make, such as saving clients thousands in taxes, offering
valuable insights into business finances and providing growth strategies.”
In our lead story last month we highlighted one of his colleagues, Joanna Perry (pictured wearing the ‘Make Accounting Great Again’ cap), who raised concerns about a global shortage of accountants.
Visit the ‘Make Accounting Great Again’ website for further information –https://tinyurl.com/5n925f92
Jeremy Hunt: steering people away from accountancy
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IN THIS ISSUE
A note from the Editor
It’s almost time for the PQ magazine awards 2025, and me and the team will be heading to Salsa Temple to celebrate everything that is good in accountancy education! These are our 22nd awards, and they never fail to raise a cheer and a tear, and I can’t wait to help hand out 23 of our wonderful ‘PQs’. Do check out page 17 to see who made this year’s shortlist.
Jeremy Hunt certainly ruffled a few feathers this month, after he made his comments about the accountancy profession on ‘Jimmy’s Jobs of the Future’ podcast. He said that when it comes to AI it is very hard to call how it will all work out. His kids are 10, 12 and 14, and he constantly thinks about which careers to advise them to go for. This is when he mentions steering them away from accountancy, as he can see computers doing a huge amount of the work currently done by you! It won’t replace surgery, Hunt believes, and AI won’t mean we won’t have a tech industry, either. If you want to check out what he actually said then go to https://tinyurl.com/5827y7ud.
It all shows people really don’t understand what accountants do or contribute, and it is why we are supporting Joe Kaleb’s ‘Make Accounting Great Again’ grassroots movement.
Accountancy is and will continue to be a dynamic, diverse and evolving career choice.
Graham Hambly, Editor and Publisher, PQ magazine
8 EY appointments
4 Sustainability call
Sustainability must be a key pillar in accountancy training, IFAC says
5 ACCA pass rates
Which were the fair papers at the March sitting – and which exam was ‘brutal’ and ‘just crazy’?
6 CTA launches consultation
Chartered Institute of Taxation wants your input on its proposed new qualification
EY appoints Alison Duncan and Anna Anthony to the top two UK jobs
9 PwC cuts
PwC UK pauses tech apprenticeship scheme and makes record cuts to partner numbers
10 Audit vacancies
New survey finds a 70% surge in UK internal audit vacancies in January
12 Tech news
AI presents ‘biggest opportunity’ for accountants, survey finds Features, etc
14 Have your say
Why Jeremy Hunt has got it wrong; despite talent shortage, I can’t get a job; and is lorry driving a better career? Plus our social media round-up
17 PQ awards 2025
The shortlist has been finalised – so check out who made the cut
18 Viewpoint
Jeremy Hunt caused consternation when he said the profession’s days were numbered because of AI. Here are some of responses…
20 ACCA spotlight
Why ex-chancellor Jeremy Hunt has got it wrong about AI coming for accountants’ jobs
22 AAT spotlight
AAT’s Clare Dye shares what can be expected from the association’s new qualifications
23 Identity fraud
Beware the rise-and-rise of AI-driven identity fraud, a new report warns
24 CIMA spotlight
What students and employers think of the CGMA Finance Leadership Programme
25 A question for Tom Struggling with the concept of accounting for goodwill? Then Tom Clendon is here to help
26 ACCA AFM exam
Sunil Bhandari explains everything you need to know about corporate bond finance
28 AAT awards
Who walked off with the coveted AAT awards this year? We have the list in full
30 MCS case study
We run the rule over the CIMA May ’25 pre seen analysis on Trimayr, a hairdressing business
32 Corporate fraud
Criminals are using ‘muppets’ to commit corporate fraud – so how do we stop them?
33 Study techniques
You need to mix up your routine if you want to study successfully
34 CIPFA spotlight
NHS Finance Manager Harriot Winfield outlines what takes to become CIPFA qualified
35 Stress and burnout
Celeb Bobby Seagull teams up with caba to raise awareness of the impact work stress can have on your relationship
37 Careers
Increasing numbers of AAT members are setting up on their own, report finds; more wise words from our Agony Aunt; and PQ’s Book Club review
38 Fun
The lighter side of life – and accountancy
The columnists
Lisa Nelson Your independent opinion is more important than AI 4
Robert Bruce AI is just another ‘tech myth’ 6
Prem Sikka Minimum wage must be better enforced 8
Anna Kate Phelan MTD: being aware is not the same as being prepared 10
Hannah MacDonald Why exam failure is a resilience issue 12
LISA NELSON
Cutting through the AI noise
PQs must be able to ‘do’ sustainability
Sustainability must be embedded throughout aspiring professional accountants’ training, says the International Federation of Accountants (IFAC).
The buzz around AI continues to grow, including perspectives on its use in both accountancy and professional education. I am sure your inbox is full of commentary and opinions from ‘experts’, offering a spectrum of views on its potential and pitfalls. As an accounting professional you’re likely encountering this debate first-hand.
But amidst the noise, remember a core tenet of our profession: forming independent opinions. Accountants routinely navigate subjective areas, whether assessing the reasonableness of audit estimates, determining substance over form in financial reporting, making provisions, applying materiality, forecasting for management decisions or interpreting complex tax legislation. This requires critical thinking and professional scepticism.
The same principle applies to AI. While it’s valuable to absorb expert insights, there’s no substitute for your own exploration. Test AI tools relevant to your work. Evaluate their accuracy, efficiency and ethical implications. Consider the potential for bias and the impact on professional judgment. Does it enhance your judgment or simply offer a potentially biased shortcut?
Reaching an informed opinion on AI’s role is crucial. This is the essence of lifelong learning –adapting and evolving your skills in a changing landscape. Listen to the discussions; more importantly, set aside the time to learn about and engage with this technology. Experiment, analyse and develop your own AI compass. Independent judgment will be your most valuable asset in the years to come.
Revisions to the International Education Standards will, says IFAC, reinforce the profession’s role in supporting high-quality sustainability reporting and assurance, while upholding integrity and professional quality.
IFAC’s CEO Lee White said: “These revisions to the education standards ensure that professional accountants worldwide develop the right competencies to implement sustainability reporting and assurance standards effectively.”
As sustainability data and information become integral to corporate decision making and transparency, IFAC said it is crucial that professional accountants are equipped with the necessary skills to provide high-quality reporting
and assurance that meets the needs of management, investors, regulators, and other stakeholders. Ann Lamb, director of professional qualifications at ACCA, said: “Accountants have a central role in driving forward sustainable business around the world, and sustainability reporting and assurance are critical elements of this work. So, we very much support IFAC’s move to embed sustainability in accountancy training. Sustainability is already integrated into the ACCA Qualification, and we keep our syllabus updated to ensure it covers all the latest developments.”
#PQAwards shortlist is here
The red carpet is being rolled for all those who have been shortlisted for the 2025 PQ magazine awards. Taking place this year at the ‘sold out’ Salsa Temple in London, there will be will be 23 coveted PQ trophies up for grabs on the night. The full shortlist was published online at www.pqmagazine.com on 3 April, and can also found on page 17 of this issue.
Grace Hardy (pictured) is up
for two awards – she is up against Andrew Murray and Aaron Patrick for Personality of the Year. And her Unconventional podcast is up against two ACCA podcasts. Buzzacott has two nominations, as does the University of Chichester and Chesterfield College.
However, it is Kaplan which is on most shortlists. The reigning Private Sector College of the Year has been shortlisted again this year in this category.
Dundee uni to make 632 redundancies
Dundee University shocked the academic world after it unveiled ‘a significant downsizing of core funded staff’.
A new financial recovery plan has proposed a reduction in staffing of 632 full-time equivalent posts. Every school and directorate at the university will be affected.
With a £35m deficit forecast for 2024-25 the university is planning assets disposals, including property, intellectual property assets and share disposals.
Professor Shane O’Neill, interim principal and vice-chairman, said: “Savings in capital and operational
expenditure have already delivered more than £17m of savings this year. In setting out our proposals towards a financial recovery and a sustainable future we have adopted an approach of frank realism and honest self-criticism in our assessment of the current situation and the challenges faced.”
More than 250 jobs in professional services at the University of Nottingham have also been announced. Another 100 vacant posts are not being filled.
Accountex London is coming…
If you are heading for Accountex this year then make sure you head to the Talent Theatre.
Among the seminars on day one is ‘What’s the next talent megatrends for 2026/27?’ You will be able to hear all about AI’s dual impact on employment – the displacement of some roles and productivity enhancements and new opportunities.
Don’t forget to bring your headphones along too, as you will
be able to tap directly into the sound and enjoy an enhanced listening experience.
Accountex is taking place at Excel on the 14-15 May 2025. For further information and to book your free ticket visit www.accountex.co.uk/london. Use priority code ACX430.
PQ Course Finder
How do you find the right tuition provider to help you ‘get qualified’? There are literally hundreds of people providing
tuition, but who can you trust?
Well, PQ magazine has been around for over 20 years and we have created a Course Finder page at https://www.pqmagazine.com/ course-finder, which will guide you to some of the best tutors around. Select which accountancy body you are studying with and you will see our trusted providers.
We have nine trainers on the AAT list, including HTFT Partnership, Ideal Schools, e-Careers, Training Link and Premier Training. We know if you choose any one of these you
will get a first-class service and be one step nearer your goal of becoming a qualified professional.
New governance structure at AAT
AAT has now launched its new governing structure, with the appointed Trustee Board under the inaugural chair Sir Stephen Hillier. Together with Sir Stephen there are 11 non-executive directors, who have overall responsibility for establishing and overseeing AAT’s strategic direction.
Lisa Nelson is Director of Learning at Kaplan
The March ACCA pass rates are…
The ACCA March pass rates are out. In all, 90,707 students took 102,076 exams. And, some 3,877 students completed their final exams to become ACCA affiliates.
Despite the outcries after both the tax exams, the pass rates were the highest of the Applied
Skills and Strategic papers. One TX sitter described their exam as ‘just crazy’ and another said it was ‘brutal’. At 52%, TX is slightly down on passed sitting, but not by much.
Meanwhile, the ATX pass rate is the highest it has ever been, at 52%.
It is the first time it has broken the 50% barrier, and is way off the all-time low pass rate of 28%, achieved by December 2007 sitters.
The really brutal pass rates were the same culprits – AA and PM at the Applied Skills level, and AAA and APM at Strategic.
For March, PM hovered around the usual low 40% – it was 42% this time around. At 47%, the March AA sitting is a bit higher than normal.
ACCA should be concerned that AAA and APM pass rates seem stuck below 40%. That said, they have been higher for the past four sittings now, and above the 33% APM and 38% AAA sitters managed in March 2024.
Ben Affleck is back in The Accountant 2, which gets its theatre release on 25 April in the US.
Affleck returns as autistic Christian Wolff, the forensic accountant who helps launder money for some of the most dangerous criminals in the world.
So, what’s the storyline for this one? Well, when her former boss is killed by unknown assassins, Treasury Agent Marybeth Medina calls in Woolf. He in turn gets helps from his estranged brother Brax, and we have a buddy movie!
The film has an 85% score on Rotten Tomatoes, with a ‘good time at the movies’ review! The tagline for the movie is: “Do you like puzzles?”
The original Accountant film was released in 2016 and brought in $155.2m at the box office. PQ magazine was at the Premier in Leicester Square.
Don’t get too excited, but there is also talk of a third film and a television series, too.
ROBERT BRUCE
AI and the same old story
CTA qualification review
The Chartered Institute of Taxation is asking for feedback on its proposed changes to its Chartered Tax Adviser (CTA) qualification.
Jeremy Hunt is a very tall man. He is a former Chancellor of the Exchequer. Very tall men find it easy to fall into the trap of feeling they can dominate proceedings and that somehow makes them right. So it came as no surprise to hear him say that it was all up with accountancy and that graduates would be better off studying medicine. It was prompted by all that artificial intelligence stuff that politicians, usually the last people to get a grip of such things, feel they need to opine on. AI is magic you see. It is an argument that has reverberated for years. Computers do figures so people are redundant. It was ever thus.
I remember, 100 years ago or so, when I was a young lad out on an audit. It was at an elderly business that had the ancient technology to prove it. A pneumatic tube system (and I am not making this up) delivered paper messages through tubes around the building. Being audit clerks we sent limericks to the flirty women operating the sales ledger. And it was they who, having been told they were getting one of these new computer things soon, told us that we wouldn’t be coming back next year. Simple really – the figures could look after themselves.
The recurring popular belief that technology supersedes human beings was alive even then.
Robert Bruce is an award-winning writer on accountancy for The Times
FRC on the move
The Financial Reporting Council (FRC) has relocated its London office from London Wall in Moorgate to Harbour Exchange in Canary Wharf.
FRC said the new office provides it with modern facilities, and follows the successful opening of its Birmingham office last year, which now hosts 10% of its workforce.
The FRC promised it will continue to maintain all services without interruption as it fully
Interested parties have until 30 June 2025 to provide their input, and the CIOT said it wants to hear from student, prospective students, members, employers and any other stakeholder.
Key proposals under consideration include:
• To restructure the qualification
over three academic levels.
• To introduce a skills-based paper, designed to develop students’ ability to apply tax knowledge in practical situations prior to the final level paper.
• To provide a clear statement of requirements for each stage of the qualification, setting out the learning outcomes and assessment criteria for each module alongside the detailed syllabus requirements, to improve transparency in the CTA
assessment process.
• To introduce a statement of Professional Skills and Competencies.
Once the assessment closes the new look qualification will be published in December 2025 and students will start studying the new qualification in September 2027, with the first assessments taking place in May 2028.
CIOT President, Charlotte Barbour (pictured), said: “Your feedback is invaluable in helping us modernise the CTA qualification. We appreciate that time is precious and welcome all response, however short or detailed.”
ACCA partners with fraud examiners
With fraud continuing to plague businesses and the wider economy, ACCA and the Association of Certified Fraud Examiners (ACFE) have signed a Memorandum of Understanding (MoU) to collaborate in key areas, including thought leadership, research and learning.
The MoU — which is for an initial period of three years — explores opportunities for the development and joint organisation of continuing professional development (CPD) and continuing professional
education (CPE).
Helen Brand, ACCA chief executive, said: “ACCA has had a long-standing commitment to empowering members to better address and manage fraudulent activities, focused on improving risk assessment, robust controls
and forensic auditing.
“This MOU reinforces that commitment. We look forward to working with fellow global professional body ACFE in promoting the highest ethical business standards.”
Graduate apprentices make ICAS history
ICAS recently celebrated 760 newly qualified Chartered Accountants (CAs) officially joining the profession at its annual Admission Ceremony, held in Edinburgh.
Marking a milestone in the institute’s 170-year history, the Class of 2024 includes the firstever students to study ICAS’ CA qualification through the Robert
transitions into the new office. Stakeholders are advised to update their records with the new address effective immediately.
The FRC’s new address is: 13th Floor Exchange Tower, 1 Harbour Exchange Square, London E14 9GE.
You need ‘soft skills’!
Having technical skills are vital, but if you don’t have the professional skills you are not going to make it as a professional accountant,
Gordon University (RGU) Graduate Apprenticeship programme.
Gail Boag, Executive Director of Learning at ICAS, said: “Welcoming the first RGU graduate apprentices as qualified CAs this year is a proud moment for ICAS. Their admission, alongside 760 peers, reaffirms the strength of the CA qualification and highlights ICAS’ appeal to a
explained ICAEW’s Helen Powling at our recent roundtable event.
The ‘Accountants…time to power up your employability skill’ roundtable looked at the rise and rise of the demand for accountants’ ‘soft skills, and ACCA’s Jamie Lyon said developing your networking skills and personal relationship are also key to a successful career.
The roundtable went out live and there was a whole T Level class from Stanmore College watching. You can watch the whole
new generation of jobseekers and employers alike.
“The internationally renowned CA qualification opens doors to career opportunities beyond the realms of traditional accountancy and serves as a passport to the highest levels of business and finance – with 86% of FTSE 100 companies employing ICAS members in senior positions.”
event too at: https://getrogo.com/
A case for audit reform
The need for more dynamism in audit reform does not only come from the demand side, according to Krisk Bhaskar and Rod Sellers in their new book.
In ‘Reflections on the Case for Audit Reform’ they say there are persistent signals that auditing is no longer seen as an attractive career. Book review on page 37
The UK minimum wage for workers over the age of 21 is £12.21 an hour. Someone doing a 35-hour week earns £22,222 a year gross; £19,519 after income tax and national insurance contributions.
A single person needs to earn £28,000 a year to reach a minimum acceptable standard of living in 2024. A couple with two children needs £69,400 between them. They can’t easily raise a family, save for a decent pension or buy a home.
As a percentage of median earnings, the UK minimum wage is lower than in Colombia, Costa Rice, Chile, Mexico, Portugal, Turkey, Slovenia, France and South Korea. Too many UK companies still fail to pay the minimum wage as this boosts profits, dividends and executive pay.
In 2024, 371,000 eligible workers did not receive the minimum wage. Rather than prosecutions, governments opt for a ‘naming and shaming’ regime on the assumption that this would enhance compliance with regulation. Yet non-compliance persists
The potential fines for noncompliance with the minimum wage laws are up to 200% of the underpayment of the wage and a maximum fine of £20,000 per worker. Such levels of fines are rarely levied. Directors don’t face any personal penalties for inflicting hardship on workers and their families.
Stronger trade unions, personal penalties on directors and workerelected directors on company boards are needed to ensure that companies meet their minimum wage obligations.
Prem Sikka is Emeritus Professor of Accounting at the University of Essex
Tax briefs
Jockeying with HMRC
He may have earnt £160 million during his illustrious career, but that hasn’t prevented horse racing legend Frankie Dettori filing for bankruptcy. It follows a longrunning tax avoidance case with HMRC.
Dettori claims he employed the services of professional specialist tax advisers to look after his money. He said a structure was ‘created’, and he was told that it had been approved by HRMC.
EY appoints Alison Ducan as UK chair
EY has unveiled Alison Duncan as its next UK chair. Duncan assumed the role from 1 April, taking over from Hywel Ball, who retires from the firm at the end of the financial year.
In line with the FRC Audit Firm Governance Code, the roles of EY UK chair and managing partner have been separated, with Anna Anthony appointed MP in January. It means two women now hold the top two jobs in the firm.
The UK chair was selected by a specially constituted nomination committee, which will also select
members of the UK LLP board for recommendation to partners.
As UK chair Duncan will be responsible for ensuring independent oversight. She has
worked for EY for 30 years, over 20 of those as a partner.
Duncan said: “Having been a member of the UK LLP Board for over three years, I understand the importance of having a strong UK chair who can provide oversight and governance of the firm. It is truly an honour and a privilege to have been selected for this role, and I am looking forward to working with Anna Anthony, the Board, and our wider Partner group as we continue to grow the business, serve our clients, and create exceptional careers for EY people.”
Your ACCA Student Action Doll…
ACCA UK has produced an ACCA Student Action Doll, which it says is “inspired by real students balancing study, work and life while working towards one of the world’s top qualifications”.
It comes with:
• On Your Marks for the pep talk.
• ACCA Practice Platform on repeat.
• Loyal study buddy.
• Coffee on drip (obviously).
• Big goals, zero chill. It says this is for every student getting through one module at a time.
One change someone already wants to make is “to put the student in their pyjamas and looking exhausted!” Another felt
IAASB revises Going Concern standard
The International Auditing and Assurance Standards Board (IAASB) has strengthened the audit responsibilities for Going Concern.
The IAASB said ISA 570 (Revised 2024), Going Concern was a direct response to “corporate failures that raised questions regarding auditors’ responsibilities by significantly enhancing the auditor’s work in evaluating management’s assessment of an entity’s ability to continue as a going concern”.
The IAASB went on to say
Now, years later, HMRC has challenged that structure, he said. His former advisers have been dismissed.
It’s expensive living up north!
Did you know households in the North East of England pay over £400 more in council tax than those in Greater London?
CIPFA and InfoShare+ have done the sums and those living ‘up north’ pay £440 more in council tax in 2025/26 than those in Greater London.
The average Band D property in the North East is facing a bill of £2,425.49. This compares with the Greater London fee of £1,981.46 for the same band property. This year six councils have also been granted permission to raise council tax above the national referendum thresholds – with increase ranging from 7.5% to 10%. They are Bradford, Newham, Windsor & Maidenhead, Birmingham, Somerset and Trafford.
ACCA needed to add some snacks and chips. Send any other of your suggestions to graham@ pqmagazine. com
the standard will also increase consistency in auditing practices and strengthen transparency through communications and auditor reporting on matters relating to going concern in a consistent manner.
The revised standard will be effective for audits of financial statements for periods beginning on or after 15 December 2026.
“This milestone addresses calls from investors, regulators and other stakeholders for more robust audit procedures related to going concern. It provides decisionuseful, entity-specific information in the auditor’s report regarding the auditor’s work and responsibilities for going concern,” explained
IAASB Chair Tom Seidenstein.
What about the unrepresented
taxpayer?
The Low Incomes Tax Reform Group (LITRG) is concerned that the move to require Making Tax Digital taxpayers use third-party software will it harder for some unrepresented taxpayers to meet their tax obligations.
LITRG points out HMRC’s current free online tax return filing system helps most taxpayers to complete their self assessment tax return if they choose to use it.
PwC halts tech apprenticeship scheme
PwC UK has made record cuts to partner numbers and paused its tech apprenticeship scheme to protect partner profits, according to the Financial Times.
Some 123 partners left the Big 4 firm in 2024, double the annual average for nearly the whole of the 2000s.
The FT reported that the PwC has also put a halt to its tech apprenticeship ‘flying start’ scheme. It said that 27 of the 91 degree students on the tech scheme were not offered permanent roles at the end of their course.
Among other cost-saving
ICAEW updates code of ethics
ICAEW has confirmed new updates to its Code of Ethics, with the changes coming into force from 1 July 2025.
As a member of the International Federation of Accountants, ICAEW is obliged to incorporate changes made to the IESBA’s Code of Ethics into its own code. Key changes relate to role and mindset; technology; and professional behaviour of ICAEW members.
measures is the introduction of a new managing director title below partner level, and silent lay-offs, where employers are urged not to disclose why they have left the firm.
There is a definite squeeze on junior recruitment, which looks set to affect the 2025 recruitment round. Last year PwC’s graduate intake fell by 16% year-on-year. They are not alone, however, with the Big 4 scaling back recruitment. KPMG, for example, has reduced hires by 33%
Beware of greenwashing
The International Public Sector Accounting Standards Board must broaden its climate-related disclosures to combat greenwashing, ICAEW and CIPFA have warned.
In a joint representation on the Sustainability Reporting Standards Exposure Draft 1 on Climate-related disclosures, the chartered bodies expressed concerns over proposals that limit company disclosures to policies with climate-related outcomes as their primary objective. This is just too narrow and risks allowing companies to greenwash.
The new technology provisions
The role and mindset provisions highlight the importance of the profession’s duty to act in accordance with the public interest and re-enforce the need for all professional accountants to have an inquiring mind, to be mindful of bias, and to exercise professional scepticism when undertaking audit, assurance and review work.
highlight the potential risks that new technologies pose for the profession and stress the fundamental principles of confidentiality and professional competence and due care, with supporting application material. They also clarify independence requirements and the circumstances in which firms and network firms may not provide a technology-related nonassurance service to an audit or assurance client.
Instead, they suggest broadening the scope to include all material policies that contribute to a country’s climate targets, to ensure genuine and comprehensive climate reporting.
It would also make requirements more meaningful by enabling the comparison of trade-offs between different measures.
The two also warned against pausing the introduction of climate reporting, which they believed would send the ‘wrong signals’.
ANNA KATE PHELAN
MTD: being aware isn’t being ready
The accountancy sector faces a pivotal challenge ahead of Making Tax Digital (MTD) for Income Tax, set to go live in April 2026. While 91% of UK selfassessment taxpayers have heard of MTD, new research reveals a worrying ‘readiness gap’.
One in five taxpayers with untaxed income over £50,000 don’t believe MTD applies to them, despite being within HMRC’s mandatory scope. Even more concerning, 25% of all self-assessment taxpayers aren’t sure whether they’re affected at all. Confusion is widespread. Of those surveyed, 41% wrongly think MTD is already in force or will be by April 2025.
Among those expecting to be affected, only 36% feel somewhat aware of what action is needed. Meanwhile, concerns are mounting: 35% worry about submitting returns correctly, 33% aren’t sure if they have the right software, and 30% don’t understand what MTD actually means for their business. Worryingly, just 3% had no concerns at all.
Accountants have a crucial role to play. This isn’t just about compliance – it’s an opportunity to guide clients toward smarter financial management. Digital record-keeping won’t only satisfy HMRC; it enables real-time visibility over cash flow, profitability, and overdue payments.
Yet around half of small businesses still lack appropriate accounting software. The profession must bridge the education gap, helping clients move from vague awareness to confident action – before the clock runs out.
Anna Kate Phelan is Head of Product at Eintech
Internal audit vacancies soar
There was a 70% surge in UK internal audit vacancies in January 2025, according to a poll by Morgan McKinley and Vacancysoft. This jump is being driven by regulatory pressures from the Economic Crime and Corporate Transparency Act (ECCTA) and updates to the Foreign Corrupt Practices Act (FCPA). And, with enforcement tightening
and corporate liability rising, demand for internal auditors is expected to continue growing throughout 2025, reversing 2024’s hiring slowdown.
London’s internal audit job market is experiencing a notable decline, with its share dropping to 53% in early 2025, down from previous years. A 33% year-on-year fall in vacancies highlights shifting hiring strategies, as financial institutions
The ICAS prizewinners are…
ICAS recently gathered the great and the good at the National Museums Scotland for its annual dinner.
CEO Bruce Cartright and Executive Director of Learning Gail Boag reflected on a milestone year for ICAS, highlighting the launch of its innovative CA syllabus, a testament to its commitment to nurturing the future of the profession.
During the evening ICAS, with the help of President Alison Cornwell, recognised the outstanding prizewinners from the graduating class of 2025. They are: ICAS Gold Medal: Jack Martin; Test of Professional Expertise – 1st Prize: Kiran Ruparelia; ICAS Assessments Integrated Case Study – 1st Prize: Jack Martin; Integrated Case Study – 2nd Prize: Hannah Purves; Integrated Case Study – 3rd Prize:
Win £5,000 for writing stuff!
ICAEW is again inviting current university students, ACA students and recently qualified members to submit a 5,000-words essay/ video on the question: “How should the accounting profession help organisations increase their resilience to the effects of environmental risk by changing the way they do business?”
This is the third year the ICAEW has run its Climate Essay Competition and the website shows
KPMG to merge member firms
KPMG looks set to merge its firms in dozens of markets in a move to push growth and minimise audit failures. Bigger firms should also be able to invest properly in sector-defining technologies like artificial intelligence.
The plan is to shrink the number of ‘economic units’ to just 32 – two years ago the Big 4 firm had 120 national firms.
Last year KPMG’s UK partnership joined with their Swiss colleagues, and several Middle East partnerships have also merged.
KPMG International COO Gary Wingrove said: “The fewer business unit you have, the
potential entrants some possible areas to explore.
Last year’s winner was ACA trainee Sofia Tziortzi. She explained: “Participating in the
easier it is to do business globally.”
EY and Richard Wilson fined
The Financial Reporting Council (FRC) has issued EY with a £4.9m financial sanction over the audits of Thomas Group plc for the financial years 2017 and 2018. Audit engagement partner Richard Wilson was also fined £105,000.
Both received a severe reprimand after admitting to serious breaches of standards relating to the work performed on two important areas – goodwill impairment and going concern. They also failed to adequately consider a risk to EY’s independence during the 2018 audit.
In addition to the fines, EY has paid the cost
expand compliance functions beyond the capital.
Ben Harris, Associate Director at Morgan McKinley, said: “The surge in internal audit hiring, particularly outside London, highlights a fundamental shift in how financial institutions approach compliance and risk management. With mounting regulatory pressures and economic uncertainty, firms are prioritising robust internal controls and governance. The sharp increase in contract and permanent roles reflects the growing need for experienced audit professionals to navigate evolving corporate liability regulations.”
ICAEW Climate Essay Competition challenged me to rethink the role of the accountancy profession in achieving net zero and, in particular, how existing corporate reporting frameworks can hinder meaningful climate action.”
Up for grabs again this year is a £5,000 prize for the winning entry – that’s a pound a word!
Closing date for entries is 13 May 2025. The winner will be announced in late June 2025. Find out more at https://ow.ly/PcpF50V7qM9
of FRC’s Executive Counsel’s investigation.
PwC fined £2.9m over Wyelands failure
The FRC has imposed a financial sanction of £4.5m (discounted to £2.9m for mitigating circumstance, admissions and early disposal) over its audit failures of Wyeland Bank. The FRC also issued PwC with a ‘severe reprimand’.
The FRC also sanctioned Jonathan Hinchliffe. He must pay £33,412, and he received a severe reprimand.
PwC and Hinchliffe admitted breaches of Relevant Requirements in relation to six areas of the FY2019 audit. For more on this story go to www.pqmagazine.com
Sukhmani Kaur Bhasin; ICAS President’s Prize: Vidhant Mehta; and the Queen’s Jubilee Prize: Graham Curley.
HANNAH MACDONALD Exam
failure is a resilience issue
At one time I was the ‘go-to’ person for anyone in my department who was struggling with their ICAEW exams. I’d failed a few of the early exams, was now doing much better and nearly qualified. I informally mentored a number of trainees who had failed at least one exam and I realised our firm wasn’t getting to the crux of why people were struggling: parenting, neurodivergence, mental health, physical health, work stress… the list goes on.
Admittedly, our team hired small cohorts, but some years these individuals, who had been carefully attracted, recruited, inducted and trained, were all let go – due to exam failures.
It’s one of the many reasons that Accountancy Hub exists, because I identified that trainees needed more support and I felt it was vital for a diverse and resilient accountancy industry. With the establishment of AI, we no longer need number crunchers; we need analysts, deep thinkers, strategists and innovators – diverse accountants for diverse clients and customers.
If you’re struggling with your accountancy qualification, Accountancy Hub is here for you. We provide holistic pastoral care to trainees, with a focus on exam success, inclusion, wellbeing and careers. If we want to develop a profession which is resilient in an environment of economic and political uncertainty, we should nurture our diverse trainees to thrive in their exams and beyond.
Hannah Macdonald is the founder of Accountancy Hub
EY launching EY.ai Agentic Platform
EY has unveiled its artificial intelligence EY.ai Agentic Platform, created in collaboration with NVIDIA. The initial deployment will begin with core business areas, starting with tax, risk and finance domains. It will then continue into sector-specific enterprise AI agent solutions across life sciences, manufacturing, financial services and more.
Janet Truncale, EY Global Chair and CEO, said: “With the EY.ai Agentic Platform, we are moving fast to help
Poised for AI transformation?
AI presents the biggest opportunity for chartered accountants to deliver value, shape careers and create interesting roles – but it also requires upskilling and leadership from the top to maximise its potential.
A landmark report from Chartered Accountants Worldwide (CAW) and Ipsos UK reveals that 79% of chartered accountants surveyed agree that as AI is integrated more into business, the role of accountants as ‘data guardians’ will become increasingly important to organisations.
Younger professionals are already leading the way in adoption, with 91% of 18–25-year-olds surveyed being very or fairly
willing to use AI. They are already leveraging AI to enhance general productivity (40%), data entry (24%), client services (17%) and risk management (12%). However, CAW suggests the research also highlights a critical need for upskilling and leadership to ensure the profession fully capitalises on
AI’s transformative potential.
Alan Vallance, ICAEW Chief Executive (pictured), said: “In the UK, this research shows that larger organisations are actively exploring AI applications, yet only 40% of survey respondents feel prepared for the changes AI will bring to their roles. To support our members, we are focused on providing guidance, robust training, and practical support for AI adoption.
“AI presents an opportunity to elevate the role of chartered accountants, shifting focus to strategic advice and ethical governance. This report provides vital insight in helping our members navigate this transformation and unlock AI’s potential.”
Intuit launches Small Business Growth Council
Intuit has launched the Intuit Small Business Growth Council, a new initiative dedicated to empowering small businesses in the UK through AI and digital adoption.
The Council consists of 18 digitally-connected businesses, and the hope is they will amplify the voices of small businesses in shaping policies and drive innovation and economic growth.
Intuit launched a similar initiative in the US, which has helped drive meaningful policy changes. The US Council’s advocacy led to the introduction of the Small Business Technological Innovation Act (S.305). The bipartisan legislation would make explicit that loans backed by the US Small Business Administration (SBA) can be used to fund the
adoption of digital tools and technology by small businesses.
Time to build your bespoke AI agents?
FloQast has launched its auditable, custom AI Agents to help automate complex, recurring workflows across month-end close, compliance and reporting functions.
FloQast AI Agents will allow customers to build their own bespoke AI agents, using natural language rather than extensive codes.
Three AI Agents are part of
the world’s largest organisations transform their enterprises and streamline increasingly complex compliance requirements, while enhancing productivity and operational excellence across our own businesses.”
QR code payments
QR code payments in AsiaPacific will grow by 300% by 2029, according to a new study from Juniper Research.
Countries including Vietnam, Indonesia and The Philippines
FloQast’s initial launch: Journal Entry Agent, Data Transformation Agent and Custom Agent.
“The accounting profession is under more pressure than ever, with shrinking talent pools, heavier workloads and growing demands for strategic insights,” said Mike Whitmire, CEO of FloQast.
“FloQast AI Agents put accountants in the driver’s seat,
are leading this growth. QR code payments, powered by wallets or account-to-account (A2A) payments, will heavily displace cash use in these nations.
Research author Daniel Bedford explained: “One key limitation of QR code payments is the lack of interoperability when compared with cards, which use universal standards. To scale prospects in Asia, local wallets must collaborate on standards to fully realise the potential of digital payments.”
shifting them from preparers to reviewers with AI automation built for their processes – fully auditable and designed for trust. And, as CFOs struggle to fill open roles on their teams, FloQast AI agents are poised to be an invaluable resource to help plug that gap and help teams work smarter, stay in control and deliver the insights that move businesses forward.”
UK power grid creaking
Microsoft has warned the UK government that its planned billionpound investment is being put at risk because of the creaking electricity grid.
The tech giant wants to build data centres across the UK at the cost of some £2.5bn, but there is a real concern they won’t get access to the grid when they need it. It is being reported that the National Grid told Microsoft that connections before 2035 could not be guaranteed.
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AI is already here
Jeremy Hunt is wrong to assume that accountants are being replaced by AI and to warn young people away from joining the profession. We know that about three-quarters of finance functions already use AI to enhance efficiency and decision-making.
AI and other new technologies bring opportunities, and the roles using it will be less at risk than those that don’t. We’re providing the knowledge that our members and students need today, so they are prepared for the challenges and opportunities that will come tomorrow.
The need for professionals to be ever-more skilled in AI analytics and business transformation will only develop, and we’re integrating
new technologies into our relaunched chartered accountant qualification. Resourcing challenges are well-documented; AI can be used to alleviate capacity and free up chartered accountants to do more high-value work. First it was the calculator, then Excel, and now it is AI; the
prophecies of the end of the profession have frequently been exaggerated. In fact, each has fuelled its growth, and I have no doubt it will continue to evolve and thrive.
Alan Vallance, Chief Executive, ICAEW
The Editor says: The former Chancellor of the Exchequer has certainly ruffled a few feathers. Last month we ran a lead story on the global shortage of accountants, and the campaign being run by Joe Kaleb to ‘Make Accountancy Great Again’ could not have come at a better time. The profession must do more to explain what it does and work harder to inspire the next generation – otherwise people will think Jeremy Hunt knows what he is talking about!
Our star letter writer wins a fantastic ‘I love PQ’ mug!
I can’t get a job
I have read your April issue article saying that the ‘Talent crisis is real’, where you suggest that there is a shortage of 3.5 million accountants – but I wonder who they are looking for!
I did my ACCA in the UK and completed it in 2010, and immediately started looking for jobs. But up until now I have never been employed as an accountant, not since I left the UK and came to Africa.
I am still waiting and I’m not the only one.
Name and email address supplied
Why so many jobless?
I don’t agree that there is a ‘talent crisis’. There are so many jobless accountants out there, unable to secure any opportunities after their studies, because:
• Studies alone do not get you ready for a work placement.
• The hiring processes are outdated and broken.
• Everyone is so focused on this AI hype that all the money in big companies is being re-directed to tech rather than finance teams. So my take is that the talent is very much there, but something
else is in the way of people landing decent jobs and filling vacancies. Name and contact details supplied via LinkedIn
Lorry drivers paid more!
You say there is a shortage of accountants, but I saw a job advert yesterday for a local company. They wanted to pay the accountant £14 an hour. That is after countless years training and exams taken costing thousands of pounds. Lorry drivers are paid
more after a week’s training. I mean how does this make sense?
I am not surprised there is a shortage.
Then again I don’t think there is an actual shortage. I think there is a shortage of people willing to work for low wages. The same thing was said about a decade in transport with lorry drivers. The rates never increased on a par with other workers, and I think it is the same with accountancy firms. Name and contact details supplied via LinkedIn
Joe Kaleb, founder and CEO of Make Accounting Great Again, was chuffed to see his new grassroots campaign had gone global. He said: “Make Accounting Great Again has gone international! Big congratulations to my colleague Joanna Perry for making the front page of the UK accountancy publication PQ magazine.
“This is another great milestone in spreading awareness about the accounting talent shortage and the need to support the next generation of professionals in our industry. The big question is how do we reverse this trend and attract more young people into the accounting profession?
“I have just launched the ‘Make Accounting Great Again’ campaign to inspire future generations into the accounting profession. We are a ‘grassroots’ campaign that aims to transform the perception of accounting by showcasing its dynamic potential and exciting career opportunities, inspiring a new generation of young people to embrace the profession. We are lucky to have someone that is young, dynamic, inspirational, and business savvy like Joanna leading the charge for the campaign.
“The profession needs to do a better job of showing young people the wide range of career paths available… we should also highlight the numerous valuable contributions accountants make, including legally saving clients thousands on taxes, offering key insights into business finances, guiding technology adoption, and providing strategies for growth and succession.”
Visit https://lnkd.in/gSrQi5dS for information. You can support the campaign by buying a cap from the website shop.
OUR 2025 FINALISTS
STUDENT BODY OF THE YEAR
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(To be announced on the night)
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PUBLIC SECTOR
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The red carpet is ready to roll, the trophies are polished – and now we have our shortlist. We will find out who wins those coveted PQ trophies later this month…
ACCOUNTANCY
LECTURER OF THE YEAR
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STUDY RESOURCE OF THE YEAR
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PQ OF THE YEAR
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Is accountancy being replaced by AI?
Former Chancellor Jeremy Hunt caused consternation recently when he said the profession’s days were numbered because of AI. Here are some of the responses
Jeremy Hunt, the former Chancellor of the Exchequer, recently went on a podcast that looks at jobs for the future, and said he would steer people away from careers like accountancy because artificial intelligence will be able to do much of what they do. He felt young people would be better suited to look for careers elsewhere. This, as you can imagine, has not gone down well with the profession. Here is just some of what is being said:
Former Chancellor is misguided
The former chancellor’s statement that he would “steer people away” from the accounting and finance profession “because of AI advancements” is misguided and isn’t a true reflection of reality, says Andrew Harding, FCMA, CGMA, Chief Executive – Management Accounting, AICPA & CIMA
Harding explained: “While it’s true that technology, including AI, is transforming the profession – it’s certainly not eliminating the need for accounting and finance professionals. In fact, it is quite the opposite according to the research and advisory company, Gartner, or the global staffing and recruitment company, Robert Half
“The profession is undergoing a paradigm shift, quickly moving from being information curators to value creators, from controllers to trusted business advisors. The ability to interpret data, make strategic decisions, and use critical thinking to give personalised advice needed to drive business growth requires a balance of judgment, professional scepticism, creativity, and social intelligence that AI cannot replicate. This is what accounting and finance professionals are now being trained to do, and this is playing out in the marketplace where demand for the right professionals with the right skills continues to grow.
“AI is a tool for accounting and finance professionals to use as a powerful co-pilot, not a replacement for human judgement and intelligence. It is delivering new opportunities for profession, not fewer.
“Mr Hunt’s view seems simplistic and misinformed, sending a dangerous message
about a profession that enables economic growth, delivers career opportunities, and drives social mobility. Our profession is fast changing and thriving, not dying on its feet.”
AI will make accountancy more exciting!
Malcolm Bacchus, ICAEW President, said: “Jeremy Hunt clearly hasn’t read anything I’ve written or anything I’ve said in my speeches across the country as ICAEW President. I quite agree that if your job is basic tax compliance, basic tax advice, simple accounting, budgeting or simple forecasting, AI will take your job. But not only isn’t that anywhere near what we all do as accountants, it doesn’t take into account the whole new area of sustainability management, accounting, reporting and assurance which is becoming ever more important.
“It doesn’t take into account the increasing demands in terms of ensuring businesses are resilient and properly deal with risks – areas which have become even more important since Covid and the war in the Ukraine. It doesn’t take into account the increasing importance of good corporate governance. Or the increasing role in data analysis. Or the increasing need to ensure that data, in a world of fake data, can be relied upon on.
“Rather than killing the profession, it is likely to make it more exciting and more attractive as it frees us up from mundane tasks to deal with the more important issues.
“I am happy to invite Mr Hunt to lunch at Chartered Accountants Hall to explain to him personally, why he is wrong.”
AI offers huge opportunities
Abdul Goffar, Director of ACCA UK, said: “We think AI technologies offer huge opportunities for accountants to build further on their central role in driving business success. Advances in technology over time have freed accountants from more mundane tasks, and AI will supercharge this further. It will
enable them to contribute much more effectively to analysis, interpretation, strategysetting and decision-making. AI is also driving the development of new business models and better ways of doing things, and accountants have a central role in enabling this. Their focus on ethics means they also have an important role in ensuring that AI is used responsibly and its risks are properly managed.”
A letter to Mr Hunt
ICAS CEO Bruce Cartwright wrote an open letter to Jeremy Hunt, which we have reproduced here:
Dear Mr Hunt, I write to express my disappointment in response to comments attributed to you in The Times (24 March), where you suggest that graduates should avoid entering the accountancy profession.
As someone who has worked in accounting for almost 40 years and has seen firsthand, in my roles at PwC and ICAS (Institute of Chartered Accountants of Scotland), the positive impact this career can have on both individuals and the economy, I feel compelled to respond to these statements.
While there are valid concerns to be addressed regarding the potential impact of AI on accountancy and other professions, I strongly disagree with your assertion that AI’s impact makes accounting an unviable career path for graduates. Accountancy, far from being an outdated profession, is at the heart of the modern economy, providing essential services to businesses, governments, and individuals alike.
We in the profession have often heard that AI could mean the ‘end of accountancy’. However, I and many others firmly believe that simply isn’t the case. Accountants play a crucial role in maintaining financial transparency, ensuring compliance with regulation, and contributing to business growth and innovation. All of which you will be more than aware are important to Government and the public interest. While
AI will likely mean fundamental changes on the number crunching side, it will ultimately add value to business and allow accountancy professionals to focus on more strategic activity.
AI’s evolution in accountancy means that accountants will likely spend less time on producing numbers (continuing the longstanding trend with the evolution of
calculators, internet, etc.) and focusing even more time explaining them and determining where the numbers take us. This will enhance what we already do: provide valuable strategic advice, enhance operational efficiency, and support ethical business practices. That is where the real value of the profession comes to the fore.
The accountancy profession is, and will continue to be, a major exporter of talent in the UK and it’s important to highlight that accounting offers graduates a diverse range of career paths. Whether in practice, industry, corporate finance, government, or not-for-profit organisations, accounting provides opportunities for career progression in all manner of roles and businesses. It also allows for continuous learning, professional development, and indeed, the global demand for accountants remains high, with skilled professionals sought after in every corner of the world.
The accounting profession has much to offer and dismissing it as a career choice for graduates is both short-sighted and could be detrimental to the future of the industry and the broader economy. In a world increasingly focused on sustainability, digital transformation, and risk management, accounting professionals are more important than ever before.
I would like to take this opportunity to invite you to a meeting with ICAS, where we would be delighted to walk you through our new CA syllabus. Launched last year, it is specifically designed to be future-fit – keeping pace with advances in technology, data and sustainability – empowering Chartered Accountants to lead the economies of tomorrow.
Thank you for taking the time to consider my response.
Who’s afraid of the AI wolf?
ACCA’s Abdul Goffar explains why ex-chancellor Jeremy Hunt has got it wrong about AI coming for accountants’ jobs
You might have read some pretty alarming media coverage last month of Jeremy Hunt claiming that AI is coming for your job. I’m here to reassure you that he’s wrong.
It’s true that AI and other cutting-edge technologies are shaking up the role of accountants – but we know AI technologies offer huge opportunities for accountants to build further on their central role in driving business success.
Advances in technology over time have freed accountants from more mundane tasks, and AI will supercharge this further. Accountancy is evolving into a pre-emptive profession that uses powerful machine-learning tools to predict and assess alternative future scenarios. Based on these scenarios, organisations can seize opportunities, manage risks and prepare for a range of possible outcomes.
What’s important for accountants, both existing and future, is to be adaptable –embracing new technology will drive efficiencies and help create new ways of doing business. In fact, our Global Talent Trends 2024 survey revealed that the majority of respondents believed that AI will enable finance professionals to add more value in the future.
As we know, while AI at its core is good at collating relevant data and information at unprecedented speed, what it cannot replace is context, our human experience – our professional judgment and ethical considerations as accountants. Technology offers ‘content’; we
humans bring ‘context’. When we pair these two components, the potential is truly endless.
The ethics factor
We know that it’s essential to have a good understanding of the technical aspects of AI, digital, technology and data. But a key consideration for accountants in this digital age is how to use data effectively and ethically. We have an abundance of data available to us which makes the traditional professional qualities of accountants, such as scepticism, judgement and an ethical mindset, more important than ever. This requires a solid grounding of not just the technical aspects of data, digital and technology, but also to consider, for example, the source of the data, its reliability and any ethical concerns in reporting the data – to name just a few.
A future-focused qualification
All the changes and developments in this area mean there is strong demand from employers for new skills, and accountants need to upskill if they’re going to be successful – including in their current roles.
Advances in AI and other tech are providing accountants with exciting new career opportunities and choices, as well as adding to the sense of purpose that comes from being part of a forward-looking profession.
By listening closely to the needs of leading employers around the world, we understand their business needs and use their input to help shape our world-leading qualifications, ensuring
that we create business-ready professionals. We also carry out our own cutting-edge research, bringing together perspectives from across the world. We work to demystify and broaden knowledge, showcasing how accountants can harness innovative tech and exploring the interesting, innovative and surprising ways in which we’re likely to use it.
This means that when it comes to our exams we present students with real-world question scenarios that reflect current influences on the profession, such as AI, data analytics and machine learning, and how they are being used by organisations.
As the profession and the careers within it evolve, so do the skills that professional accountants need. That’s why the ACCA qualification integrates technology, digital and data at all levels and includes AI, data analytics, cloud computing, fintech, machine learning and robotic process engineering.
Without doubt, AI will increasingly revolutionise the world of accountancy –bringing opportunities, risks and change. It will enable accountants to contribute much more effectively to analysis, interpretation, strategysetting and decision-making. AI is also driving the development of new business models and better ways of doing things, and accountants have a central role in enabling this. Their focus on ethics means they also have an important role in ensuring that AI is used responsibly, and its risks are properly managed.
So don’t fear the future – let’s harness these new technologies and shape that future ourselves.
• Abdul Goffar, Director ACCA UK
Future-proofing the accounting profession
In the first of a six-part series, AAT’s Clare Dye shares what can be expected from its new qualifications, with part one having a focus on digital innovation
In today’s rapidly evolving accounting industry, staying ahead requires continuous innovation. At AAT, we’re shaping our new qualification suite to meet the changing needs of employers and students, equipping accounting technicians of the future with real-world-ready skills.
One of the key threads woven throughout our new qualifications is digital innovation. This is one of the most talked about topics in the industry, driven by evolving technology, a shifting business landscape, and the increasing need for sustainability. These factors are fundamentally reshaping why and how accounting professionals’ work.
The rise of automation and AI
suggests that more sophisticated data analytics tools are allowing businesses to make better-informed decisions and grow their teams.
In fact, a Sage report published July 2024, ‘Accountant AI trailblazers to boost UK economy by £2 billion’, revealed practices that have integrated AI into several core processes expect to increase the number of employees in their business by 29% over the next three years; 10 times more than those who are not using any AI technologies.
Indeed, the report predicted that widespread AI adoption in UK accounting practices could create almost 20,000 new jobs in the sector and add £2 billion to the UK economy.
Get future-ready
Technology is transforming accountancy at an unprecedented pace. Automation is streamlining processes, while AI and machine learning are revolutionising data analysis. Contrary to some concerns that AI may replace jobs, research
To ensure our students are ready for this evolving landscape, our new qualifications will embed practical digital skills at every level.
At Levels 2 and 3, students will explore how to accurately process and disseminate financial information, the role of different digital tools, and
how to handle data securely.
At Level 4, we build upon this and the focus shifts to the ethical use of technology, risk management in digital systems, and applying professional scepticism in a tech-driven environment. Alongside understanding the impact of digital innovation changes in accounting practice.
As automation supports routine tasks accounting technicians will have time freed up and the opportunity to shift their focus from data crunching to interpretation, advisory work, and strategic decision-making. Critical thinking will become increasingly valuable and accounting technicians need to be equipped to advise on business decisions using insights from financial data, or navigate ethical and security challenges in digital finance. These ‘power skills’ – such as problem-solving, communication and adaptability – are crucial at every level of the profession, from accounting technicians to finance directors and CEOs.
Historically, accounting roles required strong numerical skills, with part of the job focused on manual data processing. But with AI now handling much of this work the profession is evolving. As we launch our new qualifications we’re committed to preparing students for this new era of accounting – one where digital innovation and human expertise go hand in hand.
For more information visit https://tinyurl.com/38rtmve7
• Clare Dye, Product Manager, AAT
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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.
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Deepfake fraud explodes
Beware the rise-and-rise of AI-driven identity fraud
Deepfake fraud attempts have grown by a whopping 2,137% in the past three years, according to data from Signicat’s The Battle Against AI-Driven Identity Fraud report
The biggest problem for customers is account takeover, followed by card payment fraud and phishing
The study, the first to focus on AI-driven identity fraud, highlights that deepfake technology has become one of the three most common types of identity fraud in the financial and payments sector across Europe. The deepfakes use artificial intelligence to create highly realistic digital forgeries. And their rapid growth is prompting urgent discussions about improving companies’ fraud prevention capabilities.
The evolving deepfake technology has enabled two main types of attacks:
1. Presentation attacks: These include fraudsters wearing masks and makeup to spoof another person, but also where the camera films another screen showing a deepfake in real-time, targeting activities such as account takeovers or fraudulent loan applications.
2. Injection attacks: In these cases, malware or untrusted input is deliberately inserted into a program, compromising its integrity or functionality – for example, into pre-recorded videos, often during onboarding or KYC processes that banks, fintech companies or telecommunications companies are subjected to. As these techniques become more sophisticated, traditional fraud detection systems may struggle to handle this evolving threat.
According to Signicat’s report, 42.5% of fraud attempts detected in the financial sector are now due to AI. Three years ago deepfakes were not even in the top three most common types of digital identity fraud, but today it is the most common type of digital identity fraud faced by companies. These forgeries have become
more widespread and harder to identify, which has contributed to their rise as one of the main methods of identity fraud.
The worry is that despite the increase in AI-driven fraud attempts, including deepfakes, only 22% of financial institutions have implemented AI-based fraud prevention tools. This gap leaves many companies vulnerable to more sophisticated attacks.
Pinar Alpay, Chief Product & Marketing Officer at Signicat, explained: “Three years ago, deepfake attacks were only 0.1% of all fraud attempts we detected, but today they represent around 6.5%, or one in 15 cases. This represents an increase of 2,137% in the last three years,
which is alarming. Fraudsters are using AI-based techniques that traditional systems can no longer fully detect. Organisations should consider advanced detection systems that combine AI, biometrics and identity verification to protect against these threats.”
She added: “A multiple detection setup is crucial. By combining early risk assessment, robust identity verification and authentication methods based on facial biometrics, and ongoing monitoring, companies can better protect both their operations and their customers. Orchestration of these tools in the optimal combination is the essence of a multilayered protection.”
Take the flexible approach
So what do students and employers think of the CGMA Finance Leadership Program?
Since its introduction into the UK back in September 2022, thousands of students working for hundreds of employers are now undertaking CIMA’s CGMA qualification via the CGMA Finance Leadership Program (FLP).
One of the key drivers for people choosing to study via FLP is flexibility. The program allows students to study on their time, but it also empowers them to lean into their preferred learning styles. They can build a study regime with all the preparation courses, videos and exams that fits their schedule and powers solid results. Students value the ability to balance studies, full-time employment and their personal lives.
We spoke to two CIMA students at Greencore who shared their experiences of FLP.
Ranj Singh, a Senior Finance Analyst, said: “The FLP platform has been a game-changer for my professional growth. It offers a flexible, easyto-follow structure that allows learning at your own pace while staying connected with mentors and peers. The high-quality content and userfriendly interface made it simple to navigate, helping me gain real, applicable skills that advanced my career. What truly sets it apart is the exceptional support and quality of materials,
which left me with confidence and a stronger foundation in my field.”
And Finance Analyst Anna Haskayne said: “Joining FLP has allowed me to accelerate the timeline of completing my qualification significantly. The flexible learning structure allows me to plan my studying around both my work, and personal life, while still having access to tutor support where required. The live sessions provide a sense of community with
YOUR WELLBEING HUB
friendly, down-to-earth tutors who give me the confidence to apply my theoretical knowledge at work, gaining applicable skills to assist me with progressing my career.”
It’s not just the students at Greencore who see the value in the platform – as an employer they are also seeing benefits. Alex Falconer, a Finance Shared Services Controller, commented: “As an employer, I have found that the CGMA FLP offering is particularly attractive to new starters because of the flexibility, ease of use and the quality of both the online content and support from CIMA and Kaplan.
Falconer said: “The employer platform allows me to easily monitor the progress of my enrolled candidates, allowing me to appropriately offer support and guidance which is unparalleled to other training routes currently available on the market.
“Finally, the support we receive from CIMA is second to none, it feels as if we have a dedicated resource who is there 24/7 and cares about the journey of our students.”
The working world is more flexible than ever before, and your study path can be too. Find out more about the CGMA Finance Leadership Program at aicpa-cima.com/flpuk
A question for Tom
Struggling with the concept of accounting for goodwill? Then Tom Clendon is here to help
Question
Can you explain how the measurement of NCI will impact on the measurement of goodwill and the way that is subsequently accounted?
Tom’s answer
Let’s start by reminding ourselves how goodwill is calculated and conclude with a worked example.
On the acquisition of a subsidiary, it is necessary to determine the goodwill arising on consolidation. The intangible asset of goodwill arises in the group accounts adjustment when on the acquisition of a subsidiary the aggregate of the fair value of the consideration given by the parent for its investment in the subsidiary (the controlling interest) and the non-controlling interest (NCI) exceeds the fair value of the identifiable net assets acquired. Such goodwill is treated as an intangible asset in the group accounts and is subject to an annual impairment review.
Less FV of the Sub’s net
There are many potential issues around this calculation – for example, how to account for a step acquistion and how to determine the fair value of the net assets of the subsidiary at the date of acquistion. However, let us just focus on the measurement of the NCI at the date of acquistion.
A policy decision has to be made as to whether to initially measure the NCI as a proportion of net assets or at fair value. How NCI is measured at acquistion impacts on the initial measurement of goodwill and on the subsequent accounting treatment of any impairment losses.
NCI measured at fair value
This method can be referred to as full goodwill method. It results in goodwill that is attributable to both the parent and the NCI. Accordingly, when the goodwill is impaired, the NCI is charged with their share of the impairment loss in the normal proportions
to which the parent and the NCI share the subsidiary’s post acquistion profits and losses.
When NCI at acquistion is measured at fair value it is based on the share price.
Share price of the subsidiary x number of subsidiary shares x NCI% = FV of the NCI.
NCI measured as a proportion of net assets
This method can be referred to as the proportionate method. It results in goodwill that is only attributable to the parent company. Accordingly, when the goodwill is impaired none of the impairment loss will be charged against the NCI.
When NCI at acquistion is measured as a proportion of net assets, it is based on the FV of the net assets of the subsidiary.
NCI% x FV of the subsidiary’s net assets at acquistion = NCI as a proportion of net assets.
Example
Borough acquired 80% of High’s 1,000,000 equity shares paying consideration of
$800,000. The fair value of the net assets of High at the date of acquisition was $500,000 and its share price was $0.80.
Required
Calculate the goodwill arising at acquistion on the basis that:
a) NCI is measured at fair value
b) NCI is measured as a proportion of net assets
Solution a) to the calculation of goodwill with NCI measured at fair value
x 20% x 1,000,000)
FV of the Sub’s net assets
When NCI is measured at FV then goodwill can be referred to as full goodwill. When full goodwill is impaired, NCI is charged with their share of the impairment loss.
Solution b) to the calculation of goodwill with NCI measured as a proportion of net assets
$000
Parent’s investment in the subsidiary 800
NCI (proportion of net assets)(20% x 500)100 Less FV of the Sub’s net assets (500) Goodwill 400
When NCI is measured at as a proportion of net assets then goodwill can be referred to as proportional goodwill as it is only attributable to the parent. It is therefore no surprise that such goodwill is smaller than the full goodwill. When goodwill that is only attributable to the parent is impaired, NCI is not charged.
• Tom Clendon is a triple PQ award winning independent online tutor and podcaster who helps ACCA students pass the SBR exam. Go to www.tomclendon.co.uk or WhatsApp him on 07725 350793
‘My Name is Bond – Corporate Bond’
Sunil Bhandari explains everything you need to know about corporate bond finance to get that invaluable exam pass
Corporate bond finance is the main area of debt finance that appears in the ACCA AFM exam. It regularly features within questions on cost of capital, investment appraisal, business valuations and corporate reconstructions.
This article will consider key aspects of this source of finance, focusing on the main examinable areas.
Basics
Bonds are corporate loans split into standard sizes of normally $100 and the funds are provided to the entity by many lenders. Bonds have key features including:
• They can be undated (have no maturity period, i.e. irredeemable) or more likely be redeemable.
• If the bond is redeemable, it will normally be repaid on maturity at its par value of $100. However, this could be varied by a discount or premium on the redemption value. It may even have the option to be converted into a set number of equity shares on the redemption date.
• The interest rate is set/locked when the loan is first issued on to the market. This is called the coupon rate. This is usually, but not always, set at the lender’s yield at the point of the bond issue.
• The bond will trade on the bond market at a fluid market value. In AFM this can be presented as ‘Po per $100’. This value is affected by the lenders yield as well as the number of years until maturity for a redeemable bond.
• A bond’s risk status as rated by the credit rating agencies depends heavily on the financial health of the company.
• Duration can be used to compare bonds trading on a market. This is a risk indicator for a bond. (Note that Duration ≠ Maturity but more on duration later).
Yield
The yield or yield to maturity (YTM) represents the minimum return that the lender/bondholder requires from investing in the bond. It is a value that is not fixed – it alters to reflect the changes in two factors:
• The relevant equivalent return on a government bond – risk free rate (Rf).
• The credit risk premium (CRP) as stated by the credit rating agencies.
The yield can then be used in three bond related calculations in the ACCA AFM exam to:
• Find the market value of the bond ‘Po per $100’.
• Determine the company cost of debt that is used within the cost of capital part of the syllabus.
• Estimate the duration of the bond. As mentioned, this is a risk indicator for a bond.
Also, as already stated earlier, when a bond is issued on to the market, the coupon (locked annual interest rate) will usually be set to equal the current yield.
The company issuing the bond may choose to set the coupon at a higher or lower value than the yield at the date of issue. Why would they choose to do this? The primary reason relates to future cash flow planning. The company wants to ensure it can service the debt on an annual basis and have sufficient funds to repay the bond on maturity.
The value repaid on maturity will be adjusted to reflect a lower coupon rate with a premium on redemption or even the right to convert to equity at that point. The discount on redemption offsets the higher coupon rate.
Finding the Internal Rate of Return (IRR) of the bond cash flows –market value, interest payments and the redemption value.
The illustrations below demonstrate each of these methods.
Fred Co
Table of credit spreads for industrial company bonds in basis points (0.01%) as provided by Standard and Poor’s:
The current return on five-year treasury bonds is 2.80%.
Fred Co has equivalent bonds in issue but has an A rating.
YTM = Risk Free Rate + CRP = 2.80 + 0.65 = 3.45%
Jo Co
The company has a 4.62% bond in issue currently trading at $105.84 per $100. The bond will be redeemed at par ($100) in five years’ time.
Jo Co
Valuation
The valuation of corporate bonds is a very common part of ACCA AFM questions. It is particularly prevalent in questions about the cost of capital and corporate reconstruction.
Always consider the valuation of a bond from the position of the investor – the bond holder. Keep in mind that they have the minimum return they are expecting (yield). Also, they know the future cash flows they expect to receive from their investment being the coupon and the redemption proceeds.
Hence, the valuation of the bond is the present value of the future cash flows that will be received by the bond holder discounted at the minimum expected return (yield).
ACCA AFM students should be ready to deal with two styles of question:
• Using the bond’s spot yield curve rates.
• Using the bond’s yield.
Each of these are considered below.
Crew Co
Crew Co currently has in issue a five-year bond with a coupon of 4.75%. It will be redeemed at par. The company has a credit rating of A. Current government bond yield curve is as given below:
Duration
Bond duration is a measure of a bond’s price sensitivity to changes in interest rates, calculated as the weighted average time it takes to receive all the bond’s cash flows, including principal and interest payments.
To take a ‘keep-it-simple’ approach it is akin to the payback concept covered in ACCA FM. It’s a bit more sophisticated, but the idea is the same.
The shorter the payback the lower the risk of a project in ACCA FM. Same here, the lower the duration the more content the bondholder feels. There are two types of duration that can be computed:
• Macaulay Duration.
• Modified Duration.
Macaulay Duration – this calculation gives each bond an overall risk weighting that allows two bonds to be compared. It is simply a composite measure of risk expressed in years.
Kay Co
Five-year 6.00% bond and the YTM (Kd) is 4.30%. Redeemed at par ($100).
Kay Co
Modified Duration – measured in years, modified duration is a measurement of a bond’s sensitivity to movements in interest rates. For example, a bond with a modified duration of 5.2 years can be expected to undergo a 5.2% movement in price for each 1% movement in interest rates. The longer the modified duration (in years), the more sensitive a bond’s price to changes in interest rates.
Modified Duration = Macaulay Duration / (1 + YTM)
Kay Co (once again)
Modified Duration = 4.49/ (1 + 0.0430) = 4.3 years
Conclusion
This article has considered the main examinable aspects dealing with corporate bond finance as tested in the ACCA AFM exam. It may not be as exciting as a 007 movie, but understanding the content of this article, will I believe, ensure you get more than 50% in your ACCA AFM Exam.
• Sunil Bhandari is an ACCA AFM Tutor at FME Learn Online
And the winners are…
Who walked off with the coveted AAT awards this year? We have the list in full
AAT recently celebrated ‘exceptional achievements’ across the accountancy education sector at its annual Training Provider Awards in Solihull.
Now in its ninth year, the 10 awards are presented to, among others, the best small, medium and large training colleges, as well as best distance learning training provider. Individual excellence is also recognised through student, tutor and apprenticeship awards, alongside a special 11th award announced on the night.
The Apprentice of the Year award went to Liam Wild, who works for Savills. He now mentors new apprentices joining the business and has advocated to property industry bodies on the benefits of hiring AAT apprentices.
Tutor of the Year was Faye Hill, from Chesterfield College. She has developed workplace readiness initiatives for her students, including a vacancy page and employer workshops.
Premier Training received double recognition, winning Distance Learning
Training Provider of the Year, with long-serving tutor Alan Dawson picking up the Special Recognition award.
In a moving moment, Dawson received a standing ovation for his 19-year contribution to AAT education. Having mentored thousands of students and authored over 50 study manuals, including his widely used ‘Maths for Accounting’ resource, he continues to embrace new technologies while planning innovative outreach work with local schools.
Premier Training was celebrated for achieving consecutive 100% pass rates for Level 2 assessments and expanding social mobility through free AAT courses for school pupils, and its partnerships with homelessness charities.
Claire Bennison, AAT’s Executive Director of Customer, Partnerships and Innovation, said: “These awards showcase the transformative power of vocational accountancy education.
“The winners demonstrate how dedicated training providers are innovating and supporting student success in remarkable ways with AAT qualifications – opening doors
to rewarding careers for more people from more backgrounds.”
AAT winners in full
AAT Student of the Year – Katy Hickey, e-Careers
AAT Apprentice of the Year – Liam Wild (The Growth Company/Savills)
AAT Tutor of the Year – Faye Hill, Chesterfield College
AAT Large Training Provider of the Year –Kaplan
AAT Medium Training Provider of the Year –
New College Durham
AAT Small Training Provider of the Year –
Bexhill College
AAT Apprentice Provider of the Year – Starting Off
AAT Distance Learning Provider of the Year –Premier Training
AAT International Provider of the Year – System & Skills Training Concepts, Malaysia
AAT Special Recognition Awards: –Alan Dawson, Premier Training
Premier Training’s Alan Dawson with his AAT Special Recognition award!
AAT Tutor of the Year, Faye Hill
AAT Apprentice of the Year Liam Wild
AAT Student of the Year Katy Hickey
Everyone’s a winner, that’s for sure
AAT Distance Learning AAT Distance
Let the AAT Distance Learning Training Provider of the Year 2024 and 2025 support your career ambiঞons!
Premier Training enjoyed another excep�onal evening at the AAT Training Provider Awards, which celebrate excellence across the accountancy educa�on sector and wider AAT community. For the second year running, Premier Training was proud to be named Distance Learning Training Provider of the Year.
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A cut above
Steve Chen runs the rule over the CIMA May ’25 pre seen analysis on Trimayr, a hairdressing salon business
The CIMA MCS pre seen case for the May/August 2025 exam is Trimayr, a franchised hairdressing salon business founded by Magda Trimayr and listed on the stock exchange.
It now owns two brands: Trimayr Sheen (upmarket) and Trimayr Pop (midmarket). There are 140 Trimayr Sheen franchised salons, and 420 Trimayr Pop salons, split into 40 owned and operated by Trimayr, and 380 franchised. The industry is competitive because the market is dominated by independent salons. However, Trimayr’s model generates revenue through franchise royalties, product sales and training services.
Requirement from CIMA
I have been teaching this paper since 2016, and I also trained lecturers on how to teach this paper in 2017 (Macau). I always reminded my students about two key facts in this paper.
Firstly, CIMA clarifies that ‘Answers that make relevant references to current affairs will, of course, be marked on their merits.’ This means that students should focus primarily on the Trimayr case information; however, bringing relevant real-life cases, or how similar companies work in this industry, into the answer, as long as they are relevant to the requirement, will earn marks.
Secondly, CIMA developed 29 ‘I can’ questions, split into activity A to E in the CIMA blueprint, and expects students to relate these questions to the pre seen case. Exam questions are set based on these ‘I can’ questions.
Pre seen analysis
Competition among owned and franchised salons: Franchised salons in this industry have flexibility in setting their prices, as they can localize their services. However, prices charged by owned stores may be competing with the franchised ones, making franchisees upset about this. Customers may also become confused if they notice services and pricing discrepancies across salons. Such confusion could go viral online, damaging brand trust. This happened in one of the famous salon companies back in 2019.
Therefore, measures like baseline price range
for services across all salons, with regional pricing tiers where both owned and franchised salons in similar locations follow comparable pricing structures, can help. The regional pricing tiers can also be based on the Trimayr’s Business Intelligence System data, to make sure pricing is optimised.
This aligns with the CIMA Blueprint requirement – namely, Core Activity A. Evaluate opportunities to add value – I can explain which pricing strategies are appropriate.
Conflicts in management roles: Currently, the Franchise Director Barbara Wolnik is responsible for Franchise recruitment and management at the same time. This creates inherent conflicts because to expand Trimayr in an aggressive way, weak franchisees may be approved. However, weak franchisees may have a higher risk of violating brand standards. The risk of approving weak franchises just to meet requirement targets is quite high.
Therefore, the solution to create two teams, where the recruitment team reports to the
marketing function to focus on a number of approved franchisees, and another team reporting to the franchise director, or even the finance director, to ensure all franchises meet profitability, customer service and brand standards, would help.
This aligns with the Core Activity E. Manage internal and external stakeholders – ‘I can advice on conflict management’.
Responsibility centres: Currently, each company-owned salon functions as the ‘profit centre’ in Trimayr, while each franchised salons operates as the ‘revenue centre’. The reason is that all the investment decisions would be centralised at head office.
However, Trimayr needs to balance ‘localisation’ and ‘standardisation’. Localisation is important, because a salon’s success depends on its staff who provide services tailored to local customers. Many real-life salon businesses do not grant authority to the salon managers to make large budget decisions. However, if that salon manager could control a location that generates millions in sales revenue per year, his/ her responsibility can expand.
A famous real-life salon business manager changes from profit centre manager to the investment centre manager, under the following conditions set:
1. The salon has to self-fund investments from the internal profits.
2. The manager’s performance is closely linked with the bonus, and monthly financial reports should be submitted to prove the strategy is working.
Within 18 months, that salon business revenue increased by 40%, attracting high-net-worth clients, through his wise investment in new interiors and premium equipment in the local salon.
This fits into the Core Activity C. Manage performance and costs to aid value creation, ‘I can advise on the measurement, analysis and reporting on the performance of responsibility centres’.
Conclusion
I often tell my students that passing the CIMA MCS exam requires a practical approach. This aligns with the objectives of this paper, to integrate what you learned from OT papers, into real-life cases. Students are expected to spend time analysing the pre seen material, not just summarising what happened in the pre seen, but to understand how you would add value to Trimayr business.
• Steve Chen is a CIMA case study tutor guru and an expert tutor for ACCA SBL and AFM at GlobalAPC
CHANGERS CHANGERS WANTED GAME
Don’t be a muppet!
Criminals are using ‘muppets’ to commit corporate fraud – so how do we stop them? Tax realist Dan Neidle has an answer
Many fraudulent companies at Companies House are run by entirely fake directors – non-existent people with fabricated identities.
But Dan Neidle from Tax Policy Associate says many others are fronted by ‘muppet’ directors: real individuals, often recruited through Facebook, who lend their names to companies they don’t actually control. It all means the true masterminds behind the fraud remain in the shadows.
From this month, Neidle believes we are likely to see a surge in muppet directors. Companies
House is introducing ID verification rules, making it much harder for fraudsters to register fake identities. He says the likely response will be to look for more muppets!
The Low Incomes Tax Reform Group issued a press releases in 2023 warning people not to get involved in these ‘director’ schemes, but Tax Policy Associates wants more done, and has three suggestions:
• Companies House’s incorporation website should add prominent warnings of penalties and criminal liability for people acting as
‘nominee’ directors – i.e. agreeing to be a director on paper and follow someone else’s instructions. With the warning not merely a tick-box, but requiring new directors to type that they understand the warning.
• Harsh as it may sound, we need widely publicised prosecutions of people caught pretending to be directors. People will only stop being muppets if they know they face serious consequences.
• Facebook uses its immense resources and know-how to block people from promoting ‘get-rich-quick’ scams.
Neidle believes an obvious response from the fraudsters if these moves were made would be to exclusively hire muppet directors from outside the UK, who are less likely to understand any warnings, and much less likely to have seen any prosecutions of previous muppets. That will, however, be less attractive to the fraudsters – if a company is trying to present itself as a real UK company (either to HMRC or other potential fraud victims), then foreign directors are a red flag. But if he is wrong about this, and Companies House sees an explosion in foreign muppets, then a radical solution might be needed, like requiring all foreign directors of UK companies to appoint a UK agent covered by money laundering rules
Neidle and his Tax Policy Associates are hoping Companies House are ready to act.
Read the full story at https://tinyurl.com/f3aay9fj
Revitalise your CGMA study routine
You need to mix up your routine if you want to study successfully, says Nasheen Wuisman
Studying for anything you’ve chosen to invest your time in should be an engaging and rewarding experience. In reality, studying doesn’t always give rise to positive emotions. Instead, we can feel overwhelmed and lack motivation. Often, this is due to having to fit studying around an already busy schedule, and the thought of spending hours trying to learn new concepts after a long day can feel mundane. However, there are subtle changes you can make to your CGMA study routine to have a more fulfilling experience. Let’s explore how changing our mindset and incorporating some key techniques into a study plan can make the whole process more manageable – maybe even enjoyable!
Consider your learning options
Some candidates decide to study with a tuition provider, some self-study with textbooks, or using an online learning platform. Some a bit of both. Adding a bit of variety to your current means of learning can help to expand your interest, and there are so many you can choose from. Tuition providers offer a range of resources – from online courses and bite-sized videos to practice questions and mock exams – to enhance your knowledge and improve overall information retention in a format that works for you. Many candidates opt to mix and match resources, as this allows a more personalised approach.
Make it interesting
When you plan what you’re going to cover in each of your study sessions use these different types of resources. So, on Monday you may cover a topic in a live session, or you may use a learning platform to gain an understanding of a concept. In your next study session, say on Wednesday, plan to do something different, maybe some question
practice to solidify your understanding. Or if you found Monday’s concept tricky, then a bite-sized video to help further your understanding. Mixing up the routine by alternating different mediums reduces the opportunity to get bored and feel like it’s ‘Groundhog Day’.
Other ways of making your study sessions more engaging are to try some active learning techniques such as summarising information in your own words or explaining a concept to someone else (or even just saying it out loud). This can be a really satisfying exercise when you realise you’ve genuinely understood a topic and will inevitably motivate you to make progress.
There are many apps and tools designed to make studying more efficient too. Apps like Quizlet for flashcards, Anki for spaced repetition and Trello for organising your study schedule can also be very helpful.
Remember, not every study method works for everyone; the key is to find what suits you best and to keep experimenting with different methods until you find a mix that you are on board with.
In it together
Studying needs to be both a personalised and a social process, but it can be hard for those nearest and dearest to you to understand the challenges of your study journey. One of the most effective ways to enhance your CGMA learning experience is to study with others.
Peer support is a must. Connecting with others in the same position can be very uplifting and give you some much-needed strength to persevere. Think about either joining a study group or even just a relevant social group to remove the feeling of isolation which some do experience.
You can also share notes and quiz each other, which will help reinforce your understanding
of the study materials and can even help you gain new insights into the topic. You can learn from others’ experiences and see if their recommended study methods might work for you, too.
Another obvious benefit of group study is accountability. Having a shared goal and regular contact will help you stick to your study schedule and stay on track. Studying with peers will help boost your motivation and reduce procrastination.
All work and no play
I’ve talked about chunking your learning many times before. If you cannot find long periods of time to study, set time aside for short sessions and decide when and what you are going to study ahead of time. However, it’s also important that you incorporate breaks and activities that trigger your endorphins in your schedule.
Think pastimes such as reading, crafting or baking; sports such as walking, swimming, playing a team sport or going to the gym. Make time for social events such as game night, going out for dinner, the cinema or seeing an exhibition, to keep your routine dynamic and enjoyable. It’s crucial to balance studying and breaks to allow you to reset, feel refreshed, and be eager to start again.
Do allow for some flexibility in your schedule to accommodate unexpected events or changes, missing a study session here and there won’t derail your progress. Just make sure you resume your routine as soon as possible as having too long a break will make it harder for you to get back into studying.
Establishing a good, stimulating, and sustainable studying routine takes work, but getting started is often the hardest part. There will likely be times you will falter but it’s critical to be kind and fair to yourself and refocus as soon as you can. Remember to celebrate your progress, always remind yourself why you’re committed to completing your CGMA Professional Qualification, and everything else will fall into place.
• Nasheen Wuisman, Senior Manager – Global Academic Progression at AICPA & CIMA, together as the Association of International Certified Professional Accountants
How to build a rewarding career
NHS Finance Manager Harriot Winfield (pictured) outlines what takes to become a CIPFA qualified accountant
My career in public finance began with an ambition to work for the NHS. I had no firm idea of exactly which role I wanted, but after applying for the NHS Graduate Management Training Scheme (GMTS) I was accepted. Luckily, I ended up falling into the right CIPFA qualification and have never looked back.
The road from CIPFA student to qualified accountant was intense. The GMTS involves sitting a lot of exams in a relatively short space of time. As you can imagine, this meant many evenings spent revising after work, but it all paid off in the end.
The process can be tough, so having the support of family and friends was essential. Being involved with the CIPFA student
network was invaluable as it connected me with other students, and I felt able to ask for support when I needed it.
Work-life balance is also crucial, otherwise you can end up burnt out, which will stop you performing at your best. I found balance by using my annual leave to take breaks and prioritising time with friends and family.
Now that I’m qualified I’m thoroughly enjoying my work, and I take pride in being a public finance professional. Currently, I’m working at a large acute NHS trust in central London. It keeps me busy, but the work is rewarding, and I know I’m making a difference.
My role focuses on productivity and cost improvement, which is especially relevant given the current economic climate. The NHS can be turbulent at times, particularly given the financial challenges it faces. But my colleagues and I are dedicated to the NHS and the vital role it plays for us all.
As an accountant, I believe it is important to learn as much as possible about day-today operations. So, I’ve started volunteering in the phlebotomy clinic at the hospital and I’m excited to experience how things function on the front line.
Being a woman in public finance is not always easy, and I sometimes find myself in male-dominated spaces. While there has been progress, we still have work to do. I’ve had the pleasure of working with some incredibly inspiring women in finance, particularly in the CIPFA networks. There are also many talented women joining the profession, which will have a positive impact on the entire sector.
I’m extremely grateful that I ended up qualifying through CIPFA and for the boost it has given my career. Specifically, the CIPFA student network has been essential to my success and has connected me with numerous public sector accountants across multiple sectors. It’s fantastic to feel like I’m part of something bigger than me, working towards a common goal to provide the best public services possible.
Join the CIPFA Student Network – a community of current and recent students that represents the views and interests of students within CIPFA. Made up of volunteers from across all regions sitting on the student committee, we work alongside CIPFA regions and student services
• Harriot Winfield, Finance Manager, University College London Hospitals NHS Foundation Trust
Is work ruining your relationship?
Celebrity maths teacher and former accountant Bobby Seagull has teamed up with accountancy charity caba to raise awareness of the impact work stress can have on your relationship
Being on top of your tasks all the time sounds like a good thing, right? But if you’re glued to emails, drowning in deadlines and thinking about work 24/7, your relationship might be paying the price.
In today’s fast-paced world, our careers can quickly spill over into our personal lives, and sometimes the consequence can be disastrous. In fact, 71% of people report that work stress has led to a break-up or divorce, showing the devasting consequences of demanding jobs.
Long hours, constant pressure, and the mental strain of high-stress careers– like accountancy–are pushing relationships to breaking point.
Warning signs
We’ve all been there – juggling work deadlines, emails, and endless tasks. But when that stress begins to creep into your relationships, the warning signs are hard to ignore. You might tell yourself, “It’s fine, I’m just busy,” but that emotional distance can build up over time.
And it’s all too common. 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 worklife balance.
Burnout can make you feel more irritable, anxious or even detached. This can lead to more tension and miscommunication with your partner. Conversations become harder and you may just feel disconnected altogether.
TV presenter and former chartered accountant Bobby Seagull (pictured) knows the struggle all too well, reflecting on his time as a busy accountant: “I know there are short periods where you’re under stress, but when that’s prolonged over a period of months you can really see the impact.”
Considering the impact on his peers’ relationships, he adds: “It’s affected their personal relationships, some of them even permanently where they’ve parted ways with a long-term partner because the burnout meant
they couldn’t give their full selves to their partner.”
Love life suffering?
If you find your love life suffering because of work pressures, there are ways to keep things in check.
Mental wellbeing expert at caba, Paul Guess, has some advice on taking back control: “Reclaiming control in the face of work stress means prioritising your mental wellbeing, recognising when to set boundaries, and nurturing the relationships that matter most,” he said. “Balance isn’t about doing it all; it’s about doing what supports you and those you care about.”
Guess advises that you should:
• Set clear boundaries: It’s important to carve out time where work doesn’t take over. Set boundaries at work if necessary and stick to them. Protecting your downtime is crucial for your mental health and your relationship.
• Prioritise quality time with your partner: It can be tough, but even small gestures like cooking dinner together, going for a walk or just talking about your day can help you reconnect. It’s all about finding that balance
between work and your personal life.
• Practice open communication: If work is stressing you out, don’t keep it to yourself. Open up to your partner about what’s going on at work and how it’s affecting you. That way they’re not left in the dark, and they can offer support when you need it most.
Seagull commented: “If you’re feeling overwhelmed, the first step is to acknowledge it yourself, then talk to someone about it. After that, see if you can implement any strategies, such as managing your workload or giving yourself small treats like going for a walk, or watching a football game on TV.” The key is to find ways to deal with it rather than bottling it up, because that’s not good for you or anyone around you, he said.
Don’t struggle alone
If stress becomes too much, make sure not to struggle alone. Whether it’s talking to friends, family or seeking professional support, relying on others can make a huge difference.
“Our friends and family, they are a great source of support because they know you. Organisations like caba also have internal resources, online support and trained people. They’re a great touch point if your colleagues or friends and family can’t offer a solution,” he added.
While your job is important, so is your relationship. Try to find balance and to make small changes to stop work stress ruining your relationship.
By setting boundaries, prioritising quality time with your partner and asking for help when needed, you can make sure work stress doesn’t take over your life. Take proactive steps to protect both your career and your relationship –you’ll be better for it in the long run.
• caba supports ACA students, past and present ICAEW members, close family dependents and ICAEW staff. For more go to https://www.caba.org.uk
TAKE YOUR PLACE AT THE FOREFRONT OF ACCOUNTANCY AND FINANCE
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 often struggle to answer the common interview question, ‘why do you want to work for us’. What advice do you have for giving an impressive answer?
KAREN’S RESPONSE
An interviewer will nearly always ask what drew you to the organisation and, whilst it might be obvious to you, being able to articulate this is challenging yet crucial for a successful interview. Here are three ways to come up with a solid response:
1. Even if you already know the organisation well, still do your research to ensure you have a strong foundation of knowledge when it comes to their main projects, overarching goals, inherent values, recent achievements and plans for the future. Familiarise yourself with their brand, reputation, priorities and culture.
2. Clearly state how this aligns with your personal interests, goals, values and ambitions. You want to really depict why you’re passionate about becoming a part of the team and, in turn, representing their business. Be prepared to explain why you’d be proud to tell people this is where you work.
3. It’s a good idea to have at least one key aspect to hand that excites you most about the role and organisation. This is a chance to be specific about why you want the job, whether that’s the career progression on offer or a particular product or service you’re keen to get involved in. The trick is to thoroughly prepare for this question to avoid struggling for things to say on the spot.
• Karen Young is a director at Hays. She is passionate about helping people to find the right job and companies the right person
Time to be your own boss?
Record number of AATs want to be their own boss, according to new data
A quiet revolution is taking place across the accounting profession, with record numbers of AATs rejecting traditional employment in favour of establishing their own practices.
AAT’s licensed accountant population – members qualified to run their own accounting businesses – has grown by 59% over the past seven years. This includes a remarkable 755% increase in licensed members under 34 years old since 2018, growing from just 119 to 1,018. Based on current growth trends, AAT projects its licensed accountant membership to exceed 8,000 by 2030.
In brief
Best places to work
PKF Francis Clark is celebrating breaking into the top 20 Best Large Workplaces in the UK for the first time.
For 25 years, workplace culture expert Great Place to Work has been ranking the UK’s Best Workplaces, based on its independent surveys of employees at hundreds of organisations across all sectors.
PKF Francis Clark have made the list for three years running, moving up the rankings each time. The firm is the highest-ranked accountancy practice on this year’s list, having climbed four places to 20th among large workplaces (201-1,000 employees). It is also one of only three South West businesses in the top 20 across all size categories.
AAT director Isla Billett said: “We’re seeing an increasing number of entrepreneurial individuals, particularly women, entering the profession with their sights set on autonomy, flexibility and the career potential of running
EY Australia lay-offs likely
EY Australia is looking to implement targeted restructuring, with reports suggesting 100 roles could go. In a statement to Reuters news agency, an EY Australia spokesperson said that the firm had anticipated a market rebound and sustained growth in FY25 for struggling parts of the business. However, actual demand has not met these expectations, prompting a reassessment of workforce needs.
Some stories claim that the PwC Australia tax leaks scandal in mid-2023 has made the situation worse for the Big 4 firms.
Gen Z quietly quit! Are Generation Z giving up on work? A new PwC survey
their own business.”
And, contrary to some outdated perceptions of accountancy, the consistent representation of women among those choosing to establish their own accounting practices is a notable trend. In 2025, women represent 56% of AAT’s licensed accountant population.
With this in mind, AAT has launched the accountant startup programme, developed in partnership with Sage, to support its growing number of licensed accountants through the critical first year of starting a business.
Demand for the programme is already high, with more than 250 individuals on the waiting list ahead of its official launch.
The two-day course costs £350, and to find out more go to https://tinyurl.com/3r7p6cjk
found that four in 10 is considering leaving their job and going on benefits. PwC said a generation of workers could be in danger of being lost to the job market, with mental health conditions the biggest driver of youth worklessness.
The survey found those aged between 18-24 were 40% more likely to have concerns over their mental wellbeing than older respondents.
One in 10 of the overall workforce in the UK is now economically inactive – that is 4.4 million people.
The worry is that PwC found employers have become wary of taking on people who have not worked for extended periods of time.
The PQ Book Club: books you should read
Reflections on the Case for Audit Reform: Seeking to Avoid Future Financial Scandals by Krish Bhaskar and Rod Sellers (Routledge £52.99)
This is this final volume of a four-part mini-series, dealing with audit and financial reporting, and the authors want it to be a catalyst for radical thinking professionals, students, academics and company directors alike.
Audit has remained almost unchanged since the 19th century, and both Bhaskar and Sellers believe there is now a need for a more proactive audit. For them the audit
should address a wider group of stakeholders and act as a programme for good for society in general. It should also offer a granular opinion, not a binary pass or fail verdict. They want audit to be forward-looking and discuss key risks.
There was also the suggestion that the professional bodies should be taking a much bigger lead in the debate, rather than leaving it all to the regulators.
One area where the authors don’t seem convinced about is the FRC fine regime. Are firms just treating them as a cost of operation, they wonder? They also claim that at an individual
level the fines could have a serious demotivating effect and lead to the pursuit of other less risky and more rewarding career paths. But I couldn’t find their alternative.
PQ RATING 4/5 Sadly Krish Bhaskar died before this book was completed, and Sellers has done a stellar job in moving the debate forward. At 97 pages there is no excuse not to read this one.
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Time to be a Wordsworth!
The ICAEW Climate Essay Competition is running again this year, and a prize of £5,000 is on offer for students and recently qualifieds (see our news pages for more).
It was interesting to note that CFO Andrew Coulson picked up on the competition on LinkedIn but felt: “Great idea but feels very age discriminatory.”
Putting that aside, it really is worth giving 2024 winner Sofia Tziortzi’s essay a read. She starts it with a quote:
To her fair works did Nature link
The human soul that through me ran;
Pensioners pay more income tax than Gen Z
More retired baby boomers are paying income tax than Gen Z workers, says the Daily Telegraph.
The newspaper said data published by HMRC show 5.45m Britons aged over 70 paid income tax in 2022-23, compared with 5.23m aged under 30.
It comes as the triple lock pushes more pensioners into the tax bracket, while youth worklessness is leaving many young people outside the jobs market.
In all, the over 70s paid £19.1bn in income tax in 202-23, compared with £18.3bn paid by the under 30s.
The data also shows the number of top rate taxpayers rose by 10% to 600,000 in the 2022-23 tax year, and the number of higher rate taxpayers jumped by 680,000 to 5.1m.
And much it grieved my heart to think What man has made of man.
This is from William Wordsworth’s poem ‘Lines Written in Early Spring’. She explains this key figure of Romanticism juxtaposes the sublime beauty of nature with a lament for the fallen state of mankind.
Tziortz says Romanticism and the Industrial Revolution are closely intertwined, and this industrialisation came at a big cost to the environment. Read the full essay at https://tinyurl.com/368ywpkz
Keeping it in the family
Family-owned enterprises continue to be a major driver of global economic growth, says a new report from EY.
The world’s 500 largest family businesses generate $8.8trn in revenues – a 10% increase from the 2023 index – and employ 25.1 million people worldwide across 44 jurisdictions.
The aggregate revenues of these businesses, if compared with GDP by country, equate to the world’s third-largest economy, ranking behind only the US and China.
EY’s Lauri Oinaala said: “It is remarkable how, amid notable market disruptions, the world’s leading family enterprises can shape their future for the better, combining a unique blend of long-term vision, resilience and drive toward sustainable growth. Their diverse capital sources and readiness for mergers and acquisitions enable them to seize strategic opportunities and navigate slower-growth periods.”
World’s fastest accountant in GB squad
Great to see the fastest chartered accountant in the world, Eugene Amo-Dadzie, has been selected for the GB squad for the World Athletics World Relays in Guangzhou, China.
He is in the seven-man strong 4x100m relay team that will be running on 10-11 May. A new discipline of a mixed 4x100m event has been added to the meet, and Amo-Dadzie will be in with a shout of competing in this race, too.
This is the start of a new Olympic cycle heading towards LA 2028, and UK Athletics said it has selected squads across all relay events with the overall objective of qualifying for the World Championships in Tokyo later this year.
Untaxing makes radio debut
The first episode of Dan Neidle’s new Radio 4 series ‘Untaxing’, has now aired. If you missed it then his series is available on BBC Sounds.
Neidle says that, from Babylonia to bitcoin, tax has shaped history, and it continues to shape the world around us. In his series he reveals why a biscuit isn’t always a biscuit, how an adult film star destroyed a football club, how a fridge cost the UK £10 billion, and how a scribble on a napkin changed global politics forever.
Neidle admits it is often said tax is boring, and even Albert Einstein said tax is the hardest thing in the world to understand. But he said: “They are all wrong and this series explains why!” Got to be worth a listen!
W E V E G O T T H E L O T
We have joined forces again with Teresa Clarke to give away three of her ‘Depreciation, disposals and non-current asset register’ workbooks. Just updated, this workbook includes depreciation methods, accounting for disposals and the non-current asset register. It also has explanations, examples, tasks with worked answers and further tasks for you to complete, all with fully explained answers. To get your name in the hat to win one of these books just send an email headed ‘Depreciation workbook’ to giveaways@pqmagazine.com along with your name and address.
Book Club bonanza
We have the latest reviewed books from the PQ Book Club to give away in our lucky dip draw this month. Up for grabs are ‘Restoring Your Sanity Online’ by Mark Weinstein, ‘Digital Wellbeing’ from Caitlin Krause, and ‘The Personal Branding Playbook’ by Amelia Sordell.
To be in with a chance to win one of these great books simply email us at giveaways@pqmagazine.com with your name and address and we will put you in the hat to win this prize. Head up your email ‘PQ book club’.
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 11 May 2025. The main draw will take place on Monday 14 May 2025.
