Good morning everyone, and welcome to today’s launch of Accounting Insight News, a content platform for accountancy and finance professionals. More specifically, welcome to Daily Insight, your update on what’s fresh and, we hope, engaging in the world of finance and accounting.
Let’s get straight to it … nearly. But first this: We’re live at Accountex Summit North in magnificent Manchester. So do stop by the Literature Lounge and say hello, if you can.
OK, on with the show. Today’s headlines. As we’re in my home town of Manchester, I may as well kick off with another subject that is close to my heart, the Daily Mirror. The newspaper/media group where I worked for 15 years in its not-quite halcyon days, has bought the Daily Express and renamed the group ‘Reach’. I really don’t know what to say about that, but, fortunately the Financial Times does.
Staying on the subject of costs, the ICAEW is worried about audit regulation. It says rising costs are causing some audit firms to question the value of staying in the public interest entity (PIE) market.
“In its response to the FRC’s consultation on the 2018/21 strategy and levy proposals, ICAEW points out that the FRC’s operation and audit quality review levies are ultimately a cost to UK business and affect competition in the audit market.
Vernon Soare, ICAEW’s chief operating officer, says he is disappointed that the FRC does not view addressing the burden of the cost of oversight and regulation as a priority.
“There is a point at which high regulatory costs will impair market fundamentals and negatively impair outcomes, particularly if regulatory costs cause participants to drop out of the PIE market,” he says.
Finally for today, as I know many people are busy at Accountex Summit North, there seems to be an interesting debate bubbling about whether or not accountants should charge for fixing people’s bookkeeping errors. Check it out on accountingWEB.
Personally, I can’t help thinking it might be a bit too much and a little too late, what with MTD and all that. Anyway, see you tomorrow!