Accountancy Age articles from August 2008

Accountancy Age archives from August 2008

Bankruptcy calls on debtors rocket by nearly 20%.
August 4, 2008... Byline: David Jetuah Bankruptcy calls on debtors rocket by nearly 20% Bankruptcy David Jetuah The number of creditors appealing to the courts to try and get their money back from people they believe are on the verge of...

The FDsi?1/2 FD: masters of finance Many CFOs and their finance functions are struggling. They are facing huge challenges in a rapidly changing environment and having to address a previously un-witnessed cocktail of critical concerns. But the market leaders.(finance directors, chief financial officers)
August 14, 2008... Byline: Margaret Ewing The FDs' FD: masters of finance Many CFOs and their finance functions are struggling. They are facing huge challenges in a rapidly changing environment and having to address a previously un-witnessed...

People and moves.
August 14, 2008... Byline: Kevin Reed People and moves Job to die for: West Hampshire Water fd Let's hope David Sayers keeps an eye on those reserves as the new finance director of Bournemouth & West Hampshire Water. He joins from parent company...

fleet footed.(Brief article)
August 14, 2008... Byline: Kevin Reed fleet footed A campaign has been launched to highlight risk management issues with car fleets. 'We hope the campaign stimulates companies into taking their work-related road safety responsibilities seriously,' says...

Military objective.(Ministry of Defense on the lookout for financial directors)
August 14, 2008... Byline: David Jetuah Military objective The MoD has been on the lookout for a qualified FD for more than three years and the situation came to a head in 2007 after the job was advertised in the national press, but no-one came forward...

Live and learn.
August 14, 2008... Byline: Michelle Perry Live and learn Recruiting accountancy trainees is no easy task. And once you've found the right candidate, deciding which of the different accountancy qualifications is right for your business needs is a further...

Keeping it simple.
August 14, 2008... Byline: Derek Allen Keeping it simple Significant simplification is urgently required to restore some sense to the tax system. Surely the tax code should be understandable by those who need to interpret it to determine their tax...

Whati?1/2s the big idea?(business development)
August 14, 2008... Byline: james fleck What's the big idea? Rather than deep recession, the real global economy is still enjoying a major upswing, which is likely to continue for some time. The current problems of slowing growth and limits on credit,...

Giant Steps.(PricewaterhouseCoopers L.L.P.'s aspiration to iconic status)
August 14, 2008... Byline: Gavin Hinks Giant Steps Iconic. That's what Ian Powell, the new chairman of PricewaterhouseCoopers, wants the firm to be. Iconic. That's where you go when you are already the biggest, considered number one and looking for...

Insolvency regulator comes under fire over dual role.(insolvency practitioners)
August 14, 2008... Byline: Rachael Singh and Alex Hawkes Insolvency regulator comes under fire over dual role Insolvency Rachael Singh and Alex Hawkes How should the insolvency profession be regulated and how well does the current system work?...

Invest in your people.
August 14, 2008... Byline: Phile Shohet invest in your people The most valuable resource of any firm is the people who work within it. An accountancy qualification from a professional body is something to be proud of and considerable effort is required...

Equal opportunities.(women in PricewaterhouseCoopers L.L.P. )(Brief article)
August 14, 2008... Equal opportunities Ian Powell reveals that he is acutely aware of the firm's lack of diversity at the top. His new board lacks any women. 'When I was elected I spent about a month really getting to know some of the people from...

Does leadership change you?(Brief article)
August 14, 2008... Does leadership change you? 'I did wonder, once the initial euphoria of winning the election was over, do you suddenly have that sort of wake-up moment? But I don't feel that at all. I feel equipped to do the job and I've really enjoyed...

on the money with Damian Wild.(Brief article)
August 14, 2008... Byline: Damian Wild on the money with Damian Wild You may have missed it but there's a spin-off from The Apprentice being played out right now. The boardroom setting is familiar, the same raw ambition is on...

When I grow up . . .(Brief article)
August 14, 2008... Byline: TS When I grow upa[bar] TS ran into an old friend that we hadn't seen since university (needless to say that was some time ago). After the usual who's doing what, who failed, who succeeded, who ran off, who did something...

Stamp duty farce really isni?1/2t funny The governmenti?1/2s plan to offer homebuyers a stamp duty holiday, if it can be called a plan, would rank as one of the most hapless pieces of tax policymaking of recent years. Regardless of its likely ineffectiveness, a p.
August 14, 2008... Byline: Alex Hawkes Stamp duty farce really isn't funny The government's plan to offer homebuyers a stamp duty holiday, if it can be called a plan, would rank as one of the most hapless pieces of tax policymaking of recent years. ...

Sing-a-long-a-gone-wrong.(Brief article)
August 14, 2008... Byline: ts Sing-a-long-a-gone-wrong Some might remember a recent TS instalment which spotted a trend of changing song lyrics to give tunes an accountancy edge. The crooners of the ICAEW kicked it all off with their accountancy...

Private party, no admittance.(wages and salaries)(Brief article)
August 14, 2008... Byline: ts Private party, no admittance TS has been documenting the harsh experiences of the noble order of insolvency practitioners and was treated to a peach at a recent lunch. Now, as we all know, creditors' meetings can be...

You've got mail.(Brief article)
August 14, 2008... Byline: ts As you might imagine TS is never short of fan mail. Many is the evening wiled away with Holby City on the box while answering a folder full of letters. Some of them are even complimentary. But even TS cannot boast the postbag,...

Olympic link.
August 14, 2008... Byline: ts If it isn't hockey players or massive firms signing up to be official suppliers, TS has found yet another accountancy link to the Olympics. Gemma Spofforth set a British and European record in the final of the women's 100m...

Move to boost Europei?1/2s voice on standards.
August 14, 2008... Byline: Penny Sukhraj Move to boost Europe's voice on standards Penny Sukhraj Experts have answered the call of Europe's parliament and proposed a pan-European accounting standards body for stronger representation of the...

Accountants going for gold.
August 14, 2008... Byline: Judith Tydd Accountants are Going for gold Employees from the major firms, including five from PricewaterhouseCoopers, were this week bidding for Olympic gold, writes Judith Tydd. Australian slalom canoeist Mark...

BDO manager blames boss in forgery case.
August 14, 2008... Byline: Rachael Singh BDO manager blames boss in forgery case Rachael Singh A BDO Stoy Hayward tax manager who forged a client signature has said that he was unable to turn to his line manager for help when faced with the...

PwC denies rivali?1/2s reputational boast.
August 14, 2008... Byline: Gavin Hinks PwC denies rival's reputational boast Gavin Hinks Deloitte's claims that it has overhauled its rivals in terms of reputation have been shrugged off by the new head of PricewaterhouseCoopers as 'pretty difficult...

Suspension of stamp duty i?1/2woni?1/2t worki?1/2.
August 14, 2008... Byline: Judith Tydd Suspension of stamp duty 'won't work' Judith Tydd A stamp duty holiday will not work in boosting the property market, a leading tax adviser has said. According to Mike Warburton, Grant Thornton's senior tax...

Firms run i?1/2summer schoolsi?1/2 on how to spot companies in trouble.
August 14, 2008... Byline: Penny Sukhraj Firms run 'summer schools' on how to spot companies in trouble Penny Sukhraj Some of the UK's largest firms have begun 'summer schools' to educate junior auditors about warning signs to look for in...

Virgin Galactic FD takes off.(financial director, Rob Preston)(Brief article)
August 14, 2008... Byline: David Jetuah Virgin Galactic FD to take off The FD of Virgin Galactic, the world's first mass space carrier is to leave the company, writes David Jetuah. Rob Preston, head of finance at the Virgin Group arm, is moving...

Directors got Wrapit loans back.
August 14, 2008... Byline: Barbara Buchanan Directors got Wrapit loans back Barbara Buchanan Directors of failed online wedding list company Wrapit were repaid [pounds sterling]450,000 worth of loans five weeks before the firm went into...

UBS brings in Deloittei?1/2s Parrett UBS, the Swiss bank stricken by the sub-prime crisis, has recruited a chief financial officer and appointed four board members, including former Deloitte global chief William Parrett. Marco Suter, who was a close confidant.
August 14, 2008... Byline: Penny Sukhraj UBS brings in Deloitte's Parrett UBS, the Swiss bank stricken by the sub-prime crisis, has recruited a chief financial officer and appointed four board members, including former Deloitte global chief William...

Number of trainees on the up at BPP.(BPP Holdings)(Brief article)
August 14, 2008... Byline: Barbara Buchanan Number of trainees on the up at BPP Barbara Buchanan ACCA exam registrations have soared at accountancy training agency BPP Holdings, which for the first half of this year saw pre-tax profits rise by...

Websight: Cains interest brewing.
August 14, 2008... Byline: staff Web Sight: Cains interest brewing Wrapit is not the only high-profile administration at the moment. Brewery company Cains was put into the hands of the administrators recently (accountancyage.com/2223556) and there are...

FLIGHT PATH.
August 15, 2008... Byline: Robert Bruce FLIGHT PATH Having fun and learning the fundamental principles of accountancy are rarely concepts which appear in the same sentence. Certainly my early days at the tutors were far from fun. Exasperation on...

Personal struggle.
August 28, 2008... Byline: Maclay murray & spens Personal struggle All directors know they must tread carefully if there is any conflict between their own interests and the interests of their company. But changes effected by the Companies Act 2006,...

CONFLICT Stress Points.(conflicts of interest)(Brief article)
August 28, 2008... CONFLICT stress points Both direct and indirect conflicts must be authorised by the company through its articles of association. Situations which might require authorisation include: l A professional adviser to the company, for...

People and moves...(Brief article)
August 28, 2008... Byline: Kevin Reed People and moves... Job to die for: PwC's technology leader Not only has PwC partner Barry Murphy taken the helm as the new technology sector leader for the UK firm, but his new job wins our gong for job of the...

bad service.(accountants' services)(Brief article)
August 28, 2008... Byline: Kevin Reed bad service If you waited ages in your local sarnie shop to get in your order for a crayfish ciabatta and skinny latte you would not be too impressed. Well the same goes for your customers: Around 60% of accountants...

Friendly fire.(Friends Provident)(Interview)
August 28, 2008... Friendly fire Q Underlying profit before tax is only [pounds sterling]13m. Now is this a reflection of what's going on out there in the markets or has Friends Provident taken its eye off the ball during the strategic review? AProfit...

Getting it right.
August 28, 2008... Byline: ICAEW Getting it right Software for a smaller practice falls into two main types A- specialist practice software and general applications. The specialist applications help run the firm's own systems and deal with specific...

Behind the numbers: greasy pole.(backgrounds of Executives of top accounting firms)
August 28, 2008... Byline: damian wild Behind the numbers: The greasy pole There was a time when a bit of discipline could make or break an accountant. I'm not talking about physical violence, more that an accountant who had stayed in a sector, a...

Anyone for Pym?
August 28, 2008... Byline: Judith Tydd Anyone for Pym? Alliance & Leicester was described as the Volvo of the banking world; safe and unexciting. So who better to be embattled Bradford & Bingley's new boss than former A&L FD and CEO Richard Pym? Pym...

Auditors set to 'modify' opinions as downturn hits.
August 28, 2008... Byline: Penny Sukhraj Auditors set to 'modify' opinions as downturn hits Audit Penny Sukhraj As the credit crunch continues to bite, auditors are set to give more complex and nuanced views of company accounts, rather than the...

The great debate.(comparison between Deloitte & Touche L.LP. and Pricewaterhouse Coopers L.L.P.)
August 28, 2008... Byline: Wheeler Associates The great debate When Deloitte's John Connolly announced the firm's latest UK results in July, which put it within touching distance of PricewaterhouseCoopers, his comment that 'maybe we have already...

Control yourself.
August 28, 2008... Byline: BDO Stoy Hayward Control yourself With the news that the fine handed out to Credit Suisse ([pounds sterling]5.6 million) for its deliberate mispricing of asset backed securities was more than the total fines issued by the FSA...

Employers prepare for temporary worker tax hike.
August 28, 2008... Byline: Alex Hawkes Employers prepare for temporary worker tax hike Tax Alex Hawkes The economy is heading for a downturn and unemployment is threatening to climb. So why is the Treasury introducing a new tax hit that looks...

Distortions feared if disclosures forced on energy companies.
August 28, 2008... Byline: David Jetuah Distortions feared if disclosures forced on energy companies David Jetuah Concerns have been raised that John Hutton's call to force energy companies into disclosing more detailed breakdowns of their accounts...

dropped audits will suit some.(Brief article)
August 28, 2008... Byline: Peter Mitchell dropped audits will suit some The POB's July 2008 report on the accountancy profession reflects that, despite the declining audit market at the lower end, growth in total fees shows most firms continue to thrive....

Public and Voluntary Sector FD of the Year.(financial director, Mark Lumsdon-Taylor)(Brief article)
August 28, 2008... Byline: Accountancy age Public and Voluntary Sector FD of the Year There's nothing that galls more than watching public money being wasted or misspent. That's why having someone with a keen financial mind at the helm of any public...

down the pan?(public view of auditors)
August 28, 2008... Byline: Penny Sukhraj down the pan? The recent view of the auditor as droll and unglamorous has certainly been turned on its head, as those with qualifications are fought over while firms hold fast to the qualifieds already in their...

Try to see it my way.(insolvency process)
August 28, 2008... Byline: Barry Lewis The relationship between insolvency practitioner and solicitor is one of the most vital tools in the insolvency process. Making sure that recoveries for the benefit of creditors are maximised in a cost-effective,...

on the money with Gavin Hinks.
August 28, 2008... Byline: Gavin Hinks on the money with Gavin Hinks You've got to take your hat off to Alex Horne. Last year's Accountancy Age Personality of the Year, Horne was until recently the managing director of Wembley Stadium...

Finding the middle ground Auditori?1/2s are clearly worried about the downturn. We reported that the big firms are sending less experienced staff to summer schools to educate them on how to spot companies in trouble. This is because many have not been throug.
August 28, 2008... Byline: Accountancy Age Finding the middle ground Auditor's are clearly worried about the downturn. We reported that the big firms are sending less experienced staff to summer schools to educate them on how to spot companies in...

Do PwC clusters pass muster?
August 28, 2008... Byline: TS Do PwC's clusters pass muster? Did someone with a sense of humour at Pricewaterhouse-Coopers come up with the term 'clusters', the new groupings of national firms that it is setting up to help with its global decision...

Institutes US invasion.(Institute of Chartered Accountants in England and Wales)(Brief article)
August 28, 2008... Byline: TS TS's man in the US writes to tell us that the Brits are coming. The Institute of Chartered Accountants in England and Wales, to be precise, has been over there, overpaid anda[bar] (well, maybe we'll stop there). The anonymous...

Companies in rush to claim i?1/21bn in VAT as deadline looms.
August 28, 2008... Byline: Judith Tydd Companies in rush to claim [pounds sterling]1bn in VAT as deadline looms VAT Judith Tydd Businesses are being urged to rush through claims for over-paid or under-claimed VAT, as the deadline looms for...

Taking a dim sum view.(Simon Bevan, BDO fraud expert)(Brief article)
August 28, 2008... Byline: David Jetuah Taking a dim sum view TS likes to think of itself as having hidden depths. Though it makes no sense admitting that you're an expert in pigeon racing, crochet and ten-metre air pistol shooting at the kind...

Lee heads for the hills.(Finance Director Katherine Lee of YouGov)(Brief article)
August 28, 2008... Byline: TS Lee heads for the hills So Katherine Lee, the FD with the smoothest moves on the dance floor (proven at last year's Accountancy Age Awards), has parted company with YouGov, to look for a new route forward. Apparently...

Olympic spirit!(De Beers' Mike Page)(Brief article)
August 28, 2008... Byline: TS TS knows we're in the middle of a credit crunch but a recent hard luck story punted by De Beers' FD Mike Page really does take the biscuit. The diamond seller's finance boss was weighing into a debate about whether it was the...

Deloitte in rates dispute with the City.
August 28, 2008... Byline: Judith Tydd Deloitte in rates dispute with the City Sarah Limbrick and Judith Tydd Deloitte is involved in a legal row with the City of London Corporation in a dispute over the alleged overpayment of rates. The firm...

PwC gets tough with member firms.
August 28, 2008... Byline: Alex Hawkes PwC gets tough with member firms Alex Hawkes The PricewaterhouseCoopers global network is set to receive the power to hit member firms with fines if they fail to meet the audit giant's standards. The firm...

Taxman embarks on ad blitz.(advertising on taxation)(Brief article)
August 28, 2008... Byline: Judith Tydd Taxman embarks on ad blitz Judith Tydd The taxman is set to launch a [pounds sterling]5m advertising blitz to advise taxpayers of the new self-assessment deadline. Taxpayers completing returns by hard copy...

Profession still unsure as Olympics heads for London.(accounting profession)(Brief article)
August 28, 2008... Byline: Gavin Hinks Profession still unsure as olympics heads for london The accountancy world is undecided on whether the 2012 London Olympics will provide a boost for UK business. As the Beijing Olympics closed, a poll of...

Horne is FA boss.
August 28, 2008... Byline: Gavin Hinks Horne is FA boss By Gavin Hinks Alex Horne, last year's winner of the Accountancy Age Personality of the Year Award, has been made COO of the Football Association assuming many of the responsibilities of the...

Profession should shell out to protect its good name.(accountants)(Brief article)
August 28, 2008... Byline: David Jetuah Profession should shell out to protect its good name David Jetuah The profession should itself pay for the privilege of having the term 'accountant' protected, the chief executive of the Association of...

Companies urged to clarify risks of failure.
August 28, 2008... Byline: Penny Sukhraj Companies urged to clarify risks of failure Penny Sukhraj Companies will have to explain why they think they can continue as a going concern, as fears grow about corporate failures and the economic climate,...

Windfall tax in the pipeline for energy companies?
August 28, 2008... Byline: Judith Tydd Windfall tax in the pipeline for energy companies? The Prime Minister is under pressure to introduce a windfall tax on the profits of energy companies. The proposal is thought to have resulted in significant discord...

First blood for anti-corruption unit.(Overseas Anti-Corruption Unit of London)(Brief article)
August 28, 2008... Byline: Rachael Singh First blood for anti-corruption unit Rachael Singh The City of London Overseas Anti-Corruption Unit has claimed its first scalp, after a finance director pleaded guilty to trying to bribe a Ugandan official....

Rule Makers Should Get It Right 'First Time.'(Brief article)
August 28, 2008... Byline: David Jetuah Rule makers should get it right 'first time' David Jetuah Standard setters to pay more attention to the effects of accounting 'tweaks' on preparers of accounts, according to a corporate reporting expert. ...

i?1/2Pickyi?1/2 audit regulators isolating smaller firms.
August 28, 2008... Byline: Penny Sukhraj 'Picky' audit regulators isolating smaller firms Penny Sukhraj Audit regulators are 'getting very picky' in their reviews of small practices, senior figures have said. Fears are growing that highly...

Getting IT right.
August 28, 2008... Byline: Dennis Keeling small packages Typically, a company's business system is made up of many different applications A- often from different suppliers. In some cases these systems are integrated, but many small organisations just...