Accountancy Age articles from January 2006

Accountancy Age archives from January 2006

Treasury heads for EU clash over tax credit case. The Treasury could be heading for a new clash with the European Union over a tax case decided by the European Court of Justice more than a year ago, writes Alex Hawkes.
January 5, 2006... The government is rejecting claims for tax credits on EU dividends, a practice the ECJ ruled unlawful in relation to the Finnish taxpayer Petri Manninen in September 2004. Advisers said that claims they had prepared on the basis of the...

Firms bank 15% audit fee increase. Audit fee surge in FTSE100 goes straight into Big Four's pockets, writes Nicholas Neveling.
January 5, 2006... Audit fees surged 15% last year as the Big Four firms cashed in on their stranglehold on the FTSE100. The increase is seven times the average rate in 2004 of around 2% or less. Accountancy Age's sister publication Financial Director...

Shopped out: consumers carried away at Christmas may be forced to seek help from insolvency professionals. The insolvency profession is set to face a deluge of work, as 'excessive' Christmas shopping leads to a huge wave of consumer debt problems in 2006, writes Kevin Reed.
January 5, 2006... Grant Thornton predicted 20,000 personal insolvencies in the first quarter of 2006, while Barclaycard announced restrictions on credit it provides in a bid to reduce the number of bad debtors it handles. Nick Hood, senior London partner at...

OFR challenge set for court.(operating and financial review)(Brief Article)
January 5, 2006... Byline: Paul Grant. Environmental pressure group Friends of the Earth is likely to launch a court case next week in an attempt to stop the scrapping of the operating and financial review, after the Treasury failed to convince it the move...

Less is more for auditors. Auditors spend only one extra day on accounts but fees rocket, writes Nicholas Neveling.
January 5, 2006... The auditors of the UK's blue chip companies spent just one extra day signing off accounts in 2005, but still took home a whopping [pounds sterling]636.5m in auditor fees as FTSE100 audit revenues soared 15%. Research published by...

Red tape fear grips FDs. The UK's finance directors are adamant that there will be no let up in the flood of red tape, writes Nicholas Neveling.(Brief Article)
January 5, 2006... In the Accountancy Age/Reed Finance Big Question, more than three-quarters (78%) of the finance directors polled said the tide of regulation was unlikely to recede in 2006. Only 5% believed that government would ease regulation. Nigel...

KPMG to treat ailing NHS.(National Health Service)(Brief Article)
January 5, 2006... Byline: Kevin Reed. KPMG has won the contract to operate 'financial hit squads' to work with the highest overspending health authorities and trusts in England. Following health secretary Patricia Hewitt's revelation that NHS trusts...

News in brief.
January 5, 2006... The government has moved to clamp down on abuse of film tax reliefs that involve producers claiming tax credits up front, and then opting out to avoid higher offsetting charges later. Measures that took effect from 20 December, prevent the use...

New audit rules pose threat to LSE flotations. Proposals in EU directive could make London Stock Exchange less attractive for listing, writes Paul Grant.
January 5, 2006... The head of accounting's watchdog has warned that new audit rules from Europe could deter foreign companies from listing on the London Stock Exchange, potentially putting a dent in the predicted boom in flotations. Paul Boyle, chief...

Convergence is our future, RSM boss tells members.
January 5, 2006... Byline: Kevin Reed. RSM International's new chief executive has predicted that its member firms would 'converge' in the future, as it bids to win more work from the world's largest businesses. Speaking to Accountancy Age as she began...

Tories join FOI row.
January 5, 2006... Byline: Alex Hawkes. The government 'came close to abusing the Freedom of Information Act' in refusing to disclose the full costs of the group litigation orders, the Tories have said. The Treasury refused to give any indication of the...

HMRC chair heads honours list. David Varney, the HMRC chairman who has overseen the merger of the UK's two tax collecting departments in the last year, has been knighted in the Queen's New Year's honours list, writes Kevin Reed.
January 5, 2006... Varney is the merged body's first chairman and has managed the continuing integration of the Inland Revenue and Customs & Excise, at a time when it revealed record receipts from taxes, duties and other revenue of [pounds sterling]379bn. ...

Cost of MG Rover probe spirals.
January 5, 2006... Byline: James Bennett. No limit has been set on the spiralling costs of the investigation into collapsed carmaker MG Rover. Under the Freedom of Information Act, Accountancy Age discovered that the total costs incurred by the...

Analysis - See you in court. Are High Court battles an inevitable result of auditors' desire to protect themselves from 'fishing trips' and insolvency practitioners' efforts to generate returns for creditors? asks Sarah Perrin.
January 5, 2006... Two recent court battles between auditors and liquidators have highlighted the tensions that can exist between professionals. In one case, the judge ruled that Begbies Traynor, joint liquidators of The Accident Group, could have 'almost...

Tax - Husband and wife defeat riles taxman. HMRC is determined to stop couples exploiting the system, despite losing landmark case, writes James Bennett.
January 5, 2006... The government intends to drive through the use of controversial tax rules to prevent small businesses arranging their tax in the same way as Arctic Systems, a spokesman for HM Revenue & Customs has said. HMRC suffered a humiliating defeat...

Tax - Government borrowing up as tax income falls.
January 5, 2006... Total government receipts, including taxes, fell to [pounds sterling]32.8bn in November from [pounds sterling]40.3bn in October as net borrowings climbed to [pounds sterling]9.8bn, the highest level of borrowing in the month of November ever,...

Tax - Unnecessary complications.(Brief Article)
January 5, 2006... The ECJ decision on the Marks & Spencer case looks dubious. For those who missed it, the court ruled that companies could claim group relief for losses incurred in EU subsidiaries, unless - and this is the crucial point - they 'could have...

Opinion - There will always be a high price to pay for regulation.
January 5, 2006... It's official, audit is a lucrative business. For many of you that will be stating the obvious. It's always been a decent source of income, but you'll forgive us for pointing out that it has also appeared to be the slightly poor relation to...

The Debate - FDs make their own fate. Easing the burden for corporate FDs will be key in the next year for Philip Broadley. While Ian Morris wants to see unity in the accountancy profession.(finance directors)
January 5, 2006... The next year will be another important one for finance directors. Five core issues will be of particular interest to members of The Hundred Group in 2006. Although we are now through the first stage of IFRS, there are a number of...

Jon Ashworth - The corridors of power ...(Peter Cornell, Clifford Chance)(Brief Article)
January 5, 2006... Isn't it great being back at work. The bullying, the backstabbing, the false laughter at pathetic jokes by people you despise. And that's just the Accountancy Age newsroom. You can only guess at the febrile atmosphere in the offices of...

Letter - The final salary countdown.(Letter to the Editor)
January 5, 2006... Arguably, the closure of Rentokil's final salary pension plan is the most humane way to end the life of a fatally injured pension scheme. It certainly appears that Rentokil has investigated the options and delayed this decision for as long as...

Letter - M&S victory won't suit all.(Letter to the Editor)
January 5, 2006... The board of management of Marks & Spencer were no doubt cracking open their own-label bubbly following the European Court of Justice's decision to allow them to claim tax relief in the UK on losses made by its European subsidiaries. But this...

Letter - Audit's future.(Letter to the Editor)
January 5, 2006... In the last weeks, two Tier A firms have publicly highlighted important issues around developing a more dynamic, open and competitive market for audit services. It is well recognised that there is a problem, although the complexity of it...

Letter - Heroes and villains.(Letter to the Editor)
January 5, 2006... Jon Ashworth's nostalgic look at corporate giants (15 December, page 13) should not be allowed to pass without comment, for although I agree with him that Lord Weinstock was a great leader, Lord Hanson was a disaster for this country. In...

Letter - Roar deal: early adopters should be able to share the spoils of the business communities victory on UITF40.(Letter to the Editor)
January 5, 2006... ACCA welcomes the government's decision, given in the pre-Budget report statement, that 'spreading' tax relief will be given to businesses affected by the UITF40 changes. Small businesses, especially, ranging from builders to solicitors will...

Top 50 Financial power list - The ones to watch. As the year begins with the profession facing up to new challenges and old foes, Accountancy Age reveals the 50 most influential names to look out for from fresh faces at the top and would-be Olympians to government ministers.(accountants)
January 5, 2006... 1. DAVE HARTNETT HMRC director general Hartnett saw his star rise in 2005 - the clampdown on anti-avoidance being the primary reason. He has, by most estimations, overtaken his boss David Varney by quite some distance. A persistent...

Insider - Overview - Pastures new. On the frontline: Sir Christopher Hogg starts a fresh chapter in the history of the FRC, writes Paul Grant.(Financial Reporting Council)
January 5, 2006... Just five days into the new year and Sir Christopher Hogg is still getting comfortable as he settles into his new role as the top man at the Financial Reporting Council. But amidst all the kerfuffle around system log-ins and rearranging the...

Insider - Overview - Three steps to ... Getting 2006 off to a good financial start.(Brief Article)
January 5, 2006... STEP 1 - IMPROVE YOUR FINANCIAL WAISTLINE Businesses incur unnecessary costs every day. Get off on the right foot by increasing your cost awareness. Review current supplier agreements and seek reduced rates in return for loyal custom....

Insider - Overview - Buzzwords - New guy gene.
January 5, 2006... (Noun) internal mechanism in new employees that triggers extra politeness. You haven't slept all night, your palms are sweating and your voice has taken on a high-pitched, strangled tone. Today is the first day of your new job. Today you...

Insider - Overview - Rules of engagement.(accounting services, employee retention)
January 5, 2006... If businesses want to attract and retain quality financial staff they need to take a long hard look at what employees want from their working lives. In recent years, the biggest accountancy firms have continued to recruit more and more...

Taking Stock - Connolly uses artistic licence.(John Connolly, Deloitte)(Brief Article)
January 5, 2006... Deloitte's mid-year results may have spared the Big Four firm a few blushes. It revealed a 15% growth in fees, vastly improving on the 8% it announced for its last full year in 2004/05. Why embarrassing? Well, TS recently came across a...

Taking Stock - On the wind.(big accounting firms)(Brief Article)
January 5, 2006... TS has heard on the wind that the Big Four are a little more sympathetic to each other's plight than you may initially think. Despite joint liquidator Begbies' success in gaining 'unfettered' access to KPMG's audit files on claims company...

Taking Stock - Romeo and Juliet, Texan style.(tax officials not to marry collegues)(Brief Article)
January 5, 2006... With all this anti-avoidance malarkey going on you could argue that the taxman has everyone tied up in knots. But spare a thought for tax officials in the US state of Texas, who aren't allowed to tie knots, at least with each other. A recent...

Taking Stock - Hangover blues.(holiday spending spree)(Brief Article)
January 5, 2006... Following overindulgence on mince pies and sherry during the festive season, it can often take TS a little while to get back on an even keel. Somehow, we managed to make it back into the office and now even look busy. For some, however, the...

Taking Stock - M&S verdict.(Brief Article)
January 5, 2006... Despite its modesty, TS would be the first to point out that this column is the best informed, wittiest and most insightful gossip column on the planet. But we were surprised last week when, in the wake of the M&S verdict, a major...

In the firing line.(Clare Cannon of British Red Cross)
January 11, 2006... Byline: keith nutall in the firing line Clare Cannon, 26, has worked for the British Red Cross as an international delegate for the past year. For her, auditing takes on a whole new meaning when carried out in disaster zones. Not to...

when the chips are down.
January 11, 2006... Byline: Andrew Durant when the chips are down The US Congress recently passed legislation at the end of 2006 which will make it impossible for many online betting businesses to collect revenues in the US. Following this, the...

Warning signs fail to dampen high leverage loan market.
January 11, 2006... Byline: Nicholas Neveling Warning signs fail to dampen high leverage loan market corporate finance Nicholas Neveling Jon Moulton, head of Alchemy Partners, and Sir Ronald Cohen, co-founder of Apax Partners, are just two...

Westminster set to block institute's new brand. Privy Council is unlikely to back ICAEW plans in light of Scottish opposition, writes Kevin Reed.
January 12, 2006... Westminster politicians could deal a major blow to the ICAEW's name-change plans, at a time when the institute's rumoured talks with a smaller professional body over a new alliance appear set to run into trouble. The Privy Council, formed...

Anxious wait over Arctic appeal. Advisers, family-owned businesses and not least Arctic Systems were waiting anxiously as Accountancy Age went to press on the government's decision over whether to appeal in the case, expected by the end of this week, writes Alex Hawkes.
January 12, 2006... The tax authorities have the opportunity to 'petition to appeal' even though the Court of Appeal refused HM Revenue & Customs leave to appeal in the landmark case. A petition would involve HMRC requesting the House of Lords for the right...

OFR revival hopes sparked by international standard.(operating and financial reporting)(Brief Article)
January 12, 2006... Byline: Paul Grant. The government's drive to reduce the corporate red tape burden by abandoning the mandatory Operating and Financial Review could be undermined by international plans for an accounting standard that replicates the...

Photo evidence could solve problem with tax returns. Camera phones may be used in attempt to limit penalty notices, writes Alex Hawkes.
January 12, 2006... Individuals may need to use hi-tech camera phones this year to record the delivery of tax returns. As the tax filing season approaches, a senior tax adviser has suggested using the phones to record the dropping off of returns, after HM...

ACCA censured over data delay. ACCA has received a rap over the knuckles from the Information Commissioner's Office for its failure to provide information under the Data Protection Act in a timely manner, writes Paul Grant.
January 12, 2006... The institute was criticised following a complaint by a member, after ACCA took a total of 10 months to deal with a request for information. Bodies holding personal data are required to respond to information requests within 40 days. The...

Taxman apologises for ad. HM Revenue & Customs has apologised for any misunderstanding created by an advert depicting a plumber hiding under the sink from the taxman, writes Alex Hawkes.
January 12, 2006... HMRC is facing a potential investigation by the Advertising Standards Authority over the advert, which has prompted complaints from the Federation of Small Businesses that it tars all self-employed individuals with the same tax-dodging brush....

News in brief.(fund managers, European Union regulations, United Kingdom National Health Service, Langbar International )
January 12, 2006... Fund managers have been warned that they are not allocating sufficient funds to deal with pending EU regulation that will require substantial investment in internal controls and accounting procedures. Pars Purewal, UK investment management...

Boynton faces law suit over Shell scandal.
January 12, 2006... Byline: Nicholas Neveling. Judy Boynton, the former Shell finance director, was dragged into a legal battle this week after 26 Dutch pension funds filed a multi-million dollar law suit against her for her role in the reserves scandal which...

Anstee on world stage.
January 12, 2006... Byline: Gavin Hinks. ICAEW chief executive Eric Anstee is set to become the first UK institute chairman to speak during a session of the World Economic Forum in Davos. Anstee is expected to speak on the competitiveness of...

Carousel fraud case comes to a head. Companies that have been unwittingly involved in fraudulent VAT chains find out today if they can reclaim millions, writes Alex Hawkes.
January 12, 2006... The ECJ will today rule on a key 'carousel' fraud case, which together with other similar cases is worth hundreds of millions of pounds to the Treasury. The court will announce whether or not HM Revenue and Customs has been successful in...

Tories single-minded on company reports. The Conservatives are supporting a single declaration of company results to satisfy both HM Revenue and Customs and Companies House, writes our parliamentary correspondent.(Conservative Economic Competitiveness Policy Group)(Brief Article)
January 12, 2006... John Redwood, chairman of the Conservative Economic Competitiveness Policy Group, urged the move, which the government is considering, in a submission to the government's Better Regulation Task Force 'on how it can start to set people free from...

Mackintosh joins great and good. Ian Mackintosh, chairman of the Accounting Standards Board, topped the list of new accountants recognised in the latest edition of Who's Who, writes Nicholas Neveling.
January 12, 2006... Mackintosh was one of 1,000 new entries into what has become the bible of top achievers. Other high profile accountants added to the list of 32,000 biographies in the latest edition included KPMG CEO John Griffith-Jones, Baker Tilly executive...

Finance week - Wave of cash shells miss LSE deadline. Stocks of three AIM-listed cash shells are suspended on the first day of trading after the groups fail to meet accounts deadlines, writes Nicholas Neveling.
January 12, 2006... Three AIM-listed cash shell companies were suspended on the first day of trading this year, just three months before the deadline for cash shells to complete acquisitions. The stocks of mining investment groups Uranium Resources and...

Finance week - Company Reports. JJB Sports and George Wimpey both report profits lower than expectations, as Aviva FD cashes in.
January 12, 2006... Aviva group finance director Andrew Moss has banked [pounds sterling]66,983 this year, after selling 9,486 of his Aviva shares at a price of 706.12p per share. The insurers' share price has climbed from 645.5p to over 700p this year, hitting...

Management consultancy - Watchdog defends spending position as costs double. Rise in consultancy costs are key to efficiency drive, writes James Bennett.
January 12, 2006... The Whitehall watchdog charged with overseeing Gordon Brown's efficiency drive, and cutting over 100,000 civil service jobs, has defended its escalating external consultancy spend following criticism by unions and opposition parties. A...

Management consultancy - IBM garners record deal. IBM has announced a multi-million pound outsourcing deal with Unilever - the largest European finance and administration business outsourcing deal in its history, writes James Bennett.
January 12, 2006... Unilever said anticipated cost savings would contribute to a target of around EUR700m ([pounds sterling]481m) annual savings for the 'One Unilever' programme - but added that around 750 people could lose their jobs. The deal covers more...

Management consultancy - Spend money to save money.
January 12, 2006... Ever since Sir Peter Gershon's report on the government's overdue efficiency drive was thumped onto departmental desks, and Gordon Brown's announcement came that he was trimming down the civil service, critics have ceaselessly hounded the...

Technology - IT braces for year of change. Expect more consolidation and big-name software launches in the year ahead, writes Kevin Reed.
January 12, 2006... New business software from Microsoft, further uptake in online tax filing and increasingly mobile workforces are among the biggest IT trends in accountancy for 2006, according to industry experts. With a seven-year gap since the last round...

Technology - IT briefs.
January 12, 2006... The European Commission has approved Oracle's $5.8bn ([pounds sterling]3.3bn) acquisition of CRM software provider Siebel Systems. The approval clears all government hurdles for the acquisition, announced on 12 September. The swift approval...

Opinion - Innocent victims shouldn't pay the price for taxman's VAT war.
January 12, 2006... VAT fraud is a thorny issue for HM Revenue and Customs. So thorny, in fact, that it is thought to have torn a ragged hole in the Treasury's finances, a hole even deeper than the rash of group litigation orders on corporation tax that have been...

Opinion - The Debate - An adequate replacement. The end of the OFR doesn't make a black day for the greens, says Timothy Copnell. But the business review fails to go far enough, argues Julian Oram.(operating and financial review)
January 12, 2006... Does the decision to abolish the statutory OFR and replace it with a business review represent a backwards step in the business sector's commitment to the social and environmental agenda, both here and abroad? This is certainly the view of many...

Jon Ashworth - The corridors of power ...(short lived Australian businessmen)(Brief Article)
January 12, 2006... When news of Kerry Packer's demise filtered through, I could almost hear the wailing and gnashing of teeth in fleshpots like Las Vegas. Packer's recklessness at the gaming tables was legendary. From Atlantic City to Macau, the great man's...

Letter - Applause for Group A firms.(Letter to the Editor)
January 12, 2006... Iain Richards (5 January, page 9) is right to stress the importance of an open and competitive market for audit services, and recent moves to step up to the plate by a number of the Group A firms are to be applauded. Work carried out by the...

Letter - Same old story.(Letter to the Editor)
January 12, 2006... I wonder what Tony Ellis (8 December, page 11) would like to see on his proposed Accountancy Age page containing items 'of interest to older readers'? Maybe some commentary on SSAP2 or capital transfer tax? Or a guide to those new-fangled...

Letter - Penalised for disability.(Letter to the Editor)
January 12, 2006... Thank you for including my letter in Accountancy Age on 11 August and the Words of Support on 1 September. I am writing to inform readers that I have decided to resign from the ICAEW. Since I was diagnosed with Asperger Syndrome in June, I...

Letter - Twilight years in jeopardy.(Letter to the Editor)
January 12, 2006... I'm concerned that businesses are making their decisions based on the day-to-day volatility of market values. Pensions liabilities crystallise over a period that typically will reach up to 40 years out from today and businesses that provide...

Letter - Brassed off: musical instrument makers' administration hits bum note with staff.(Letter to the Editor)
January 12, 2006... Kookai is not the only company to have gone into administration recently. Besson Musical Instruments (part of Boosey & Hawkes) went into administration on 8 December. However, for some reason no news of this has appeared in the press....

Insider - Road to recovery. One year on, auditing the unprecedented donations following the Asian tsunami is a rewarding process, writes Gordon Dow.
January 12, 2006... With the anniversary of the devastating Boxing Day tsunami just behind us, the media spotlight will inevitably move on to other issues in the coming weeks. But away from the cameras, the work of aid agencies like CARE International helping...

Insider - Profile: Jon Symonds on departing as chair of the Hundred Group of FDs - Parting Shot. As head of the influential Hundred Group of Finance Directors, Jon Symonds put the group firmly on the map, speaking out on issues such as IFRS, pensions and tax. But leaving the post will not mark the waning of his influence. There's still work to be done, he tells James Bennett.
January 12, 2006... 'IFRS is not a dead issue, quite the opposite, it will be more exciting this year than last,' says Jon Symonds, CFO of pharmaceutical giant AstraZeneca, as he settles back on to the large green leather sofa in exactly the centre of his office....

Insider - Overview - Health Check. On the frontline: Douglas needs to resuscitate finances at the Department of Health, writes David Callaghan.
January 12, 2006... As financial director of the Department of Health, Richard Douglas is at the centre of the political action. Tory leader David Cameron raised the temperature last week in his first policy speech by promising to deliver Tony Blair's health...

Insider - Overview - Three steps to ... Keeping New Year's resolutions.(Brief Article)
January 12, 2006... STEP 1 - START SMALL The first step is always the hardest. Resolutions more often than not founder at this premature stage. Plan ahead and make your initial move a small one. No need to feel you have to go the whole hog by the first few...

Insider - Overview - Buzzwords - Emotional leakage. (Noun) when holiday blues have a negative affect on work relationships.
January 12, 2006... This can get ugly. It's a new year, workers return to the office after a long Christmas break of over-indulgence and they're jaded, knowing they need to put in the effort, but their minds are somewhere else. That's when it happens. Confronted...

Insider - Overview - The moral fall guys.
January 12, 2006... I blame the accountant. That, in a nutshell, will be Ken Lay's defence when he appears in a Houston courthouse at the end of this month. The comment is no idle insult. In seeking to hold his former CFO Andy Fastow responsible for the...

Taking Stock - 2,606 years in the making.
January 12, 2006... Here at TS, we are partial to the odd moan or two at the Rev, as no doubt are many of our readers. But, while we may think the taxman is a bit behind the times on occasion, it is lightning quick compared to some of its international...

Taking Stock - David Buchler.(Brief Article)
January 12, 2006... When corporate recovery veteran David Buchler was called in to sort out the mess at suspended cash shell Langbar International, investors hailed his appointment as the first step in unpacking exactly how a [pounds sterling]365m deposit that was...

Taking Stock - Making his Mark.(Mark Oaten for Liberal Democratic Party leader)(Brief Article)
January 12, 2006... Exciting times and Liberal Democrats aren't phrases you normally see in the same sentence. But little is normal in politics' centre ground these days. As Lembit Opik said in the wake of Charles Kennedy's resignation: 'We are the nice party. Yet...

Taking Stock - Simon Whitehead, Dorsey & Whitney.
January 12, 2006... Spare a thought for Simon Whitehead of Dorsey & Whitney, the lawyer handling many of the group litigation orders against the government. Important hearings and decisions in various cases will mean that Simon will be spending both 31 January and...

Taking Stock - Stars in the eyes.(PricewaterhouseCoopers L.L.P. (London, England))(Brief Article)
January 12, 2006... The PwC panto will soon be upon us. The good people of the nation's largest accounting firm will be appearing on stage to perform Jack and the Beanstalk before an enthusiastic audience later this month. TS has a ticket, and will be...

Institute acts to avert crisis in student numbers. The ICAEW has taken 'urgent steps' to tackle low student numbers, an ageing membership and a poor international profile with measures that include integration with the Institute of Financial Accountants, according to documents obtained by Accountancy Age, writes Kevin Reed.
January 19, 2006... The papers detailed two meetings between ICAEW and IFA executives last year, which show the ICAEW was seeking an affiliation to prevent it losing its status as the largest institute. Fears that ACCA would overtake ICAEW 'in the foreseeable...

Firms urge action on liability flaw.
January 19, 2006... Byline: Paul Grant. Accounting firms are seeking yet more changes to the companies bill after the surprise discovery that it could bring in a minimum level of liability for auditors, instead of a cap. DTI minister Lord Sainsbury moved...

Financial failures probed at one in five NHS bodies. FOI request reveals problems in health service management worse than expected, writes Kevin Reed.(United Kingdom. National Health Service, freedom of information)
January 19, 2006... The number of NHS trusts examined by KPMG for poor financial management soared more than 50% above original expectations, information released to Accountancy Age has revealed. It is now known that KPMG investigated financial problems at 81...

ICAEW talks planned new home for 'failed' chartereds. Institute looked to boost membership in alliance with IFA, writes Kevin Reed.
January 19, 2006... The ICAEW has spent at least six months planning an affiliation with smaller body IFA, which would involve staff moving into the institute's London HQ. Documents obtained by Accountancy Age show that the ICAEW has been talking to the...

Offshore clampdown to hit 15,000. HM Revenue & Customs is expected to target 15,000 people with tax bills they have evaded after a critical judgement by special commissioners, writes Alex Hawkes.
January 19, 2006... HMRC was given the go-ahead by special commissioners last week to gain extra data from a bank, unnamed in the proceedings, about bank accounts held offshore. The taxman said it expected to recover [pounds sterling]347m extra in tax as a...

Arctic: same time next year?(Arctic Systems' Geoff Jones)(Brief Article)(Interview)
January 19, 2006... Byline: Alex Hawkes. The disruption caused by the Arctic Systems case, which has thrown small businesses' tax planning into disarray this month, could reappear in a year's time, a key player has warned. Geoff Jones, the director of...

News in brief.
January 19, 2006... Corporates could be facing a higher risk of fraud because internal audit is failing to provide the reassurance on risk management that companies need. A survey of largely FTSE100 audit committee chairmen by PricewaterhouseCoopers has found...

U-turn sees Tenon head for MBO. Tenon's intention to remain a listed accounting company was turned upside down last week when the group announced that a management team, led by chief executive Andy Raynor and finance director Lesley Spencer, was interested in making an offer for the business, writes Nicholas Neveling.(Brief Article)
January 19, 2006... Three months ago, Raynor denied the group was planning to go private. He said the board was 'dedicated to increasing real shareholder value' and determined to pursue this objective 'by all available means'. Tenon, which reported an...