Read our July news!

This month we have articles on the updated corporate governance code, 2 new ICAEW qualifications and a note on how to contact Rachel if you have any concerns you would be interested in talking about via her role as IPC representative…

ICAEW qualification news

ACA CTA and BFP – what are they?

The ICAEW has two new programmes that you might be interested in investing in. The ACA CTA combines both the chartered route with the CTA tax qualification. It gives your students the opportunity to specialise in one of three areas – taxation of major corporates, owner-managed businesses or indirect tax. The programme has been designed to maintain the rigorous standards of both ICAEW and CIOT, while offering students a fast-track route to become a specialist in tax.

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The BFP is the qualification for the ICAEW’s Business and Finance Professional. The description by the ICAEW reads “As a professional certification for skilled staff across a variety of departments, or as a stepping stone for trainees on their way towards chartered accountancy, the BFP designation is a great way to build a stronger team and ensure your organisation is made up of people with the business knowledge and ethical understanding to make a positive impact.”

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The new UK corporate governance code

What you need to know…

This is currently applicable only to businesses with a premium listing, whether incorporated in the UK or elsewhere. In addition, companies within such a group will have to assist their group in meeting their obligations under the code. We checked with the ICAEW and there are no plans for this to affect smaller businesses at present.The revised code focuses on the crucial themes of stakeholder engagement, culture, diversity and remuneration. Directors have had to have regard to stakeholders for over a decade. A positive obligation to engage with stakeholders, to encourage participation by them, and to report on this, is a natural evolution. The challenges will be how companies identify their key stakeholders, how they define stakeholders such as ‘environment’ and ‘community’, and what to do when stakeholder groups disagree.

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Talk to Rachel

What are your concerns as a practitioner?

Earlier this year Rachel Davis, MD of Just Audit, was voted in to continue in her role as a member of the ICAEW Practice Committee. She has been a highly active member since 2011 and is very keen to represent the voice of the smaller firms, providing a 2-way channel of communication between them and the ICAEW. If you have any concerns or issues you would like to be raised with the ICAEW, please email Rachel at: Rachel.davis@justaudit.com. It is really important that lines of communication are open so any discussions can begin.