Read our November audit news

This month our newsletter covers some changes in the team, together with some of their news. We have a piece on the importance of GDPR and another FRS102 update for you too.

 

FRS102 round-up
Cashflow statements in charity accounts
Did you know that charities with a gross income in excess of £500,000, preparing their financial statements under FRS102, are now generally required to include a Statement of Cashflows in their annual accounts? The Charities SORP (FRS102) can be found HERE.

Audit skills gap
Why training as an auditor could be a profitable move
As we have been searching hard for top quality auditors to join our thriving team, we recognise that there is a shortage of good auditors (and we only take on excellent ones!). This article is an interesting read for anyone considering joining the profession:

“Audit thresholds have continued to rise over the past few years, and now over 90% of UK businesses are not required to have a statutory audit. In response to this change in the audit environment the audit field has contracted, resulting in fewer people building up the skillset required for a career in audit. Consequently, there is now a gap between supply and demand, with the demand for audit skills far exceeding the supply. Now more than ever, choosing a career in audit presents lucrative opportunities.”

Read the full article HERE
(source: Accountancy Age)

GDPR
Are you ready?
GDPR – General Data Protection Regulation – comes into force in the UK on 25 May 2018, but it requires businesses to make changes to their systems and processes in advance of this date, to be ready on time. Maximum fines for non-compliance are going to be much higher than under the present regime – penalties for serious violations can be up to €20m or 4% of global turnover, whichever is greater. It affects us all – any business that holds data on staff, clients and suppliers.
Link to a useful ICAEW article: https://www.icaew.com/en/groups-and-networks/local-groups-and-societies/london-ds/london-accountant/features/aug16-technology

Congratulations Wendy
It looks as though Wendy, part of the Just Audit team, and her brand new husband Zhang had a wonderful wedding earlier this year in Brunei. We wish them every future happiness together.