Advances in technology have led to a reduced demand for traditional accountancy services and created new opportunities and challenges. ICAEW's Tech Faculty outlined how digital technologies, are changing accountancy practices and their work in its report "Providing leadership in a digital world".
Digitising your practice
Highlights of an ICAEW Practice Business Advisers event held in the Chartered Accountants’ Hall, London on 5th October 2018.
How accountants in practice can make the most of digital developments
Making Tax Digital
Making Tax Digital for corporation tax (MTD CT) feels like a very long way away given that it will not become mandatory before 2026 and MTD for income tax self-assessment (MTD ITSA) is still at an early stage of its development. However, the current early-stage consultation on MTD for CT may provide the best opportunity to influence the design and ICAEW’s Tax Faculty would welcome your views.
15 January: HMRC has dusted down the draft MTD for ITSA regulations, previously consulted on in 2017, and issued a further consultation. ICAEW’s Tax Faculty has identified several areas where changes are needed before the regulations are laid before parliament.
11 January: The requirement for digital links within MTD for VAT software starts in April 2021, following the end of the soft-landing period. ICAEW’s Tax Faculty is urging HMRC to provide more guidance and is asking for examples of difficulties faced in implementing the requirement.
4 January 2021: As HMRC begins gathering feedback from stakeholders on the potential expansion of the Making Tax Digital regime to corporation tax, ICAEW’s Tax Faculty outline the key things that businesses and agents need to consider.
ICAEW’s Financial Services Faculty is looking at how firms and consumers can deal with the challenges presented by a big data world.
The opportunities, fundamental questions and challenges of using data analytics in external audit.
A paper from Credit Suisse entitled: Data Analytics Transforming Internal Audit – Pillars of Success, written by Stephen Magora, Director, Data Analytics at Credit Suisse.
How internal auditors should strengthen their governance frameworks to cover emerging data-analytics risks in the areas of quality, talent, independence and security.