In our first post-pandemic research focused on mid-tier practice technology, we’ve seen some substantial changes in the landscape. Responses have given us cause to be optimistic, but also highlight challenges in the digital transformation journey. Addressing these challenges presents opportunities for firms, software providers and ICAEW.
Digitising your practice
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".
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
This month’s top stories include a raft of Autumn Statement measures; HMRC issues its guidelines for compliance on what qualifies as R&D for tax purposes; and tips for returns for deceased individuals and estates.
HMRC has lost sight of needing to put taxpayers at the heart of changes to the tax system, warns PAC.
The government has missed the opportunity to seriously reconsider its MTD ITSA policy. The decision on mandating MTD for the self-employed and landlords with turnover below £30,000 is to remain under review.
HMRC will remove the functionality that allows agent authorisations for VAT to be copied across to the agent services account. VAT authorisations already copied across are unaffected. It will still be possible to copy authorisations for MTD ITSA.
ICAEW’s Financial Services Faculty is looking at how firms and consumers can deal with the challenges presented by a big data world.
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.
Chris Evans speaks to data evangelist Ian Matthews at NGDATA about the challenges banks face adapting to the ‘next generation’ of customers