Latest news with #ICAEW
South Wales Argus
6 days ago
- Business
- South Wales Argus
Welsh business confidence up but still in negative zone
The increase was identified in a survey of business leaders, although this still remains in the negative zone. ICAEW's Business Confidence Monitor (BCM) for Wales, published on July 24, put confidence at -3.7 on the index for Q2 2025, an improvement from -17.6 in the previous quarter. However, this reading was still below the historic average for the country. ICAEW pointed out that confidence remains fragile due to weak domestic and export sales growth. Manufacturing, engineering, retail, and wholesale in Wales reported some of the UK's lowest confidence levels. The institute added that uncertainty around the outcome of next year's Senedd elections could be a contributing factor, although the UK-US trade deal has likely provided a boost, particularly for exporters. Both domestic sales and exports grew at a lower rate in Q2 than their respective historic averages, according to the BCM. Welsh businesses forecast improvement in both domestic sales and exports growth within the year ahead. The tax burden remained the most prominent challenge for Welsh businesses following April's rise in employer's National Insurance Contributions, with more than half of the nation's companies citing it as a growing source of difficulty. Customer demand and marketplace competition were also cited as challenges. Minimal employment growth in the year to Q2 2025 reflects the increases in National Insurance and the National Living Wage in April, as well as the performance of key sectors. Robert Lloyd Griffiths OBE, ICAEW director for Wales, said: "It's heartening to see that sentiment has increased and is now broadly on par with the UK average. "Nevertheless, our companies are underperforming across most of the key metrics, suggesting we are not out of the woods yet." Nationally, business confidence declined quarter on quarter to -4.2 in Q2 2025.
Yahoo
21-07-2025
- Business
- Yahoo
ICAEW endorses FRC call to reform UK SME audit practices
The Institute of Chartered Accountants in England and Wales (ICAEW) has endorsed the Financial Reporting Council's (FRC) decision to enhance the audit practices for small and medium-sized enterprises (SMEs) in the UK. Findings from an FRC study into the SME audit market have revealed widespread stakeholder concerns regarding the current auditing standards, which perceived as lacking the 'scalability and proportionality' to serve SMEs. The ICAEW has highlighted that the decline in the SME audit market has coincided with a decrease in the number of registered auditors since the introduction of audit regulation in the early 1990s. While some of this decline is attributed to raised audit exemption limits, the ICAEW suggests that the situation has been compounded by the 'disproportionate regulatory burdens' placed on auditors. FRC proposed a consultation on a Practice Note that provides guidance for auditors to enhance the delivery of audits and partnering with Recognised Supervisory Bodies (RSBs) to promote a for a regulatory approach. Despite welcoming the proposed measures, the body said it is 'disappointing' with the FRC's approach to public engagement on the issue, calling for a public debate on the applicability of the International Standard on Auditing for Less Complex Entities (ISA for LCE) within the UK. ICAEW chief policy and communications officer Iain Wright said: 'SMEs are crucial to the UK economy and local communities, and can be at the vanguard of addressing and solving the UK's productivity and growth challenges. 'We strongly support FRC's initiative to help SMEs access audit services and, in turn, help them secure the capital they need to innovate, scale and grow.' "ICAEW endorses FRC call to reform UK SME audit practices " was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
19-07-2025
- Business
- Yahoo
ICAEW releases June 2025 ACA exam results
The Institute of Chartered Accountants in England and Wales (ICAEW) has released the results of the June 2025 ACA Professional Level exams, with a total of 7,950 candidates participating in the assessments. The pass rates across the board were notably strong, with the Business Strategy and Technology exam leading with an 86.1% success rate. Close behind were the Business Planning: Taxation and Financial Management subjects, with pass rates of 84.2% and 84.7% respectively. The Audit and Assurance exam also saw a significant majority of students passing, with an 81.5% success rate. The Business Planning: Insurance exam posed a greater challenge to candidates, with a pass rate of 73.5%. ICAEW Education and Training MD Will Holt said: "Congratulations to all ICAEW students who have successfully passed Professional Level exams this time around, and additionally to those who have been awarded one of our Subject Order of Merit prizes. 'We wish every one of our students success in their future studies and careers." Additionally, the Level 4 Accounting Technician end-point assessment results were disclosed. All 11 students who submitted their Portfolio and Reflective Statement passed, while the Role Simulation exam witnessed an 80% pass rate among 15 candidates. The ICAEW also recognised candidates who achieved the highest marks in each subject. In Audit and Assurance, Lara Kay Noden of London (Goldman Sachs International), Sophia Nabeel of Haywards Heath (Feist Hedgethorne Limited), and Adam Bolchover of Cheadle (PricewaterhouseCoopers LLP) jointly secured first place and were awarded the Watts prize. Amie Bletso of London (Lloyds Banking Group – Finance Graduate Scheme) attained first place in Business Planning: Banking. Ashleigh Hamilton of Dorchester (CB Reid Limited) earned first place and the Little prize in Business Planning: Taxation, with Yu Xuan Chng of Leeds (Forvis Mazars LLP) securing first place and the Railton prize in Business Strategy and Technology. Hui Lin Wong of Malaysia secured first place and the Spicer and Pegler prize in Financial Accounting and Reporting, while Jack Ramsbottom of Chester (RSM UK Audit LLP) obtained first place and the Howitt prize in Financial Management. Benjamin Davies of Ellesmere Port (Grant Thornton UK LLP) achieved first place and the Knox prize in Tax Compliance. Recently, The Association of Chartered Certified Accountants (ACCA) also released the pass rates for the June 2025 exam sitting. "ICAEW releases June 2025 ACA exam results " was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
18-07-2025
- Business
- Yahoo
ICAEW to launch new GenAI eLearning programme
The Institute of Chartered Accountants in England and Wales (ICAEW) has developed an eLearning programme focused on generative AI (GenAI) to educate its members. The move is a direct response to findings from the ICAEW's 2025 member research, which highlighted technology, automation, and GenAI as key areas of opportunity and challenge for the accounting profession. However, a notable proportion of members feel unprepared to implement AI solutions, citing insufficient training as a barrier to adoption. The GenAI Accelerator Programme is scheduled to launch in August 2025 and is designed to provide members with an understanding of GenAI tools such as ChatGPT, CoPilot, and Grok. The programme consists of eight eLearning courses, each comprising several modules which are estimated to take about an hour to complete, the ICAEW said. The initial course will introduce participants to the fundamental concepts of AI, as well as the ethical and regulatory aspects of using GenAI in professional settings. The programme will then progress to more advanced topics on how GenAI can be integrated into various accounting functions, such as finance operations, compliance, strategic planning, risk management, and governance. Further courses will provide tailored guidance for applying AI in specific practice areas, including audit, tax services, advisory, and restructuring. Additionally, the programme will offer sector-specific advice for industries such as financial services, retail, manufacturing, public sector, healthcare finance, construction, real estate, charity, and energy. The final course will address the practical aspects of implementing GenAI, focusing on creating an adoption strategy, evaluating organisational readiness, engaging teams, and assessing the technology's return on investment. Central to the GenAI Accelerator Programme is a structured five-step framework to support members through the adoption process. This framework includes identifying use cases, validating and prioritising them, piloting and testing, scaling and integrating into operations, and monitoring for continuous improvement. founder Peter Beard said: 'GenAI is incredibly empowering for users, no longer do you have to be a coder, an engineer or a programmer to access artificial intelligence. 'The accelerator has been created to ensure ICAEW members can confidently experiment and engage with AI, with practical support on each stage of their GenAI adoption journey.' Recently, the ICAEW has called on UK Chancellor Rachel Reeves to focus on pension reforms to unleash the £3tn ($4.04tn) potential of pension funds. "ICAEW to launch new GenAI eLearning programme " was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
17-07-2025
- Business
- Yahoo
Jobs data increases odds on Bank of England interest rate cut
Investors remain confident that the Bank of England (BoE) will cut interest rates next month after unemployment rose to a four-year high. This Thursday, data from the Office for National Statistics (ONS) showed the UK jobs market continued to cool in May, with unemployment ticking higher and pay growth slowing. The rate of unemployment rose to 4.7% in the March to May period, up from 4.6% for the three months to April. The number of employees on the payroll in May was down by 25,000 on the month, though this was lower than a previous estimate of 109,000 and less than a decline of 55,000 in April. The data is likely to cement the case for the Bank of England to cut interest rates next month in a bid to boost the economy. Since its first quarter-point rate cut last August from the 16-year high of 5.25%, the Bank of England has been cautious, reducing interest rates every three months to the current 4.25%. Read more: UK inflation unexpectedly rises in June on higher fuel prices The Office for National Statistics (ONS) said consumer prices rose by an annual rate of 3.6% in June, up from 3.4% in May. That was the highest rate since January 2024. The ONS added that higher food prices were primarily behind the increase. Fuel and transport costs also contributed. Money markets indicate there is an 89% chance that policymakers will lower borrowing costs in August, up from an 87% probability on Wednesday. Suren Thiru, economics director at ICAEW, said: 'June's uptick is the start of a slight summer surge in inflation with skyrocketing business costs and global trade turbulence likely to lift the headline rate moderately higher by the autumn, despite July's drop in energy bills. 'While June's hot inflation won't deter policymakers from sanctioning an August policy loosening, given mounting worries over economic conditions, these figures may increase caution over the pace of future rate cuts.' Services inflation, a measure the central bank views as a better guide to domestically generated price pressures than the headline rate, held steady at 4.7% in June. Read more: UK jobs market continues to cool as pay growth slows Sanjay Sanjay, Deutsche Bank's chief UK economist, said: 'A 'gradual and careful' approach seems appropriate for now. And we do not think that the bar for faster rate cuts has been met just yet. 'The labour market is loosening, but perhaps not as fast as the unrevised payroll data suggested.' Last month, the central bank's Monetary Policy Committee (MPC) voted six to three to keep rates unchanged at 4.25%, following a quarter-point cut in May. The MPC, which has an inflation target of 2%, has reduced interest rates four times since last summer. Chris Beauchamp, chief market analyst at IG, said: "[Wednesday's] CPI data spells more pressure for consumers thanks to the surge in food prices, but the overall picture doesn't quite spell the end for any further rate cuts. "Core goods and services inflation was broadly contained, and the focus shifts now to the job numbers tomorrow to see if there are further signs of weakness that might keep the Bank of England on course to ease policy in upcoming meetings." Traders are betting on lower borrowing costs in August but are no longer pricing in a second cut before the end of the year, although derivates trades indicate this scenario is still considered likely. Read more: Bank of England could cut interest rates faster if jobs market slows, Bailey says Isaac Stell, investment manager at the investment service Wealth Club, said: "The surprising strength of the inflation figures adds additional issues to the UK's mounting economic woes. All eyes will turn to the Bank of England who have indicated they are willing to cut rates given the cooling in the jobs market but are unlikely to be able to justify a cut when inflation has started to run hot once again. "In the absence of interest rate cuts, consumers are likely to feel a continued squeeze, unhelpful for the government's growth agenda which has yet to show signs of life itself. Awful April has rolled into miserable May and in turn rolled into joyless June. The government will now pin its hopes on a Jubilant July." Andrew Sentance, who sat on the Monetary Policy Committee from 2006 to 2011, said it would be 'irresponsible' for it to cut interest rates after the jump in inflation. Bank governor Andrew Bailey said in an interview with The Times newspaper earlier this week that rates could be cut further if the jobs market slows down, saying 'I really do believe the path is downward'. Yael Selfin, Chief Economist at KPMG UK, said slowing pay growth had 'opened the door' for an interest rate cut in August'. She said: 'Slowing activity in the labour market, coupled with pay pressures easing, will likely prompt the Bank of England to lower interest rates next month. 'The impact of April's tax and administrative changes has led to a marked slowdown in hiring activity among firms. Read more: FTSE 100 LIVE: Stocks higher as UK unemployment hits four-year high and wage growth slows 'With domestic activity remaining sluggish, the MPC will likely want to provide support via looser policy to prevent a more significant deterioration in the labour market.' Sarah Coles, head of personal finance at Hargreaves Lansdown and Yahoo Finance UK personal finance columnist, said: "The Bank of England was hoping for bad news from the labour market, and it got what it wanted: wage growth has slowed and unemployment has risen again. For the Bank, this is a sign of growing slack in the labour market, which is likely to ease inflationary pressures, and mean it can cut rates sooner rather than later." The Bank of England will announce its decision on interest rates on 7 August around noon.
