Pricing strategies struggle amid supply chain chaos
IAB World Survey 2022 Free Supplement
To coincide with the launch of the International Accounting Bulletin’s World Survey 2022, we have launched the World Survey 2022 Free Supplement.
This free supplement highlights the headline figures for accountancy networks and associations and tracks the growth of different service lines over the years.
The supplement also includes summaries from GlobalData analysts on the Big Four as well as much more content from our media partners.
The International Accountancy Forum & Awards 2022 Nominations now open
The International Accountancy Forum & Awards 2022 (incorporating International Accounting Bulletin & The Accountant Awards) will be held in London on 29th June.
This year, there are 13 corporate awards categories and 3 awards for individuals. Full details of the categories and the judging criteria can be found in the IAFA Awards Information Pack.
PwC expands entry routes for non-graduates
PwC UK has expanded its Tech Degree Apprenticeship programme working with digital skills college Ada to offer another route into careers in technology, with apprentices supported by PwC and earning while they learn.
The programme will be based at the big Four Firm’s technology centre in Manchester and will create at least 50 new roles each year. Apprentices are PwC employees from day one and earn a salary throughout the course which blends 20% college learning with 80% practical work-based technology projects.
Through the Tech Degree Apprenticeship Programme with Ada, students will earn a Level 6 (Degree) Apprenticeship. The programme covers a broad range of disciplines including data analytics, software engineering and cyber security.
PwC UK head of technology Ben Higgin said: “This technical apprenticeship will offer transformative opportunities for students who are looking to begin their careers in tech, while supporting a pipeline of entry-level tech talent in the North-West – further boosting the region’s credentials as a technology centre”.
Three-quarters of Internal Audit Leaders work on transformation initiatives
Nearly three-quarters (74%) of chief audit executives and senior audit leaders report that their organisations have completed or are undertaking initiatives to transform and innovate their internal audit function, according to Protiviti’s survey.
More than two-thirds (70%) of internal audit leaders said their department’s focus on innovation and transformation increased in the last year.
Respondents to the global survey expressed that the area in which they have the largest talent and skills gap is in enabling technology, including advanced analytics, automation, machine learning and artificial intelligence, as well as process mining.
The global benchmarking survey polled 538 executives from December 2021 through January 2022, including CAEs, audit directors and managers across industries globally. More than 60% of their companies have revenues of $1bn or more.
Protiviti Internal Audit and IT Audit practices UK leader Mark Peters said: “For organisations that have yet to start or are in the early stages of their next-gen internal audit journeys, there are three keys to establishing a solid foundation for success: begin with small pilot projects that internal stakeholders can learn from and expand on; communicate a clear vision to audit teams about why there’s a need to make changes and what the changed state will look like; and cultivate a culture that encourages employees of all levels and departments to bring an innovative mindset to every task.”
UK salaries in accountancy sector drops 1.4%
UK recruiter Reed has revealed that companies looking to attract accountancy and finance talent are advertising stagnating salaries across the UK while the cost of living continues to rise.
Reed’s suite of annual salary guides, created by an in-depth analysis of 6.6m jobs posted on Reed.co.uk over the last three years, show that advertised salaries in accountancy and finance roles dropped 1.4% on average in 2021, despite a huge battle for talent in the sector.
The fall in salaries is in the face of soaring living costs, as the consumer price index (CPI) measure of inflation reaches 5.5%, the highest rate since March 1992. Petrol, energy and food prices also continue to spike, meaning many accountancy and finance professionals may find they have even less in their pockets in what is set to be a challenging year financially for many.
Willsher added: “As has been true across numerous professions since Covid restrictions were eased, there are an increased number of accountancy and finance vacancies with fewer professionals actively looking for work. While there is a shortage of staff to fill permanent roles, the lack of jobseekers is even more acute for temporary and interim positions. This is exacerbated by many organisations hiring for senior roles on a temporary or interim basis to minimise their ongoing commitment to the higher salaries commanded by professionals in these roles.
AICPA & CIMA welcome VRF’s Integrated Thinking Principles
Andrew Harding, FCMA, CGMA, Chief Executive, The Association of International Certified Professional Accountants, representing AICPA & CIMA comments
‘’We welcome the publication of the Integrated Thinking Principles Prototype by the Value Reporting Foundation. We are particularly pleased to see that the business model framework concept is at the heart of the Principles, especially considering the growing focus on ESG and sustainability in corporate decision-making and reporting. Now more than ever, it is essential that accounting and finance professionals work in an integrated manner, and support their organisations in rethinking how they create value for all stakeholders. The Integrated Thinking Principles will help organisations reach this goal and will be a good complement to our soon-to-be-published updated Global Management Accounting Principles, enabling corporate reporting to stay fit for purpose.”
IFRS appoints chair of Interpretations Committee
The Trustees of the IFRS Foundation have appointed Bruce Mackenzie as the chair of the IFRS Interpretations Committee, effective 1 March.
Mackenzie has served as a member of the International Accounting Standards Board (IASB) since October 2020 and will continue to serve as an IASB member when he assumes the role as Chair of the Committee.
Before becoming a member of the IASB, Mackenzie served as a member of the Committee from 2014 to 2020. He is taking over from Sue Lloyd, who is moving to the International Sustainability Standards Board as its inaugural Vice-Chair from March 2022, when she also steps down as IASB Vice-Chair.
The Committee works closely with the IASB to support the consistent application of IFRS Accounting Standards by responding to application questions that arise in practice. It responds by publishing agenda decisions that often contain explanatory materials or by considering possible changes to the requirements.
IFRS Foundation Trustees chair Erkki Liikanen said: “I am pleased to welcome Bruce as the new Chair of the Committee. Just as it was with the outgoing Chair Sue, having an IASB member chairing the Committee ensures there is effective collaboration between the two bodies to serve our stakeholders well. I would like to also take this opportunity to thank Sue for her leadership of the Committee since 2017.”
Mackenzie said: “It is a privilege to be appointed Chair of this Committee which has a critical role to play both for the IASB and for all our stakeholders tasked with applying IFRS Accounting Standards. I am committed to continuing the good work that Sue has overseen and ensuring that the Committee continues to respond effectively to application questions.”