NEWS

The Chartered Institute of Public Finance and Accountancy (CIPFA) has released a report calling for urgent reform of England’s Special Educational Needs and Disabilities (SEND) system.   

The report, titled ‘Reforming SEND finance: meeting need in a sustainable system,’ proposes a roadmap for overhauling the current system to ensure it is financially sustainable and meets the needs of children and young people with SEND.  

It highlights a decade of missed opportunities, leading to a crisis in the SEND system. 

It sets out five principles for children and young people while addressing the financial challenges faced by local authorities.   

These principles call for holistic, needs-based funding that is responsive to local demands, a rebalancing of spending towards early identification and intervention, and a consistent outcomes framework.  

Additionally, the report suggests better coordination of financial resources between education, health, public health, and care partners.  

It also calls for a reformed role of the independent sector to reduce costs and address inequality, as well as ensuring financial accountability aligns with decision-making.  

CIPFA chief executive Owen Mapley said: “The SEND system is broken. Well intentioned reforms seriously underestimated the need and related demand creating years of misaligned priorities. This has left too many children and young people facing delays and deficiencies in the support they need and created unsustainable financial and operational pressures for councils and education and health care providers.  

“CIPFA’s five principles contribute to the debate on how to transform this fragmented system, improving outcomes for children while improving financial stability for all relevant providers.”     

CIPFA Social Care Policy advisor William Burns said: “Our research highlights the urgent need for a system overhaul. To stabilise the SEND system, CIPFA recommends immediate short-term actions followed by medium- and long-term reforms to ensure lasting change.”  

This publication comes after the Financial Reporting Council (FRC) designated CIPFA’s Diploma in Local Audit as a pre-approved local audit specialist training programme last year.  

This initiative was a part of the FRC’s efforts to enhance the local audit system’s capacity and capability, supporting the sustainability of financial reporting and audits for local entities.  

CPA Australia has announced a partnership with the Institute of Chartered Accountants of India (ICAI) aimed at upskilling the next generation of accountants.   

This collaboration was highlighted during the World Forum of Accountants (WOFA) hosted by ICAI in India.  

The evolving role of accountants and the importance of non-financial accounting were key topics of discussion, the organisations note. 

During the WOFA, ICAI’s Central Council approved a proposal allowing Australian members of CPA Australia to practice in India on a reciprocal basis.   

This agreement is expected to pave the way for increased cross-border collaboration within the accounting profession.   

The two organisations are also in advanced discussions to collaborate on upskilling accounting professionals in non-financial (sustainability) reporting.  

In addition, the Business Technology Report 2024, published by CPA Australia in partnership with ASSOCHAM, revealed that more than 70% of survey respondents believe technology adoption has a positive impact on their Environmental, Social, and Governance (ESG) goals.  

To facilitate this technological shift and sustainable accounting practices, CPA Australia offers specialised micro-credentialed courses.   

These programmes are designed to help accounting and finance professionals develop the necessary skills to thrive in a digital landscape.   

They cover emerging technologies such as AI, equipping professionals to meet the growing demand for sustainability reporting.  

This initiative is part of a broader effort to maintain high standards within the profession and adapt to changing global trends.  

CPA Australia CEO Chris Freeland said: “Our partnership with ICAI reflects our shared dedication to driving forward the future of the accounting profession. Together, we are empowering accountants to navigate emerging challenges, embrace sustainability, and develop the skills needed for success in a rapidly evolving world.”  

Earlier in 2025, CPA Australia raised concerns regarding the Australian government’s review of the Compensation Scheme of Last Resort (CSLR) following reports suggesting a levy increase for financial advisers.   

The CSLR levy is anticipated to rise by more than 250% in the 2025-26 financial year, from A$1,186 to A$4,516, potentially reducing the accessibility of financial advice for ordinary Australians.  

The Institute of Chartered Accountants of Scotland (ICAS) has called for the UK government to urgently provide a roadmap for sustainability assurance (SA).   

It has issued a response to the Financial Reporting Council’s (FRC) release of the final report from its Assurance of Sustainability Reporting Market Study.  

It emphasises the need for professionals in the field to adhere to stringent performance, quality management, and ethical standards to ensure a fair, competitive environment.

The FRC’s final report outlines the findings from its study, which was launch in March 2024, focusing on the assurance of sustainability reporting by UK companies.   

The report is based on engagement with various stakeholders, including private companies, assurance service providers, investors, and academic institutions, all with vested interests in sustainability.  

The market study delved into three main areas.  These encompass the choice and competition among SA providers and the capacity of the market along with potential barriers to entry and expansion.  

Lastly, it includes the regulatory framework, particularly in light of evolving international requirements that could impact the UK market.  

The US Public Company Accounting Oversight Board (PCAOB) has withdrawn two proposed disclosure rules after consultations with the Securities and Exchange Commission (SEC).   

The rules, which faced opposition from the accounting profession, were aimed at firm reporting and engagement metrics, with the intention of enhancing transparency and accountability within the sector.  

Published for comment in the Federal Register on 5 December 2024 and 11 December 2024 respectively, the proposed rules on firm reporting and firm and engagement metrics were met with resistance from industry professionals.   

The proposals were retracted, pending SEC approval before any PCAOB rules can be implemented.   

Despite this, both items remain on the board’s rule-writing agenda.  

The current move by the PCAOB is interpreted as an effort to align with the preferences of the SEC’s new leadership.  

Auditors had previously urged the SEC to return the projects to the PCAOB for further examination.   

They argued that the board had not sufficiently justified the need for investors and audit committees to undertake additional auditor reporting.   

The two proposals, approved by the board in November 2024, would have mandated major audit firms to disclose financial information to their regulator and required detailed reporting on partner oversight and the training of staff involved in public company audits.  

AICPA Public Accounting CEO Susan S. Coffey said in a Facebook post that: “The American Institute of CPAs (AICPA) applauds the decision by the Public Company Accounting Oversight Board (PCAOB) to withdraw proposed rules on audit firm reporting and audit engagement metrics.   

“AICPA publicly expressed its concerns in 2024 that the proposed requirements would have harmed the US capital markets and the investing public. Among our concerns was the potential unintended consequence of the rules prompting small and mid-sized audit firms to stop performing public company audits, impacting companies that depend on those audit firms as they seek access to US capital markets.”  

The Institute of Chartered Accountants of India (ICAI) has received approval from its Central Council to establish the ICAI International alternative dispute resolution (ADR) Centre across India through its branch network, reports Businessline.  

This new initiative is set to provide businesses, professionals, and organisations with a cost-effective platform for resolving commercial disputes.  

ICAI president Ranjeet Kumar Agarwal told the publication: “With a growing need for out-of-court settlements and the government’s emphasis on ADR mechanisms, the ICAI ADR Centre will serve as a neutral and professional platform for dispute resolution.  

“It is expected to contribute significantly to reducing litigation burdens and fostering a culture of reconciliation.”  

The institute has formed a Section 8 company, which is a non-profit entity, to serve this purpose.  

By introducing structured mediation and arbitration services, the ICAI plans to bolster the credibility and accessibility of ADR methods in both domestic and international business contexts.  

According to Agarwal, equipping members with new avenues in dispute resolution reinforces their role in the global economic landscape.   

The ADR Centre is part of the ICAI’s commitment to expanding the professional scope for its chartered accountants.  

ICAI vice-president Charanjit Singh Nanda said: “The Centre will play a pivotal role in ensuring faster, cost-effective, and reliable dispute resolution, thereby reinforcing trust in India’s business environment.”  

In January 2025, under the Auditing and Assurance Standards Board, ICAI published the third volume of guidance based on non-compliances identified by the Quality Review Board during audits.   

This publication is designed to improve audit quality by addressing common issues found in 151 case reviews.  

The Institute of Cost Accountants of India (ICMAI) has announced the results for the Certified Management Accountant (CMA) December 2024 session.   

Candidates who appeared for the exams between 10 and 17 December 2024 can now access their results on the official ICMAI website.   

The results include detailed pass percentages and separate rank lists for the Intermediate and Final course groups.  

In the Intermediate course, Group I had a pass percentage of 16.10%, while Group II saw a higher success rate at 28.69%, reported Times of India.   

Among candidates who attempted both groups, 9.89% passed one group, and 17.77% cleared both.   

As a result, 5,872 candidates successfully completed the Intermediate course.  

For the Final exam, Group III had a pass percentage of 14.72%, while Group IV had a significantly higher pass rate of 50.95%.   

Of those attempting both groups, 30.76% cleared one group, and 22.46% passed both groups.   

CMAI declared the CMA Intermediate and Final Exam results earlier than originally planned, moving the date to 11th February 2025 instead of 21st February 2025.  

In December 2024, the body hosted “CMA Achievers’ Meet: Vision 2030,” at Vigyan Bhawan, New Delhi.   

The event outlined a transformative vision for ICMAI’s future role in India’s economic growth.  

The ICMAI was first established in 1944 under the Companies Act with the objective of promoting and regulating the profession of Cost Accountancy.   

In 1959, the institute was established as a statutory professional body by the Cost and Works Accountants Act, 1959 and has since worked to develop and oversee the profession of cost and management accountancy in India.