Latest news with #ICAEW
The Star
3 days ago
- Business
- The Star
Accounting for Asean's future
Bridging borders: (Second row from left) Vallance and Gonzales posing for a photo with ICAEW UK and Malaysia administration employees. AS Asean economies continue to integrate, the accountancy profession plays a foundational role in supporting this transition. Chartered accountants ensure consistency in financial reporting and robust governance frameworks, building trust that enables cross-border trade and investment. With Malaysia as this year's Asean Chair, the Institute of Chartered Accountants in England and Wales (ICAEW) Malaysia recently launched Asean Connect 2025 – a first-of-its-kind forum uniting ICAEW members from across Asean with their United Kingdom counterparts at London's historic Chartered Accountants' Hall. The event, held on April 11, served as a platform to strengthen cross-border professional collaboration and position the region as a cohesive economic bloc. During the forum, officiated by Malaysian High Commissioner to the UK Datuk Zakri Jaafar, participants – including representatives from Malaysia, Singapore, Indonesia and Vietnam, and Asean professionals based in the UK – discussed how accountancy and finance professionals can work together to promote sustainable economic growth and workforce mobility within Asean. The evening also featured an ICAEW World Prizegiving Ceremony, honouring outstanding chartered accountancy students from Malaysia. ICAEW Malaysia head Shenola Gonzales said Asean Connect 2025 is the realisation of a vision to consolidate two worlds: Asean's dynamic regional economies and ICAEW's global professional heritage. 'As Malaysia leads Asean this year, we are proud to showcase how the strength of our profession can drive regional collaboration and enhance economic resilience,' she said in a press release dated May 8. Earlier this year, as part of its engagement under Malaysia's Asean chairmanship, ICAEW chief executive Alan Vallance addressed the Asean Capital Markets Forum. In addition, ICAEW convened the region's first workshop on Scope 3 emissions reporting, bringing together Asean regulators, policymakers and business leaders to strengthen transparency and consistency in environmental, social and governance disclosures. Noting the urgency of this shift, Vallance said sustainability and financial resilience go hand in hand. 'Investors and financial markets demand greater transparency, and Asean must work towards a unified approach that supports both regulatory alignment and business competitiveness,' he said.
Yahoo
27-05-2025
- Business
- Yahoo
ICAEW report finds audit quality holding steady in 2024
The Institute of Chartered Accountants in England and Wales (ICAEW) has released its 2024 audit monitoring report, revealing that 67% of audited files were rated as either good or generally acceptable. This marks a slight decline from the 71% recorded in 2023, although the report notes that the average audit quality is likely to be higher due to the targeted selection of complex or challenging audits. The proportion of audits requiring significant improvements remained stable at 10%, the report said. The ICAEW's quality assurance team conducted visits to 401 firms, reviewing 790 audits selected for their complexity. The report highlights that direct year-on-year comparisons of audit quality are not possible, as different firms—excluding the Big Four—are reviewed on longer cycles. Among the Big Four, 90% of audits were rated good or generally acceptable, with only one audit identified as needing significant improvement. The report clarified that audits requiring significant improvement do not necessarily indicate an incorrect audit opinion. Nick Reynolds, ICAEW Professional Standards Head of Audit, said: "Though we can't compare results year-on-year, the majority of audits we reviewed continued to remain good or generally acceptable." Reynolds further explained the challenges faced by some firms, particularly in attracting and retaining skilled audit staff, which affects audit quality. Larger firms tend to have better recruitment outcomes and, consequently, stronger audit quality results. "We'll continue to support our firms to help them build and maintain high standards," he added, mentioning the release of a new training film titled "Crossing the Line." To provide further insights, the ICAEW will be hosting a series of free webinars to discuss the findings from the monitoring visits in greater detail. The ICAEW, which registers approximately 2,000 firms for audit work, is the UK's largest recognised supervisory body for monitoring non-Public Interest Entity (PIE) audit quality. "ICAEW report finds audit quality holding steady in 2024" 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.
Yahoo
27-05-2025
- Business
- Yahoo
ICAEW calls for alignment with ISSB in ESRS
The Institute of Chartered Accountants in England and Wales (ICAEW) has called for the European Sustainability Reporting Standards (ESRS) to align with and build from the International Sustainability Standards Board's (ISSB) standards. With more than 6,500 ICAEW members situated in the European Economic Area and various UK companies potentially subject to these standards, the organisation emphasised the need for clarity and alignment in sustainability reporting. ICAEW expressed its support for the ambitions of the European Green Deal and the provisions outlined in the Corporate Sustainability Reporting Directive. However, the institute highlighted that the ESRS development in an accelerated manner led to flaws that could weaken the Green Deal objectives. The organisation expressed concerns regarding the principal purpose and objectives of ESRS, which are not easily understood. According to ICAEW, the prescribed information often lacks value for decision-making, and there are contradictions and ambiguities within the standards. Other concerns highlighted by the organisation include the overly detailed requirements which it says are not in line with public messaging on interoperability, and a lack of clarity over important aspects of the double materiality requirements. The European Financial Reporting Advisory Group's (EFRAG) standard-setting process has been unduly rushed, leaving insufficient time to properly consider stakeholder feedback. ICAEW's head of corporate reporting, audit and assurance Nigel Sleigh-Johnson said full alignment with ISSB standards would remove duplication of effort in standard-setting and allow the EFRAG time to focus on addressing the most challenging provisions. Incorporating the ISSB's work could simplify the development of standards applicable beyond the EU, according to Sleigh-Johnson. He also emphasised the importance of aiming for equivalence rather than mere interoperability to foster stakeholder trust in global sustainability reporting. Sleigh-Johnson said: 'We therefore support calls for the European Commission to prioritise the work needed to enable equivalence to be possible.' While acknowledging the pressure on the EFRAG to expedite the workplan, ICAEW insists on due process procedures that ensure quality and stakeholder engagement. These procedures should include a full public consultation and careful consideration of feedback, crucial for the success and credibility of the reporting standards. "ICAEW calls for alignment with ISSB in ESRS" 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
Daily Express
19-05-2025
- Business
- Daily Express
Training 2,500 SPM leavers to be chartered accountants
Published on: Monday, May 19, 2025 Published on: Mon, May 19, 2025 By: Bernama Text Size: According to Ibrahim, the foundation collaborates with three professional colleges to provide the training and education, namely Sunway University in Petaling Jaya, as well as INTEC Education College and TYMBA Education in Shah Alam. TAWAU: Yayasan Peneraju, an agency under the Ministry of Economy focused on developing and strengthening bumiputera talent, is targeting 2,500 Sijil Pelajaran Malaysia (SPM) leavers this year to undergo training and education to become chartered accountants. Its chief executive officer Ibrahim Sani said the talent search is being carried out through the 'Jom Explore! Why Not YP?' programme, which offers a comprehensive overview of professional accountancy certification, including guidance on institutional applications and financing options. Advertisement 'Our target is 2,500 people, and so far, 1,500 have received offer letters from Yayasan Peneraju. There are approximately 500 to 1,000 places left to meet the target, and for this, we (Yayasan Peneraju) want to provide opportunities to participants from Borneo, especially Sabah. 'We take in SPM leavers aged 17 to 18 and provide three to four years of training, including examinations under the Association of Chartered Certified Accountants (ACCA) or the Institute of Chartered Accountants in England and Wales (ICAEW). By the age of 21, they will be ready to seize job opportunities awaiting them,' he told Bernama here yesterday. According to him, the foundation collaborates with three professional colleges to provide the training and education, namely Sunway University in Petaling Jaya, as well as INTEC Education College and TYMBA Education in Shah Alam. In addition, Ibrahim said graduates with certifications from bodies such as ACCA and ICAEW enjoy high employability due to strong market demand. Advertisement 'There is a gap in talent to fill roles in the industry. Their careers are not only with the 'Big Five' firms, including Deloitte, Ernst & Young, and KPMG, but also with companies like Petronas (and) banks like Maybank and CIMB. 'Yayasan Peneraju is also working not only with companies like Maybank and CIMB but also with professional accounting bodies such as ACCA, ICAEW, CPA Australia, and the Malaysian Institute of Accountants,' he said. On the 'Jom Explore! Why Not YP?' programme in Sabah, Ibrahim expressed hope that the initiative, held at five locations including Tawau and Tuaran, would achieve its goal of enrolling over 250 SPM leavers in chartered accountant training. He also hoped the Tawau edition of the programme, launched by its MP Datuk Lo Su Fui today, would attract over 50 potential talents to receive proper training. Ibrahim said the foundation also provides funding, including scholarships, for students undergoing the training. He added that Yayasan Peneraju is committed to developing a skilled and resilient bumiputera workforce that can contribute to Malaysia's future progress.
Barnama
18-05-2025
- Business
- Barnama
Yayasan Peneraju Targets 2,500 SPM Leavers For Accountancy Training
TAWAU, May 18 (Bernama) -- Yayasan Peneraju, an agency under the Ministry of Economy focused on developing and strengthening bumiputera talent, is targeting 2,500 Sijil Pelajaran Malaysia (SPM) leavers this year to undergo training and education to become chartered accountants. Its chief executive officer Ibrahim Sani said said the talent search is being carried out through the 'Jom Explore! Why Not YP?' programme, which offers a comprehensive overview of professional accountancy certification, including guidance on institutional applications and financing options. 'Our target is 2,500 people, and so far, 1,500 have received offer letters from Yayasan Peneraju. There are approximately 500 to 1,000 places left to meet the target, and for this, we (Yayasan Peneraju) want to provide opportunities to participants from Borneo, especially Sabah. 'We take in SPM leavers aged 17 to 18 and provide three to four years of training, including examinations under the Association of Chartered Certified Accountants (ACCA) or the Institute of Chartered Accountants in England and Wales (ICAEW). By the age of 21, they will be ready to seize job opportunities awaiting them,' he told Bernama here today. According to him, the foundation collaborates with three professional colleges to provide the training and education, namely Sunway University in Petaling Jaya, as well as INTEC Education College and TYMBA Education in Shah Alam. In addition, Ibrahim said graduates with certifications from bodies such as ACCA and ICAEW enjoy high employability due to strong market demand. 'There is a gap in talent to fill roles in the industry. Their careers are not only with the 'Big Five' firms, including Deloitte, Ernst & Young, and KPMG, but also with companies like Petronas (and) banks like Maybank and CIMB. 'Yayasan Peneraju is also working not only with companies like Maybank and CIMB but also with professional accounting bodies such as ACCA, ICAEW, CPA Australia, and the Malaysian Institute of Accountants,' he said. On the 'Jom Explore! Why Not YP?' programme in Sabah, Ibrahim expressed hope that the initiative, held at five locations including Tawau and Tuaran, would achieve its goal of enrolling over 250 SPM leavers in chartered accountant training.
