All posts by NTSI Publishing Team

AI, Business News, Business Tech, Data, Digital Transformation, Tech, Technology

Guide highlights the power of advanced technologies in audit, and the dangers of over-reliance on them

Playbook for auditors provides a roadmap for audit professionals as AI and other advanced technologies transform the sector – and warns that human factor remains critical

Chartered Accountants Australia and New Zealand (CA ANZ) and ACCA (the Association of Chartered Certified Accountants) have released the Audit and technology playbook: A practitioner’s guide, a comprehensive guide aimed at helping audit professionals adapt to the rapidly advancing technological landscape.

The development of advanced technologies such as artificial intelligence (AI), machine learning and blockchain is reshaping the audit profession. For example, Generative AI alongside increasingly sophisticated data analytics allows auditors to analyse huge amounts of data in just a few seconds, uncovering patterns that were previously invisible and providing greater confidence than traditional methods.

The playbook provides actionable strategies to equip auditors with the skills and tools necessary to navigate this digital transformation. It addresses the opportunities and risks it presents, identifies key trends and provides a framework for audit practices – particularly small and medium-sized practitioners (SMPs) – to adapt.

It also emphasises the importance of balancing technological advances with professional ethics, judgement and human oversight, and highlights the risks of over-reliance on technology.

 

Simon Grant, CA ANZ Group Executive – Advocacy and International, emphasised the importance of embracing new technologies while maintaining the core principles of the profession. He said: “Technology is opening up new possibilities in auditing that were out of reach only a decade ago. However, the human element remains as important as ever. Our professional scepticism, judgement, and ethics must remain at the forefront as we integrate these new tools into our practices.”

Mike Suffield, Director of Policy and Insights at ACCA, said: “Advanced technologies can allow auditors to gain deeper insights into the businesses they audit. But there’s a very real danger of relying too heavily on technology, such as through automation bias where technology subtly influences an auditor’s judgement.”

Key sections of the playbook include guidance on developing a digital strategy, investing in staff skill development, and implementing governance structures to maintain audit integrity.

The guide was informed by extensive research and roundtable discussions with members across several markets.

The Audit and technology playbook: A practitioner’s guide is now available for download on the CA ANZ and ACCA websites.

Business, Business Advice, Economy & Jobs News, Wales

Recruitment, trade and taxation sticking points for businesses in Q3

Businesses in Wales have revealed the opportunities and challenges they faced in Q3 of 2024 in Chambers Wales South East, South West and Mid’s latest Quarterly Economic Survey.

Businesses in Wales who trade goods and services domestically performed well. Over two thirds (68%) of businesses taking part in the survey traded in the UK only. 38% of these businesses stated that there had been an increase in UK sales and 33% reported an increase in orders and advanced bookings, with both of these figures up from Q2.

It was a mixed picture, however, for Welsh businesses who trade internationally. Almost a quarter (23%) of businesses in Wales shared that their export sales had increased in the last three months, up from 15% in the previous quarter, but only 7% saw export orders and advanced bookings increase in Q3.

David Peña, the Chamber’s International Trade Manager, said: “Many of the survey respondents cited new markets as an opportunity for their business so we need to ensure that those who wish to export can access the guidance, support and contacts they need to fully achieve their trade ambitions.

“Welsh businesses have so much to offer on the international stage. Different markets bring different challenges, and penetrating these markets requires innovation and information. We heard several inspirational success stories from exporters across Wales at our recent exporting excellence event held in collaboration with our partners Atradius and Welsh Government, showing how the right support and ideas can make exporting a reality.”

The Quarterly Economic Survey for Q3 also revealed that recruitment continues to be a sticking point for many businesses in Wales.

54% of the businesses surveyed attempted to recruit staff in the last quarter, primarily for full-time positions. 79% experienced difficulties recruiting, particularly for professional and managerial positions, citing a lack of appropriate, experienced candidates and skills requirements not being met.

While recruitment and retention remain an issue, an improved economic picture has led to a shift in which external factors are more of a concern to businesses in Wales than they were three months ago. 55% of businesses in Wales stated that taxation was more of a concern this quarter, more so than interest rates, business rates and inflation.

Paul Clark, President at Chambers Wales South East, South West and Mid, said: “With an ongoing skills shortage in the private sector and concerns regarding taxation, businesses in Wales will be watching the Autumn Budget later this month with great interest. Throughout the election campaign and their time in office to date, the government has repeatedly stressed its commitment to boosting economic stability and growth, and the Budget will be chance to set these measures to develop the economy and remove barriers to a higher growth future.”

Business, Business Expansion, Law, Swansea

Acuity Law relocates growing Swansea practice to the heart of the city’s business district

Leading South Wales-headquartered law firm Acuity Law has announced the relocation of its Swansea office.

 

Hopping across the water from the historic Exchange Building on Cambrian Place to the thoroughly modern Ethos on King’s Road, the move sees Acuity Law deepening its connections to Swansea’s thriving business hub.

 

Ethos is a striking, glass-fronted building in the heart of Swansea’s business community, with a prominent position on the waterfront, on the edge of Swansea City Centre. The new location reflects Acuity’s increasing centrality to the Swansea commercial marketplace and ambitions to showcase the notable work the firm is doing for Swansea-based clients.

 

The office houses an impressive meeting space that maximises the building’s waterfront location, as well as generous open-plan office space to accommodate both senior and junior colleagues, and on-site café facilities.

 

Hugh Hitchcock, the lead Acuity partner in the Swansea office said: “Swansea is absolutely key to our growth in Wales. Having worked in the area for the best part of 20 years, I know first-hand what a growing and thriving community full of strong, dynamic businesses it is. I’m excited by the expansion in the team and the opportunities for us as a law firm to further assist our commercial clients, but also by the general growth in the local economy.”

He added: “As we expand with the move to Ethos, alongside the quality and experience of the talented lawyers in the team, I genuinely believe we can provide a service to rival that of any of the larger firms across the UK. That is best exemplified by the complex and high-profile work we are already undertaking.”

 

Nick Founds from Glanmor Chartered Surveyors adds: “Ethos is a prestigious riverside office development, and it is a great new home for Acuity Law. Ethos now has 100% occupancy and this recent letting showcases the continued high demand for grade A office space in prime Swansea locations.”

 

Acuity Law established its Swansea presence in 2017, with the arrival of Carmarthen-born Hugh Hitchcock, who came up through the litigation ranks at a London-based media firm representing celebrity and household-name clients. Most recently, Hugh was named as one of The Lawyer’s 2024 “Hot 100”.

 

The new office in Swansea is the latest in a string of announcements from Acuity Law, which has bases in Cardiff, Bristol, Birmingham, London, Leeds and Liverpool, as well as Swansea.

Accountancy, Business, Business News, Cardiff, Charity, Hospice News

Quantum Advisory scores big for Tŷ Hafan in football fundraising tournament

ONE of the UK’s leading actuarial and pension consulting firms, Quantum Advisory, took part in Tŷ Hafan’s Football Fives tournament and raised £3000 for the children’s hospice charity.

The firm rallied together to enter two teams into the round robin league which featured Champions League, Europa League and ECL stages, including knock-out phases, semi-finals and the final.

After standout performances amid tough competition, Quantum Advisory’s teams celebrated success in the top event: the Champions League. One of the firm’s teams won the league, while the other reached the quarter finals of the same competition.

The Football Fives tournament is held annually by Tŷ Hafan at Gôl Centres in Cardiff and was this year sponsored by V12 Retail Finance.

Tŷ Hafan, one of the UK’s leading paediatric palliative care charities, provides comfort and care to children and young people with life shortening conditions throughout Wales. The charity also provide support to parents and siblings, helping to create special memories and offering respite not only at the hospice but in the homes of the families or in hospital, completely free of charge.

Joining the fundraisers at the tournament was former Wales and Cardiff City player Danny Gabbidon who held a live Q&A session and presented a series of awards. Quantum received the top fundraisers award for a second year running, sharing the award this time with V12 Retail Finance. John Plenderleith, an Investment Consultant at Quantum Advisory, was also named ‘player of the match’ for his performance in the final.

Quantum Advisory is a longstanding supporter of Tŷ Hafan, with one of its first projects in 2016 winning them an engraved bronze apple to place on the hospice’s Gift Tree in recognition of reaching their ‘pay for a day goal’ of £11,000.

Since 2016, they have raised over £31,000 for the charity. Past events have included the Race to the Stones challenge, a fundraising ball and participation in Tŷ Hafan’s Christmas pantomime. In 2023, Team Quantum took part in Tŷ Hafan’s Football Fives tournament and received the ‘Best Tŷ Hafan Fundraisers’ trophy by former Cardiff City, Celtic, Crystal Palace and Welsh International midfielder, Joe Ledley, in recognition of their continued support.

Stuart Price, Actuary and Partner at Quantum Advisory, said: “We had a fantastic time at Tŷ Hafan’s Football Fives tournament this year. It was wonderful to see so many businesses coming together to raise funds for this incredible cause and thank you very much to those individuals that sponsored us, all the support is warmly received.

“Tŷ Hafan’s work is life changing and we are proud to have been supporting them for almost a decade. I would encourage anyone to find out more about Tŷ Hafan if you have not already and get involved with their next fundraising event.”

Sorrel Mayo, Corporate Senior Fundraiser at Tŷ Hafan, said: “When a child’s life will be short, Tŷ Hafan will walk alongside their family every step of the way – through life, death and beyond. We were delighted to see so many teams at our Football Fives fundraising tournament to help us to be able to do this.

“Quantum Advisory’s fantastic fundraising has contributed to this year’s event raising almost £15,000 which is truly incredible, and we are also extremely grateful to them for their ongoing support and enthusiasm.

“No parent ever imagines that their child’s life will be short. Sadly, this is the reality facing thousands of families in Wales. We can’t stop this happening, but together we can make sure that no one in Wales lives their child’s short life alone.”

For further information on Tŷ Hafan, visit www.tyhafan.org/. Donations can also be made at https://www.justgiving.com/page/tyhafanfiveaside.

Quantum Advisory provides pension and employee benefits services to employers, scheme trustees and members, and has offices in Cardiff, Amersham, Birmingham and London. For more information, visit www.quantumadvisory.co.uk.

Business, Business Expansion, Business News, Construction, Energy

Consumer Energy Solutions invests £500k in Treorchy training centre

A LEADING consumer energy efficiency company has opened a brand new state-of-the-art, immersive training facility in Treorchy at a cost of £0.5 million, paving the way for thousands of recruits to learn the skills needed to enter, and progress within, the energy trade.

Swansea-based Consumer Energy Solutions (CES) supports customers in reducing their carbon footprint and reducing their energy bills and has already successfully improved the energy efficiency of over 8,000 homes across the UK.

The new insulation department training facility in the heart of the Welsh Valleys has been purpose-built to allow for comprehensive training in various insulation techniques and complements CES’s heating systems training facility in Cardiff which it acquired last year.

The Treorchy training facility, on the Abergorki Industrial Estate, encompasses a 5,000 ft2 main area, 7,500 ft2 first floor storage plus three classrooms. The facility is also used to train CES installers on the rules, regulations, and techniques involved in installing ventilation equipment, which is necessary before any insulation work begins.

Ben Strinati, Insulation Director at Consumer Energy Solutions, said: “The way the business was growing, and the need to recruit more and more insulation teams, combined with a lack of suitable training infrastructure present in the industry, we took the initiative to construct our own custom-built facility and invested £500,000 in the Treorchy site. We take great pride in our advanced training facilities which have been purposefully designed to educate both new recruits and experienced team members in the CES way. Being able to train individuals in all the necessary trades, means we can execute an installation from start to finish, making it a quick and smooth experience for our customers.”

CES has its headquarters in Swansea with permanent bases in south Wales, north Wales, west Wales and Exeter. It currently operates 42 teams of insulation installers, each of which includes carpenters, dry-liners, plasterers and multi-skilled installers, alongside eight dedicated loft insulation teams. The company is committed to providing comprehensive training for all staff and arranges regular manufacturer training programmes and seminars to ensure installers are up to date with frequent regulation reviews and advancement in technology. Basic training starts with an NVQ qualification in construction and building treatments with further learning based on the energy efficiency measure and the method of installation. Additionally, all operatives receive annual training in the latest health and safety regulation, promoting a safe installation for themselves and customers.

The Treorchy facility is part of CES’s ambitious expansion plans which include recruiting 15 insulation teams every month. Finished to such a high standard, the unit has attracted interest from external companies looking to utilise the centre for in-house development purposes.

Ben continued: “We have a highly experienced recruitment team which is supporting our growth vision by finding the right professionals for the roles available, whether in-house or in the field. Our training facilities then come into play, providing crucial training and coaching opportunities for employees.

“At a time when fuel poverty and the climate crisis is such a high priority, we are determined to do all we can to help people reduce their energy usage and save money on their bills and the best way we can do this is by building and training the next generation of energy efficiency professionals to reach more people.”

For further information, visit www.consumerenergysolutions.co.uk.

Accountancy, Accountancy & Accounts, Accounts and Accountancy, FInance, Finance and Banking, Finance News, Sustainability

New diploma from ACCA sets the global standard sustainability in finance

  • The qualification has been developed in response to the demand for skills and training in sustainable finance.
  • ACCA has worked with global regulators on their requirements for sustainability auditors, and the new professional diploma has been designed to meet their needs.

 

In response to growing demand from businesses and professional accountants, ACCA has launched a pioneering Professional Diploma in Sustainability, designed for finance professionals at all levels who are looking to gain a comprehensive understanding of sustainability and accreditation to prove it.

Businesses often lack the essential skills to support the move to more sustainable business models and urgently need the skills to consider non-financial as well as financial business drivers, according to research by ACCA.

The professional diploma brings together high-quality learning support and assessment, aligning with the increasing demand from employers, as well as individuals, wishing to pursue the widening career opportunities related to sustainability, and emerging regulatory requirements around the world.

ACCA has been working closely with regulators globally on their requirements for sustainability auditors and this new professional diploma has been designed to meet their needs. Once completed, the professional diploma provides a comprehensive accreditation in the core areas of sustainability.

This leading-edge qualification builds on the increasing number of sustainability learning opportunities ACCA has added to its portfolio in recent years, as well as the addition of more sustainability content into the ACCA Qualification.

The Professional Diploma in Sustainability consists of a comprehensive, integrated learning programme, in-depth knowledge, a revision kit, and a three-hour exam. Offering over 60 hours of learning and practice across four certificates and one exam, learners will gain in-depth knowledge of sustainability frameworks and ethics, sustainability strategy and management, sustainability reporting and sustainability assurance.

Helen Brand, chief executive of ACCA, said: “The expertise of accounting and finance professionals in driving sustainable approaches to business is absolutely essential if we are to make the progress the planet so desperately needs.

“With their central role working in and for countless businesses and organisations across the world, professional accountants are well placed to play a key role in shaping the future we need. This new qualification is designed to help meet that increasing need and recognises that success is not now just about profits, but about sustainability and social value too.”

Lloyd Powell, head of ACCA Cymru/ Wales noted: “Sustainable organisations that create long-term value for society will be the bedrock of our future economy – and professional accountants will be at the heart of these organisations. This specialist diploma will support them as they drive positive business change and support the Welsh economy.”

 

Visit ACCA’s website for more information.

Business, Business Finance, Cardiff, Employment

Cardiff Capital Region celebrates commitment to Real Living Wage

Cardiff Capital Region (CCR) is now accredited as a Real Living Wage employer by the Living Wage Foundation. The Real Living Wage accreditation formally recognises CCR’s existing commitment to fair pay and driving inclusive economic growth.

The real Living Wage is the only UK wage rate based on the cost of living. In Wales, more than a tenth of all workers (12.9%) earn less than they need to get by, with around 161,000 jobs paying less than the real Living Wage.

CCR is also a tenant in Cardiff University’s sbarc|spark, Wales’ first Living Wage building which means all tenants are obliged to pay the real Living Wage to employees and onsite contractors.

Kellie Beirne, CCR’s Chief Executive, said:

“Fair economic opportunity is central to CCR’s ambitions to foster good growth across our Region. Our accreditation as a real Living Wage employer formally recognises our long-standing commitment to ensuring fair wages within our organisation, a milestone that sets the standard for businesses across our Region.

“By transitioning to a Corporate Joint Committee, CCR has gained new powers and responsibilities as an independent public body which has made formal accreditation possible, allowing us to carve our own identity and mature as an organisation. This will lay the groundwork for us to build upon our wider vision of regional prosperity.”

Councillor Huw Thomas, Leader of Cardiff Council and Deputy Chair, CCR Committee, adds:

“I am pleased that Cardiff Capital Region has gained the real Living Wage Accreditation. Since becoming a public body earlier this year, CCR’s commitment and determination to further fairer working in our Region aligns with Cardiff Council, which was the first capital city to become a real Living Wage City in 2019.

 

“As Chair of the Cardiff Real Living Wage Steering Group and Action Team, I’m an advocate for fair wages, which keep money within our local economy. After the Steering Group was recognised as ‘Local Champions’ at the Living Wage Champions Awards ceremony this summer, I’m glad to see further progress being made to strengthen the commitment to fair pay across the City Region.”

 

Councillor John Spanswick, Leader of Bridgend County Borough Council and Portfolio Lead for Economic Inclusion said:

“This is a very welcome pivotal move by the CCR team and it augurs well for future growth across the Region. Economic inclusion is the watchword for our ambitions to be a fairer and more prosperous Region.

By shining a spotlight on this issue we are taking determined steps to support our colleagues and demonstrate how valued everyone is.”

Katherine Chapman, Director, Living Wage Foundation said: “We’re delighted that CCR has joined the movement of over 14,000 responsible employers across the UK who voluntarily commit to go further than the government minimum to make sure all their staff earn enough to live on.

“They join thousands of businesses that recognise that paying the real Living Wage is the mark of a responsible employer and they, like CCR, believe that a hard day’s work deserves a fair day’s pay.”

Accountancy, Accountancy & Accounts, Accounts and Accountancy, Business, FInance, Finance and Banking

ACCA welcomes government action on late payment

Government action on late payment has been welcomed by leading accountancy body ACCA.

 

The announcement by Jonathan Reynolds, Secretary of State for Business and Trade, of a new Fair Payment Code to replace the Prompt Payment Code is the first step in the right direction.

 

Glenn Collins, head of technical and strategic engagement at ACCA, said: “We are pleased to see this move by the government today. ACCA has been a consistent and vocal supporter of the need to ensure small businesses are paid on time and have clear knowledge of the payment practices of who they are doing business with. It is a great first step but there will be more work to do. We look forward to participating in the consultation on the proposed new laws.

 

“Late payment and unfair practices continues to blight small businesses across the UK. We have long called for urgent implementation of proposed improvements to tackle late payment problems, including expansion of prompt payment reporting and the proposed expansion of powers for the Small Business Commissioner (SBC).  We are glad that some initiatives are now being taken.”

 

Lloyd Powell, head of ACCA Cymru/Wales, added: “Small businesses account for more than 99% of businesses in Wales. It is vital that they are able to get paid on time, as cashflow drying up can be a serious problem for them, more so than larger businesses.

 

“We are pleased that the SBC has been given extra powers to tackle some of the defaulters under the old code, however we will be calling for additional reforms to provide more transparency in this area.

 

“Clearly this is voluntary, but we urge Welsh businesses across the supply chain to see how they can sign up to this enhanced code and work together to eradicate the scourge of late payment.”

 

Based on the insight from members over the last two decades, ACCA is clear that late payment is a persistent problem in the UK. Poor payment practices have a domino effect throughout supply chains, with severe consequences for cashflow and the survival of SMEs. To rectify this situation, strong action – including a decisive culture shift – is required.

Appointments, Business, Business News

New appointment to support Welsh businesses’ trade ambitions

Chambers Wales South East, South West and Mid has appointed David Peña as its new International Trade Manager.

David, who is originally from Barcelona and speaks English, Catalan, French and Spanish, joins the Chamber from International Trade Matters.

With his professional career spanning the retail sector, licensing industry, business development and trade support, David brings a wealth of knowledge and experience with him to the Chamber.

In his varied career he has worked in culturally different companies, opened access to new markets for companies in all continents and liaised with businesses, organisations and brands such as Asmodee, Ministry of Defence (UK), Royal British Legion and The Smurfs.

Additionally, David holds a Level 5 Diploma in International Trade from the Institute of Export where he is a full member and was awarded twice in his graduation ceremony including the Prize for Academic Excellence from the Worshipful Company of World Traders.

In his new role, David will lead the trade team at the Chamber and assist members, partners and businesses in Wales with their exporting and importing needs including compliance, training, access to new markets and supply chain connectivity. David will share his invaluable knowledge and experience, becoming an asset to the team.

David said: “I am looking forward to supporting all our members in their international trade journey. I know from experience how challenging it can be, but I trust that Chambers Wales will be the right partner to be alongside our members at every step of the journey.

“As a native Catalonian and a Catalan speaker, I fully understand the particularities of being a nation within a nation, and the challenges but also the opportunities that this uniqueness can bring to the table.”

In his spare time, David trains with his local rugby club and plays the occasional veterans game as a scrum half.

Commenting on David’s appointment, Penny Lock, Director of Partnerships at Chambers Wales South East, South West and Mid, said: “We are delighted to be welcoming David as a core member of our team who will be instrumental in supporting our members in their international trade journeys.

“This appointment represents another step in our mission of taking Welsh businesses to the world across our global network. David will be a tremendous asset to the Chamber, and we are very excited to work with him and to learn from his invaluable knowledge.”

Accountancy & Accounts, Business, Business Investment, Cardiff, Cardiff News, Law, Tech

Acuity Law launches My Digital Lawyer – a legal tech platform for businesses

Acuity Law has announced the launch of My Digital Lawyer, a brand-new legal tech platform for businesses aimed at saving them time and money.

My Digital Lawyer provides a range of digital tools and services, including cutting-edge automated document builder Document Assist, an extensive bank of legal know-how, and a growing library of exclusive articles and content.

“My Digital Lawyer will save our business clients time and money,” explains Acuity Law’s Managing Partner Claire Knowles.

“Using our custom-built tools, they can handle many legal tasks themselves, building their own contracts and basic documentation with Document Assist, or using our jargon-free Knowledge Bank guides to put together policies and compliance processes.

“Fundamentally, we want to help businesses improve efficiencies. But we’ve also got them covered for when they need specialist help or the reassurance of in-person advice – because My Digital Lawyer subscribers also benefit from direct access to specialist legal advice within the terms of their subscription.”

Uniquely among law firms, some of which offer client portals for document-sharing and communication, Acuity Law’s My Digital Lawyer is available to all businesses, not simply Acuity clients.

The platform delivers all that a client portal would – allowing clients to track their live matters and tasks – while also allowing non-client subscribers access to market-leading guidance and digital tools.

“We are confident that no other law firm can offer the 360-degree digital support that My Digital Lawyer provides,” says Claire.

“At the same time, no legal tech platform can offer the expert lawyer-led wraparound in-person support and added reassurance of My Digital Lawyer.”

The platform has been developed entirely in-house at Acuity Law, using the firm own development team and branding specialists.

“We are proud of the in-house teams we have developed at Acuity Law,” says Acuity Law Chairman Steve Berry. “We are committed to driving legal services forward and providing innovation-led services to both our clients and the wider business community. My Digital Lawyer subscribers can expect further tools and services in the months ahead, as Acuity Law further grows and develops the platform. So watch this space!”

Headquartered in Cardiff, Acuity Law is a fast-growing law firm with over 150 lawyers supporting business clients throughout the UK. The firm’s ambitious growth strategy has seen it open offices in Birmingham, Leeds and Liverpool in recent years, adding to its presence in Bristol, London and Swansea.