Tag Archives: Australia

Accountancy, Accountancy & Accounts, Investment

ACCA welcome UK/Australia audit recognition deal as step to driving audit quality

  • The deal between UK and Australian audit bodies allows professionally qualified auditors to more easily work in either country.
  • With talent in short supply, both countries’ regulators recognise audit professionals should face no boundaries in taking their work overseas. 

 

ACCA has welcomed the mutual recognition agreement between UK and Australian audit authorities. At a time of a talent shortage, the deal should make it easier for auditors, including ACCA members, to work between both countries.

 

The agreement between the UK’s Financial Reporting Council and the Australian Securities and Investment Commission (ASIC) allows auditors who have obtained professional audit qualifications as a statutory auditor in the UK or Australia to more easily apply for recognition of their qualification and audit rights in the other nation.

 

Maggie McGhee, executive director for strategy and governance at ACCA, said: “ACCA welcomes the UK and Australian audit authorities agreeing mutual recognition of audit qualifications.

 

“Over time this Memorandum of Understanding on Reciprocal Arrangements (MOURA) should increase the supply of high quality auditors for both economies. This is important at a time when audit talent globally is increasingly in short supply. This will in turn support the continued efforts from the respective regulators of the two countries to drive high quality audit in the public interest.”

 

ACCA has discussed the issue of audit talent scarcity in its recent report Attract, engage, retain: Insights and recommendations for audit talent success, published the day before the UK/Australia agreement was announced.

 

Simon Grant, CA ANZ group executive advocacy and international development, said: “The ability to be recognised and work overseas in a truly global profession is a major drawcard for a career in audit, and this agreement provides greater clarity and confidence for auditors moving between Australia and the UK.

 

“Australia is one of the first countries to be recognised under the UK FRC’s renewed approach on mutual recognition, which alongside New Zealand, is a testament to our close ties and shared history.”

 

Mike Suffield, ACCA’s director, policy and insights, said: “This builds on the professional ties between the two countries and helps embed the value of the strategic alliance between ACCA and Chartered Accountants Australia & New Zealand which works to increase the flow of qualified accountants, including auditors, between the two countries.”

 

See the FRC/ASIC announcement.

Finance and Banking, Finance News, International News, News, North of England

WeDo Business Services makes acquires significant stake in Australian finance firm

A north west business services group has gained a foothold in the Australian market by making a strategic seven-figure investment in a Brisbane-based invoice and trade finance company.

WeDo Business Services, which is headquartered in Oldham, has taken a significant stake in Invoice Finance Group (IFG).

IFG had been seeking an investment partner to help take it to the next level by adding funding capability and new business finance products. At the same time, WeDo was looking to establish itself Down Under.

WeDo directors Mark Lindsay and Chris Robinson engaged Wayne Smith, a former senior executive at Sydney-based business finance company ScotPac, to help with this phase of their growth plan.

Wayne was able to bring both parties together and helped to structure the deal. He has become chairman of IFG following the investment, and will work with its founders and directors Paul and Angela Tonges on its expansion strategy.

Mark, group chief executive of WeDo, said: “Our invoice finance business has been built on a simple model of delivering solutions in a transparent and value-added way, working with clients to ensure they get more than they expect.

“It was refreshing to see that IFG shares a similar approach which is very client-centric.

“The independent finance market in Australia is not as competitive as it is in the UK, and therefore we feel there is scope for IFG to expand significantly and develop additional service lines, much like our UK business has done in recent years. We are extremely excited by the opportunities and growth potential for IFG.”

WeDo provides a range of services to small and medium-sized companies. In addition to invoice and trade finance and start-up funding, it provides HR, back office, IT, digital and payroll support, with a focus on the recruitment sector.

Mark and Chris founded the business in 2019 with just four staff and the company has grown rapidly through organic expansion and acquisitions. The group now employs almost 100 people across its network of offices, including sites in Colchester, Swindon, Sheffield and MediaCityUK in Salford.

IFG is a boutique business which husband and wife team Paul and Angela set up in 2011. It specialises in providing invoice finance to businesses across Australia.

Paul said: “As the founders, we are very excited about the next chapter of IFG’s growth strategy. We’re delighted to share a common alignment in our vision and values with our new investors, by continuing to exceed our customers’ expectations.

“This strategic investment will allow IFG to better service our existing clients and attract new customers by enabling us to offer a broader range of finance products and a larger deal size. With so many Australian small businesses desperate to fund growth, IFG will be able to assist many more SMEs.”

HR

Blancco partners with Ethan Indigenous to bridge digital divide in the Indigenous community

The initiative launched by Ethan and David Liddiard Group in collaboration with Blancco aims to improve digital inclusion by providing access to devices for Australia’s Indigenous community

Australia – May, 10 2022 — Blancco Australasia PTY LTD, the industry standard in data erasure and mobile device diagnostics, today announced it has partnered with Ethan Indigenous PTY LTD, to provide equal opportunities to young Indigenous Australian’s, enabling them to transition to economic independence through education, and employment in the IT industry. Blancco will support the campaign with licenses of its data erasure software so that refurbished devices can be safely and securely donated to schools and communities in need. Blancco and Ethan Indigenous have also committed to upskilling Indigenous cadets to help with the refurbishment process, with training on how to perform certified data erasure on donated devices.

Ethan Indigenous is a joint venture between Ethan and the David Liddiard Group, alongside partners including Blancco. One of the main goals of this collaboration is to empower the Indigenous community through improved digital and social inclusion. It will focus on upskilling youth for professional career pathways in ICT. This initiative will promote engagement with the circular economy, through sustainable support for existing government initiatives that are equipping the Indigenous community with access to technology and connectivity.

The coronavirus pandemic exacerbated existing challenges facing Indigenous Australians. Not having basic access to the internet or a laptop, computer or mobile device alienated young people isolating at home and delayed their education. Similarly, IT departments too faced restrictions while operating outside of office settings. To address and overcome these challenges, Ethan Indigenous with the help of Blancco’s Data Erasure Software aims to make IT assets more easily available to the Indigenous community by donating devices collected from Government institutions and enterprises.

As part of the collaboration, Blancco will be providing Blancco Drive Erasure Software to facilitate a secure purge of all data on the donated devices. Not only is this software compliant with the Australian Data Privacy Act and ISM requirements, but it also provides a detailed audit trail and certificate of erasure. The software securely sanitises devices of any traces of data and enables the refurbishment and reuse of the device.

To date, Blancco’s Drive Erasure Software has helped ready more than 2000 devices for redistribution amongst young people. This has already resulted in an increase in access to online learning and employment. The training provided by Blancco and Ethan Indigenous helps the community to develop valuable IT skills, as well as a deeper understanding of the importance of data management best practices that engage the circular economy.

David Liddiard, Managing Director of the David Liddiard Group has committed his life to ensure that Indigenous youth have a brighter future and the prospect of a professional career. David said, “It is only through putting technology in the hands of Students can we close the digital divide for our youth and enable them to have an equal opportunity to achieve their personal and professional goals.”

The vision of the two groups spearheading the project resonates with Adam Moloney, Chief Financial Officer, Blancco, who added, “This initiative is an example of how engagement with the circular economy can not only improve sustainability, but also improve social issues and inequality, providing our future generations from all socio-economic backgrounds with access to the resources and technology needed to receive a good education and equal employment opportunities.”

The project is always welcoming donations of new and used devices with future plans for further expansion to as many Indigenous communities and schools as possible. To find out more, visit: http://ethangroup.com.au/indigenous/home/index.html