In this issue

Editor’s welcome

Rachel Rutherford Editor, IA

Contributors to this issue

PAUL AFTENI

Paul Afteni is Head of Financial Services Professional Indemnity at Willis Towers Watson, FINEX, leading a specialist team responsible for the placement and servicing of professional indemnity insurance.

CHRIS BIGGS

Chris Biggs is the MD of Theta Financial Reporting. He specialises in advisory services addressing complex GAAP, including financial instruments, impairments, asset finance and leasing, commercial asset finance and lease structuring.

JENNIFER CHAN

Jennifer Chan is an Associate Director, Claims Advocate at Willis Towers Watson, FINEX. She specialises in commercial litigation, insurance and professional negligence.

2

It continues to be an unsettling time for many of us. Whilst in the UK we are experiencing an easing of lockdown measures, I know some readers in other jurisdictions are experiencing another wave as the coronavirus pandemic continues to present challenges for financial professionals and businesses across the globe. AIA are continuing to help members with guidance and information via the news channels and Covid-19 Hub, as well as ensuring that we offer continuity of services and support. Whilst the support packages and standards protocols differ throughout the world, we have rapidly collated the necessary information to ensure that members are able to fulfil their roles as accountants and finance professionals, and to help businesses and sole practitioners to deal with the impact and the recovery from the pandemic.

In response to a growing number of recommendations and endorsements from our members, AIA have launched the AIA Membership Referral Scheme. The scheme is our way of thanking members for highlighting the benefits of CAROL DER GARRY Carol Der Garry is a partner at FCA, with 35 years of professional experience as a certified public accountant in forensic investigations, auditing and accounting. Her practice focuses on accountant and auditor liability matters, including assessing complex accounting and auditing issues. JACKIE HARVEY Dr Jackie Harvey is Professor of Financial Management and Director of Business Research at Newcastle Business School, Northumbria University. Her primary focus is anti-money laundering policy and asset recovery; the second is the criminal interface with internal organisational structure. MIKE PARKES Mike Parkes is technical director at GoSimpleTax. He has a detailed understanding of personal and small business taxation, bringing depth of knowledge to the product development process, driven by the user’s journey and maximising tax savings. membership and helping us to grow our professional community and expand our influence in the sector. Further details of the scheme can be found on the AIA news pages.

In this issue, we tackle some of the big issues in accountancy at the moment, looking at audit reform and the role of audit committees in overseeing the quality of audit in the UK, which is increasingly important as companies face disruptions and uncertainty during the Covid-19 crisis, as well as how challenger firms in the audit sector are affected by the regulatory and market reforms.

We ask what the case of Rihan v EY tells us about whistleblowing in accountancy and how companies can create a culture where employees are actively encouraged to voice their concerns. We also examine the issues of corruption and beneficial ownership that can undermine the rule of law and trust in public institutions. And finally, we have expert insights and commentary on the Chancellor’s Summer Economic Statement 2020 and a guide to the key announcements and the government’s

“plan for jobs”.

PETER SPROAT

Dr Peter Sproat is Senior Lecturer at Newcastle Business School, Northumbria University, teaching fraud, financial regulation and risk management. His publications cover counter-terrorist finance legislation and the effectiveness of money laundering and asset recovery legislation.

MARCO VAN DER VEER

Marco van der Veer is head of technology at Accordance. He specialises in VAT and technological change management, and is responsible for future-proofing VAT compliance offerings, working alongside strategic partner SOVOS to integrate bespoke technology into their service offering.

WENG YEE NG

Weng Yee Ng is a director FCA, holding more than 16 years of experience in external and internal audit and forensic accounting, with expertise in compliance reviews, internal investigations and litigation support.