In this issue

Editor’s welcome

We start 2021 with some uncertainty about what the future may hold and significant work to be done to build the global economy. However, the AIA has forged ahead with new initiatives that support its members around the world as they take on the task of delivering quality business advice to all kinds of businesses in these unprecedented times. New resources have been added to the online Guidance and Insights libraries covering global tax updates, Brexit and accounting and auditing updates. Members can access this information via their MyAIA account.

In this issue, we consider the outlook for the coming year. 2021 will usher in an era of change for financial accountants, especially in terms of how the pandemic will continue to affect – and change – how companies operate. Home working, Covid-19 business support measures, changing deadlines and adjustments to financial reporting will have an impact this year and accountants must plan and prepare for the inevitable long and shortterm changes that come with them. Supporting firms in regulatory and legislative compliance is one of AIA’s key functions. The AIA Compliance 2

Contributors to this issue

Rachel Rutherford Editor, IA

Team has detailed the requirements of a comprehensive risk assessment so that firms can avoid the risk of exploitation and fully understand the risks of money laundering and terrorist financing.

Elsewhere we consider how governments might look to reduce the enormous deficits that could not have been imagined 12 months ago and whether increasing rates or reducing reliefs on inheritance tax might be under consideration in many economies. Should inheritance tax be a prime target for tax increases in 2021 and beyond? The role and quality of audit has been under the spotlight following a string of high-profile business failures – and the economic implications of Covid-19 have reinforced the need for change. 2021 might also be the year that we see some fruition following the many recent reviews and we examine the essential changes needed in the audit process to rebuild confidence and deliver business value.

For those continuing their studies this year and working to obtain the AIA professional qualification, we are continuing to develop high quality resources to support you through the qualification process. In this issue, we look at developments in audit which provides exam support to students for sitting the audit papers in May 2021.

StUARt COBBE

Stuart Cobbe is Director of Growth, Europe at MindBridge, helping finance professionals to embrace data driven decision making through AI and explore the ways that machine learning and data analysis can lead to assurance.

SCOtt DIEtZ

Scott Dietz is a Director of Regulatory and Accounting Solutions at Moody’s Analytics, with over 15 years of experience leading auditing, consulting and accounting policy initiatives for financial institutions.

RICHARD HEPBURN

Richard Hepburn is Operations Manager at Gorilla Accounting. His client focused approach and experience in the contractor accounting sector gives him a strong background on the accounting needs of contractors and their limited companies.

JAMES BYRNE

James Byrne is CEO of AccountancyManager, a multi award-winning practice management software built to reduce back office administration for accountancy firms and bookkeepers. He is dedicated to providing a system which saves time, reduces human error and increases profitability.

DENNIS PEtRI

Dennis Petri is chairman of UHY International, a partner in UHY LLP and a managing director of UHY Advisors MI, Inc. Among his leadership roles of the firm’s national tax department and international tax group, Dennis also serves as international liaison partner.