MPs have criticised the Serious Fraud Office for spending above its official limit because of the incorrect accounting treatment of VAT receipts and the unexpected award of costs and damages against it. The Commons Public Accounts Committee said the SFO had misinterpreted the accounting treatment for VAT on contracted out services and failed in 1998/99 to follow Treasury guidance to report sums received rather than sums receivable. The costs and damages – worth £159,628 – were then charged to the wrong account. The SFO, along with the Ministry of Defence, Lord Chancellor’s department and Office for National Statistics – all also criticised for overspending – have been asked to improve their accounting controls.
Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast
Accountants should alter their perspective on auto-enrolment to maximise business opportunities, according to Eric Clapton.
Kevin Reed discusses whether new accountancy group Cogital can rival the Big Four...and its likely direction of travel