Technology overlooked by law review, says ICAEW

Technology overlooked by law review, says ICAEW

The Company Law Review is failing to recognise the true importance of technology, according to the English ICA.

Speaking in its official response to the review, the institute praises many of the proposals but saves its criticism for its approach to technology.

Graham Ward, president of the institute, commented that the institute supported proposals on financial reporting and that auditor’s liability should be readdressed.

However he said the review failed to recognise that advances in technology would remove the differences between preliminary statements and full accounts.

‘This consultation does however, underplay the role of technology,’ he said.’Existing technology allows people to pick and choose from a continuum of electronic information.

‘The distinction between preliminary statements and the full accounts then loses its meaning.

‘The law must provide the flexibility for the inevitable transition to a higher technology business environment.’

The response echoes the remarks of the Scots Institute which were similarly concerned with the review’s approach to technology.

Company law should reflect tech advances, says ICAS

Ward says company law must ensure probity

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource