Asam Malik

We believe the #healthcare and #lifesciences industries must collaborate to support the #NHS reforms that are clearly needed. Will we get clarity from government in the upcoming budget and spending plans to let this happen? https://lnkd.in/eNWCmPQy #BudgetPredictions #AutumnBudget #Budget2024 Laragh Jeanroy, Graham Bond, Clive Makombera (FCCA), Ros Pontifex, Mohi Khan, Edward Rozwadowski, Claire Smallman

16

In today's evolving business landscape, organisations facing soaring costs for their risk management and compliance programmes are looking for ways to unlock true transformation. Activate these four key levers to unlock the full potential of your programme and realise dramatic cost savings. https://pwc.to/4aq0MgM

46

1 Comment

👉Facing a shortage of cyber talent? You are not alone. 57% of UK organisations in our Global Digital Trust Insights survey say they are looking to #ManagedServices to build greater resilience against evolving cyber threats. 🚀Explore how using external expertise can accelerate your cyber defense strategy and keep you ahead of rapidly evolving cyber risk. Read more https://pwc.to/4bOOa49 #ManagedCyberServices #WeRunYouAccelerate #CTO

3

The proposed audit and governance reforms in the UK aim to address longstanding issues in audit quality and corporate failures, as highlighted in the recent King’s Speech reported in the news. The Draft Audit Reform and Corporate Governance Bill includes key measures: - Establishment of ARGA to replace the Financial Reporting Council with expanded powers. - Extended PIE Status for large private companies to adhere to more rigorous audit requirements. - New Audit Oversight Regime to protect against conflicts of interest. - Regulatory Relief for Smaller PIEs to reduce the burden of unnecessary rules. These reforms are critical to restore trust in major companies, support long-term investment, and prevent financial reporting errors. Transitioning from FRC to ARGA is crucial for strengthening oversight and accountability post the Carillion collapse in 2018. Furthermore, significant reforms which also relevant for learning for economies like Pakistan include the Budget Responsibility Bill, National Wealth Fund, and Digital Information and Smart Data Bill. Implementing such reforms would enhance investor confidence, promote transparency, and reduce the risk of corporate failures for sustainable economic growth. Proactive leadership is essential from the Ministry of Finance, Government of Pakistan, SECP Pakistan Stock Exchange - PSX, The Institute of Chartered Accountants of Pakistan Pakistan Institute of Corporate Governance: PICG (Official) and other stakeholders to learn from global developments and implement similar reforms in Pakistan, where the quality of governance, audit and accountability, fiscal transparency reforms are long overdue. [Link to article for more details: Accountancy Age]

11

1 Comment

« PwC encountered significant issues throughout their 2016 audit of LCF. A senior individual at LCF acted aggressively towards auditors, and the firm provided PwC with inaccurate and misleading information. PwC found the audit very complex, and it took considerably longer to complete than anticipated. LCF’s actions, and PwC’s own work on the audit, led PwC to suspect that LCF might be involved in fraudulent activity. PwC was duty bound to report those suspicions to the FCA as soon as possible, but they failed to do so. PwC eventually satisfied itself that LCF's 2016 accounts were accurate. Whether or not its suspicions remained, it still had an obligation to report its previous concerns to the FCA. LCF went into administration in 2019 after the FCA ordered the firm to withdraw misleading promotional material for the sale of mini-bonds. The SFO has an open criminal investigation into the failure of LCF. 'Auditors have a central role to play in keeping our markets clean. They have privileged access to information and they are required by law to report suspicions of fraud to the FCA. There were a number of red flags that led PwC to suspect fraud. They should have acted on them immediately. Their failure to do so deprived the FCA of potentially vital information.' »

4

Stay ahead of the curve with the 2024 UK Corporate Governance Code updates. Part of FRC's 'Restoring Trust in Audit and Corporate Governance' initiative, these changes are set to reshape compliance for premium listed companies from 2025 onwards. Learn more about how these updates could influence your organisation's governance and risk management strategies: https://lnkd.in/gX4gkWEE #UKCorporateGovernance #CorporateGovernance #SOX #FRCUpdates #CorporateGovernancecCode2024 #Audit #RiskManagement

2

Don't forget to take a look at our latest manufacturing outlook report which can be downloaded from our website. It is interesting to see the continued interest and investment business is making in ESG which was echoed by a recent manufacturers round table event we hosted recently. Its good to see some optimism with 68% expecting to see growth in revenues (hopefully leading to a growth in profitability) but disappointing to see the majority are still unhappy with the lack of government support for the sector. It's unsurprising however to see that global issues continue to be a key concern for those in the sector. Crowe UK Johnathan Dudley Nicola Scott Nathan Sanghera https://lnkd.in/euE7WCya

16

Did you know that the new General Code issued by The Pensions Regulator new Own Risk Assessment (ORA) requirements? RSM UK's Insight4Pensions provides trustees, at any point in time, with an interactive visual of their ORA together with an evidence-based narrative for a smooth sign-off by the chair for meeting the signing-off requirement. Learn more about how Insight4Pensions can benefit pension schemes click here 👉 https://lnkd.in/eiq7VmvZ #Insight4Pensions #RiskManagement #Governance #DigitalTransformation

22

📝 The Procurement Act 2023 introduces a new phase in how the public sector manages contracts The Act aims to: 🔵 Promote efficient procurement and innovation 🔵 Enhance performance management 🔵 Deliver value for money through supplier performance management Forvis Mazars in the UK's latest article offers simple but effective contract management practices for public sector authorities ➡ https://lnkd.in/dFaMeJCC #Procurement #PublicSector #ContractManagement

8

1 Comment

The latest PwC UK Store Openings and Closures report - covering the first half of 2024 - shows the rate of store closures in Scotland is at its lowest since 2017. At -0.8%, the Scottish rate is less than that of Great Britain average, which is -1.1%. The research reveals that, while net closures are stabilising, there’s a continuing shift in consumers’ priorities, which means the way we shop and use our high streets is still evolving. However, when you look at this alongside our Good Growth for Cities Index (which launched earlier this week), we see that Scots still value their local high streets. While online shopping continues to be popular and consumers value the perks of retail park shopping - like free parking - our policymakers must come together with communities and other local stakeholders to support the adaptation of our high streets. Read the report in full here: https://pwc.to/3Tkhadf #StoreOpeningsAndClosures #IndustryInFocus #ScotlandRetail #RetailInScotland #PwCScotland Steve Wright Susannah Simpson Jason Higgs Jonathan Shelley Jason Cohen Neil Allan

18

Please find attached a short piece I have written on onshoring and 'friend shoring' which is on Crowe UK's Manufacturing webpage. This seems to be be something that more and more businesses are considering to protect margins and supply chains. Further details in addition to this article can be found on our website and onshoring page. #manufacturing #onshoring Johnathan Dudley Nathan Sanghera Nicola Scott

21

Dear Chancellor... would introducing a minimum spend requirement for R&D tax reliefs be a good idea? As we build up to the Chancellor’s budget on the 30 October, the next article in our series explores whether introducing a minimum spend requirement for R&D tax reliefs could address some of the issues facing the regime and help boost investment and innovation in the UK economy. Re-introducing a de minimis expenditure rule for R&D tax reliefs could help reduce fraud and error levels, improve the compliance process for HMRC and create a more sustainable regime that is fit for the future. On the other hand, many would argue a minimum spend requirement would discriminate against SMEs. I would argue that such a measure is targeted at small claims, not small companies - an important difference. But what do you think? #Budget2024 #researchanddevelopment

31

3 Comments

Based on the BDO Retail Tracker in May, total like-for-like (LFL) retail sales rose by 2.3%, a positive shift from the previous year's decline. Store sales remained relatively stable with a slight increase of 0.5%, while non-store sales surged by 8.5%. The month saw varied weather and mixed footfall, impacting high street and shopping centre traffic, contributing to the modest store sales. Despite this, May marked the highest total LFL sales growth since August 2023 and matched the Consumer Price Index (CPI) growth, a first since January 2023. The non-store sector continued its strong performance, with fashion retailers experiencing volatility. #RetailGrowth #ConsumerConfidence https://lnkd.in/ehz76V5t authored

18

Join PwC UK ’s Budget Reactions webinar, where experts will discuss the key announcements and what they mean for businesses and the economy as a whole. Don’t miss this opportunity to stay informed: https://bit.ly/3YDHB0t #AutumnBudget2024

5

RSM's latest Manufacturing Investment Monitor report has some great insights on investment plans in the sector. Some interesting data on the industry's ability to fund investment. A big opportunity for asset based lending to make a difference?

8