<br />
INTELLIGENCE AND INSIGHT FOR ICAEW MEMBERS<br />
ISSUE 8 | SEPTEMBER 2012 | ICAEW.COM/ECONOMIA<br />
JEAN-CLAUDE TRICHET MICHAEL IZZA STEPHEN HERRING JULIE ADAMS<br />
HELEN COSTIGANE CHRIS MORGAN RAGVEER BRAR MICHAEL ZAMPELAS<br />
THE OLD MASTER<br />
SIR DAVID LEES, CHAIRMAN OF THE COURT OF THE BANK<br />
OF ENGLAND, ON MAKING THE OLD LADY MORE CORPORATE<br />
TAX AVOIDANCE | QUARTERLY REPORTING | CHINESE IMPERIALISM | SOCIAL MEDIA<br />
<br />
The future of audit is in the<br />
hands of the profession<br />
The last few years have been tricky for the<br />
audit profession. Questions have been raised<br />
about what purpose an audit serves, if it is<br />
not to warn businesses and investors of<br />
potential financial pitfalls in the road ahead.<br />
After every financial or management<br />
scandal, the finger of blame (and sometimes<br />
the long arm of the law) extends towards the<br<a title="economia_September page 1" href="http://viewer.zmags.com/publication/00a60a62?page=1"> INTELLIGENCE AND INSIGHT FOR ICAEW MEMBERS </a>
<a title="economia_September page 2" href="http://viewer.zmags.com/publication/00a60a62?page=2"> </a>
<a title="economia_September page 3" href="http://viewer.zmags.com/publication/00a60a62?page=3"> The future of audit is in the hands of the</a>
<a title="economia_September page 4" href="http://viewer.zmags.com/publication/00a60a62?page=4"> </a>
<a title="economia_September page 5" href="http://viewer.zmags.com/publication/00a60a62?page=5"> </a>
<a title="economia_September page 6" href="http://viewer.zmags.com/publication/00a60a62?page=6"> EXPERIENCE THE COMPANY CAR EQUIVALENT OF THE CORN</a>
<a title="economia_September page 7" href="http://viewer.zmags.com/publication/00a60a62?page=7"> ECONOMIA Contents September 2012 CHARLIE BE</a>
<a title="economia_September page 8" href="http://viewer.zmags.com/publication/00a60a62?page=8"> ECONOMIA ICAEW in this issue Some of the exp</a>
<a title="economia_September page 9" href="http://viewer.zmags.com/publication/00a60a62?page=9"> Has your business insurance policy got holes in i</a>
<a title="economia_September page 10" href="http://viewer.zmags.com/publication/00a60a62?page=10"> </a>
<a title="economia_September page 11" href="http://viewer.zmags.com/publication/00a60a62?page=11"> ECONOMIA Contributors EDITORIAL ADVISORY </a>
<a title="economia_September page 12" href="http://viewer.zmags.com/publication/00a60a62?page=12"> In review The stories that matter most from the m</a>
<a title="economia_September page 13" href="http://viewer.zmags.com/publication/00a60a62?page=13"> THE AUDIT 0.3% The percentage by whi</a>
<a title="economia_September page 14" href="http://viewer.zmags.com/publication/00a60a62?page=14"> THE AUDIT Good news bad news Billion</a>
<a title="economia_September page 15" href="http://viewer.zmags.com/publication/00a60a62?page=15"> </a>
<a title="economia_September page 16" href="http://viewer.zmags.com/publication/00a60a62?page=16"> </a>
<a title="economia_September page 17" href="http://viewer.zmags.com/publication/00a60a62?page=17"> THE AUDIT Talking point Will Financial Servic</a>
<a title="economia_September page 18" href="http://viewer.zmags.com/publication/00a60a62?page=18"> THE AUDIT The graph Backs to the wa</a>
<a title="economia_September page 19" href="http://viewer.zmags.com/publication/00a60a62?page=19"> The fleet industry needs to change. The culture of</a>
<a title="economia_September page 20" href="http://viewer.zmags.com/publication/00a60a62?page=20"> Audit event in Cyprus As the role of the auditor </a>
<a title="economia_September page 21" href="http://viewer.zmags.com/publication/00a60a62?page=21"> THE AUDIT As I see it Ju</a>
<a title="economia_September page 22" href="http://viewer.zmags.com/publication/00a60a62?page=22"> UK PARTY CONFERENCE EVENTS 22 September–10 Octobe</a>
<a title="economia_September page 23" href="http://viewer.zmags.com/publication/00a60a62?page=23"> THE AUDIT If I ruled the world Every month </a>
<a title="economia_September page 24" href="http://viewer.zmags.com/publication/00a60a62?page=24"> Tales from the front line Real stories from th</a>
<a title="economia_September page 25" href="http://viewer.zmags.com/publication/00a60a62?page=25"> THE AUDIT Concerns around the culture of banking </a>
<a title="economia_September page 26" href="http://viewer.zmags.com/publication/00a60a62?page=26"> Michael Michael Izza Innovation and collaboration</a>
<a title="economia_September page 27" href="http://viewer.zmags.com/publication/00a60a62?page=27"> OPINION Email: economia@icaew.com twitter.com/eco</a>
<a title="economia_September page 28" href="http://viewer.zmags.com/publication/00a60a62?page=28"> OPINION Cathy Newman Boris's dangling claims; sog</a>
<a title="economia_September page 29" href="http://viewer.zmags.com/publication/00a60a62?page=29"> </a>
<a title="economia_September page 30" href="http://viewer.zmags.com/publication/00a60a62?page=30"> OPINION Jason Cowley Prepare for an autumn of unr</a>
<a title="economia_September page 31" href="http://viewer.zmags.com/publication/00a60a62?page=31"> CUT YOUR COST OF COPY, PRINT AND SUPPLIES BY 30% </a>
<a title="economia_September page 32" href="http://viewer.zmags.com/publication/00a60a62?page=32"> Jean-Claude Trichet When monetary policy goes off</a>
<a title="economia_September page 33" href="http://viewer.zmags.com/publication/00a60a62?page=33"> OPINION Letter from America Taxmageddon haunts th</a>
<a title="economia_September page 34" href="http://viewer.zmags.com/publication/00a60a62?page=34"> GREAT WALL OF CHINA FINANCE China is steadily ext</a>
<a title="economia_September page 35" href="http://viewer.zmags.com/publication/00a60a62?page=35"> INTERNATIONAL GALLERY STOCK economia SEPTEMBER </a>
<a title="economia_September page 36" href="http://viewer.zmags.com/publication/00a60a62?page=36"> INTERNATIONAL three decades</a>
<a title="economia_September page 37" href="http://viewer.zmags.com/publication/00a60a62?page=37"> ADVERTISEMENT FEATURE TALENT GOES GLOBAL The fir</a>
<a title="economia_September page 38" href="http://viewer.zmags.com/publication/00a60a62?page=38"> Ghana AT A GLANCE More stable than many of its Af</a>
<a title="economia_September page 39" href="http://viewer.zmags.com/publication/00a60a62?page=39"> AROUND THE WORLD </a>
<a title="economia_September page 40" href="http://viewer.zmags.com/publication/00a60a62?page=40"> 40 </a>
<a title="economia_September page 41" href="http://viewer.zmags.com/publication/00a60a62?page=41"> PROFILE RE Sir David is bringing the Old Lady</a>
<a title="economia_September page 42" href="http://viewer.zmags.com/publication/00a60a62?page=42"> Bank have released its email evidence, which even</a>
<a title="economia_September page 43" href="http://viewer.zmags.com/publication/00a60a62?page=43"> PROFILE CAREER HIGHLIGHTS responsibility on </a>
<a title="economia_September page 44" href="http://viewer.zmags.com/publication/00a60a62?page=44"> TOO MUCH INFORMATION So much for transparency; qu</a>
<a title="economia_September page 45" href="http://viewer.zmags.com/publication/00a60a62?page=45"> QUARTERLY REPORTING </a>
<a title="economia_September page 46" href="http://viewer.zmags.com/publication/00a60a62?page=46"> pension funds and other investment institutions. </a>
<a title="economia_September page 47" href="http://viewer.zmags.com/publication/00a60a62?page=47"> QUARTERLY REPORTING </a>
<a title="economia_September page 48" href="http://viewer.zmags.com/publication/00a60a62?page=48"> AVOIDANCE OR EVASION? Is tax planning a means for</a>
<a title="economia_September page 49" href="http://viewer.zmags.com/publication/00a60a62?page=49"> TAX PLANNING GETTY IMAGES economia SEPTEMBER 20</a>
<a title="economia_September page 50" href="http://viewer.zmags.com/publication/00a60a62?page=50"> AVOIDANCE OR EVASION? THE EXPERT VIEWS </a>
<a title="economia_September page 51" href="http://viewer.zmags.com/publication/00a60a62?page=51"> TAX PLANNING MARK SIMPSON, SI</a>
<a title="economia_September page 52" href="http://viewer.zmags.com/publication/00a60a62?page=52"> TAX PLANNING AVOIDANCE OR EVASION? THE EXPERT VI</a>
<a title="economia_September page 53" href="http://viewer.zmags.com/publication/00a60a62?page=53"> More than just a holiday destination with pristin</a>
<a title="economia_September page 54" href="http://viewer.zmags.com/publication/00a60a62?page=54"> in association with FUNDING FOR GROWTH </a>
<a title="economia_September page 55" href="http://viewer.zmags.com/publication/00a60a62?page=55"> GROWTH SUPPORTED BY TO BOLDLY GROW... Busin</a>
<a title="economia_September page 56" href="http://viewer.zmags.com/publication/00a60a62?page=56"> “While banks have been blamed for being the root </a>
<a title="economia_September page 57" href="http://viewer.zmags.com/publication/00a60a62?page=57"> GROWTH “Medium-sized b</a>
<a title="economia_September page 58" href="http://viewer.zmags.com/publication/00a60a62?page=58"> Round the table: (from left): Graham Bond; Piran </a>
<a title="economia_September page 59" href="http://viewer.zmags.com/publication/00a60a62?page=59"> GROWTH THE SQUEEZED MIDDLE PANEL Richard Cree e</a>
<a title="economia_September page 60" href="http://viewer.zmags.com/publication/00a60a62?page=60"> FROM ALL CHANGE TO NO CHA</a>
<a title="economia_September page 61" href="http://viewer.zmags.com/publication/00a60a62?page=61"> CLIMATE POLICY </a>
<a title="economia_September page 62" href="http://viewer.zmags.com/publication/00a60a62?page=62"> Left: caps proof globa Scept in nat such The mel</a>
<a title="economia_September page 63" href="http://viewer.zmags.com/publication/00a60a62?page=63"> CLIMATE POLICY ICAEW COMMENT label – “I'm no</a>
<a title="economia_September page 64" href="http://viewer.zmags.com/publication/00a60a62?page=64"> CLIMATE POLICY GETTY It was 20 years ago today…</a>
<a title="economia_September page 65" href="http://viewer.zmags.com/publication/00a60a62?page=65"> WHY </a>
<a title="economia_September page 66" href="http://viewer.zmags.com/publication/00a60a62?page=66"> “The amount of bank lending available to </a>
<a title="economia_September page 67" href="http://viewer.zmags.com/publication/00a60a62?page=67"> RETAIL BOND MARKET NOTES FROM THE UNDERGROUN</a>
<a title="economia_September page 68" href="http://viewer.zmags.com/publication/00a60a62?page=68"> project to support medium-sized firms at the CBI.</a>
<a title="economia_September page 69" href="http://viewer.zmags.com/publication/00a60a62?page=69"> RETAIL BOND MARKET mis-selling should</a>
<a title="economia_September page 70" href="http://viewer.zmags.com/publication/00a60a62?page=70"> MEMBER PROFILE I WANNA GIVE YOU DEVOT</a>
<a title="economia_September page 71" href="http://viewer.zmags.com/publication/00a60a62?page=71"> “We don't like to trumpet the good works we do bu</a>
<a title="economia_September page 72" href="http://viewer.zmags.com/publication/00a60a62?page=72"> Are your clients at risk? With the increasingly </a>
<a title="economia_September page 73" href="http://viewer.zmags.com/publication/00a60a62?page=73"> BRIEFING Briefing Tax ethics, legal advice and </a>
<a title="economia_September page 74" href="http://viewer.zmags.com/publication/00a60a62?page=74"> NEWS Updates HMRC SERVICE UNACCEPTABLE Th</a>
<a title="economia_September page 75" href="http://viewer.zmags.com/publication/00a60a62?page=75"> BRIEFING online format and layout. C</a>
<a title="economia_September page 76" href="http://viewer.zmags.com/publication/00a60a62?page=76"> RESIDENTIAL MANAGEMENT COMPANIES At your servic</a>
<a title="economia_September page 77" href="http://viewer.zmags.com/publication/00a60a62?page=77"> BRIEFING ICAEW'S POSITION John Boulton, corp</a>
<a title="economia_September page 78" href="http://viewer.zmags.com/publication/00a60a62?page=78"> EMPLOYEE SHARE OWNERSHIP The best options for</a>
<a title="economia_September page 79" href="http://viewer.zmags.com/publication/00a60a62?page=79"> BRIEFING TOP TIPS FOR ADVISING ON EMPLOYEE SH</a>
<a title="economia_September page 80" href="http://viewer.zmags.com/publication/00a60a62?page=80"> CHARITIES Wooing donors on the web With every</a>
<a title="economia_September page 81" href="http://viewer.zmags.com/publication/00a60a62?page=81"> BRIEFING GETTY IMAGES but it provides plenty of</a>
<a title="economia_September page 82" href="http://viewer.zmags.com/publication/00a60a62?page=82"> DISCIPLINARIES Exclusion, moment of madness, st</a>
<a title="economia_September page 83" href="http://viewer.zmags.com/publication/00a60a62?page=83"> BRIEFING Report listings The reports that f</a>
<a title="economia_September page 84" href="http://viewer.zmags.com/publication/00a60a62?page=84"> </a>
<a title="economia_September page 85" href="http://viewer.zmags.com/publication/00a60a62?page=85"> Life “Privacy is dead, and social media hold the </a>
<a title="economia_September page 86" href="http://viewer.zmags.com/publication/00a60a62?page=86"> NETWORKING SOCIAL SERVICES Social media ha</a>
<a title="economia_September page 87" href="http://viewer.zmags.com/publication/00a60a62?page=87"> or brand, in a more light-hearted way. Spend some</a>
<a title="economia_September page 88" href="http://viewer.zmags.com/publication/00a60a62?page=88"> BACK TO SCHOOL Yes, you do have time. Amy Duff ex</a>
<a title="economia_September page 89" href="http://viewer.zmags.com/publication/00a60a62?page=89"> LIFE DANCE If you've watched Str</a>
<a title="economia_September page 90" href="http://viewer.zmags.com/publication/00a60a62?page=90"> LIFE PLATES OF MEAT We pig out at the rest</a>
<a title="economia_September page 91" href="http://viewer.zmags.com/publication/00a60a62?page=91"> LIFE SIX OF THE BEST VEGETABLE DELIVERY SE</a>
<a title="economia_September page 92" href="http://viewer.zmags.com/publication/00a60a62?page=92"> LIFE SLEEP WELL Having trouble dropping off? We</a>
<a title="economia_September page 93" href="http://viewer.zmags.com/publication/00a60a62?page=93"> caba.org.uk</a>
<a title="economia_September page 94" href="http://viewer.zmags.com/publication/00a60a62?page=94"> Recruitment To advertise your vacancies plea</a>
<a title="economia_September page 95" href="http://viewer.zmags.com/publication/00a60a62?page=95"> RECRUITMENT TAKE THE NEXT STEPS PROGRES</a>
<a title="economia_September page 96" href="http://viewer.zmags.com/publication/00a60a62?page=96"> BUSINESS DIRECTORY To advertise within the Busin</a>
<a title="economia_September page 97" href="http://viewer.zmags.com/publication/00a60a62?page=97"> BUSINESS DIRECTORY jordanna.denny@progressivecp.</a>
<a title="economia_September page 98" href="http://viewer.zmags.com/publication/00a60a62?page=98"> LIFE PANTELIS MINAS LIFE AFTER WORK THE ART OF </a>
<a title="economia_September page 99" href="http://viewer.zmags.com/publication/00a60a62?page=99"> PRESENTING ICAEW EVENTS ICAEW run an extensive </a>
<a title="economia_September page 100" href="http://viewer.zmags.com/publication/00a60a62?page=100"> </a>