<br />
MAGAZINE OF<br />
OCTOBER 2013 | ICAEW.COM/ECONOMIA<br />
RIDING<br />
THE<br />
STORM<br />
As PwC chairman,<br />
Ian Powell led the UK's<br />
biggest firm through<br />
recession. Now he's<br />
ready for changes in<br />
tax, audit and regulation<br />
THE YEAR<br />
ISSUE 20 | INTELLIGENCE AND INSIGHT<br />
MARK GOYDER<br />
DUNCAN CHEATLE<br />
LINDSAY BRIDGLAND<br />
SIR ADRIAN CADBURY<br />
NARRATIVE REPORTING<br />
SHAREHOLDER VALUE<br />
WOMEN ON BOARDS<br />
JAPAN RECOVERS<br />
<br />
Management is<br />
doing things right,<br />
leadership is doing<br />
the right thing. If<br />
this Peter Drucker<br />
quote is correct, the<br />
profession needs to<br />
take a stronger lead.<br />
But there has to be a balance. People at<br />
the top of firms generally want to do the<br />
right thing. Where they fail there are<br />
plenty of new<a title="Economia Oct page 1" href="http://viewer.zmags.com/publication/b58395eb?page=1"> MAGAZINE OF OCTOBER 2013 | ICAEW.COM</a>
<a title="Economia Oct page 2" href="http://viewer.zmags.com/publication/b58395eb?page=2"> </a>
<a title="Economia Oct page 3" href="http://viewer.zmags.com/publication/b58395eb?page=3"> Management is doing things right, leadership is d</a>
<a title="Economia Oct page 4" href="http://viewer.zmags.com/publication/b58395eb?page=4"> THIS MINI MEANS BU THE COOPER D COUNTRYM </a>
<a title="Economia Oct page 5" href="http://viewer.zmags.com/publication/b58395eb?page=5"> SINESS. N BUSINESs. </a>
<a title="Economia Oct page 6" href="http://viewer.zmags.com/publication/b58395eb?page=6"> Free your business ideas with a fee-free loan W</a>
<a title="Economia Oct page 7" href="http://viewer.zmags.com/publication/b58395eb?page=7"> 38 Contents October 2013 COVER STORIES 38 RIDI</a>
<a title="Economia Oct page 8" href="http://viewer.zmags.com/publication/b58395eb?page=8"> “ If you sit around and wait for the right time</a>
<a title="Economia Oct page 9" href="http://viewer.zmags.com/publication/b58395eb?page=9"> </a>
<a title="Economia Oct page 10" href="http://viewer.zmags.com/publication/b58395eb?page=10"> </a>
<a title="Economia Oct page 11" href="http://viewer.zmags.com/publication/b58395eb?page=11"> EDITORIAL ADVISORY BOARD Arthur Bailey FCA (Cha</a>
<a title="Economia Oct page 12" href="http://viewer.zmags.com/publication/b58395eb?page=12"> </a>
<a title="Economia Oct page 13" href="http://viewer.zmags.com/publication/b58395eb?page=13"> </a>
<a title="Economia Oct page 14" href="http://viewer.zmags.com/publication/b58395eb?page=14"> In review THE INTERNATIONAL PICTURE A</a>
<a title="Economia Oct page 15" href="http://viewer.zmags.com/publication/b58395eb?page=15"> THE AUDIT 2.91m 1.5m </a>
<a title="Economia Oct page 16" href="http://viewer.zmags.com/publication/b58395eb?page=16"> THE AUDIT APPRENTICE ACCOUNTANTS Accountancy </a>
<a title="Economia Oct page 17" href="http://viewer.zmags.com/publication/b58395eb?page=17"> NOT ALL COMPANY CARS ARE CREATED EQUAL. THE NEW </a>
<a title="Economia Oct page 18" href="http://viewer.zmags.com/publication/b58395eb?page=18"> THE AUDIT As I see it Alison Smith is leaving he</a>
<a title="Economia Oct page 19" href="http://viewer.zmags.com/publication/b58395eb?page=19"> </a>
<a title="Economia Oct page 20" href="http://viewer.zmags.com/publication/b58395eb?page=20"> From the top R ecently, I was</a>
<a title="Economia Oct page 21" href="http://viewer.zmags.com/publication/b58395eb?page=21"> THE AUDIT UK'S TOXIC REPUTATION ICAEW CEO Michae</a>
<a title="Economia Oct page 22" href="http://viewer.zmags.com/publication/b58395eb?page=22"> THE AUDIT Book review Richard Cree explore</a>
<a title="Economia Oct page 23" href="http://viewer.zmags.com/publication/b58395eb?page=23"> OPENING DOORS TO GLOBAL GROWTH OPPORTUNITIES </a>
<a title="Economia Oct page 24" href="http://viewer.zmags.com/publication/b58395eb?page=24"> “M y moth</a>
<a title="Economia Oct page 25" href="http://viewer.zmags.com/publication/b58395eb?page=25"> THE AUDIT </a>
<a title="Economia Oct page 26" href="http://viewer.zmags.com/publication/b58395eb?page=26"> THE AUDIT The graph Britain by numbers, a statis</a>
<a title="Economia Oct page 27" href="http://viewer.zmags.com/publication/b58395eb?page=27"> news and views. economia online has all the news </a>
<a title="Economia Oct page 28" href="http://viewer.zmags.com/publication/b58395eb?page=28"> Michael Izza The great ship of state sails on M </a>
<a title="Economia Oct page 29" href="http://viewer.zmags.com/publication/b58395eb?page=29"> OPINION On legal spirit Martin Lloyd</a>
<a title="Economia Oct page 30" href="http://viewer.zmags.com/publication/b58395eb?page=30"> Jason Cowley The Liberal Democrats will still hol</a>
<a title="Economia Oct page 31" href="http://viewer.zmags.com/publication/b58395eb?page=31"> OPINION Cathy Newman Figuring out lessons from t</a>
<a title="Economia Oct page 32" href="http://viewer.zmags.com/publication/b58395eb?page=32"> Falling star or rising sun? Japan's </a>
<a title="Economia Oct page 33" href="http://viewer.zmags.com/publication/b58395eb?page=33"> INTERNATIONAL JAPAN MARIO TOPIC / ANZENBERGER / </a>
<a title="Economia Oct page 34" href="http://viewer.zmags.com/publication/b58395eb?page=34"> INTERNATIONAL JAPAN Right: T</a>
<a title="Economia Oct page 35" href="http://viewer.zmags.com/publication/b58395eb?page=35"> </a>
<a title="Economia Oct page 36" href="http://viewer.zmags.com/publication/b58395eb?page=36"> Tanzania AT A GLANCE A steady economy and growin</a>
<a title="Economia Oct page 37" href="http://viewer.zmags.com/publication/b58395eb?page=37"> INTERNATIONAL TANZANIA PHOTOGRAPHY: OLIVER BOLCH</a>
<a title="Economia Oct page 38" href="http://viewer.zmags.com/publication/b58395eb?page=38"> Riding the storm Having weathered the storm of e</a>
<a title="Economia Oct page 39" href="http://viewer.zmags.com/publication/b58395eb?page=39"> COVER STORY IAN POWELL </a>
<a title="Economia Oct page 40" href="http://viewer.zmags.com/publication/b58395eb?page=40"> COVER STORY IAN POWELL </a>
<a title="Economia Oct page 41" href="http://viewer.zmags.com/publication/b58395eb?page=41"> The law on workplace pensions has now changed and</a>
<a title="Economia Oct page 42" href="http://viewer.zmags.com/publication/b58395eb?page=42"> </a>
<a title="Economia Oct page 43" href="http://viewer.zmags.com/publication/b58395eb?page=43"> PWC FIGURES FOR YEAR ENDED 30 JUNE 2013 Revenue g</a>
<a title="Economia Oct page 44" href="http://viewer.zmags.com/publication/b58395eb?page=44"> Shareholders versus customers T </a>
<a title="Economia Oct page 45" href="http://viewer.zmags.com/publication/b58395eb?page=45"> “Shareholder value is also vexed by the question </a>
<a title="Economia Oct page 46" href="http://viewer.zmags.com/publication/b58395eb?page=46"> SHAREHOLDER VALUE </a>
<a title="Economia Oct page 47" href="http://viewer.zmags.com/publication/b58395eb?page=47"> </a>
<a title="Economia Oct page 48" href="http://viewer.zmags.com/publication/b58395eb?page=48"> Professional Mortgage. </a>
<a title="Economia Oct page 49" href="http://viewer.zmags.com/publication/b58395eb?page=49"> “People need to think analytically, not emotional</a>
<a title="Economia Oct page 50" href="http://viewer.zmags.com/publication/b58395eb?page=50"> PHOTOGRAPHY: FELICITY MCCABE 50 </a>
<a title="Economia Oct page 51" href="http://viewer.zmags.com/publication/b58395eb?page=51"> WOMEN AT WORK Seeing it through Businesses </a>
<a title="Economia Oct page 52" href="http://viewer.zmags.com/publication/b58395eb?page=52"> WOMEN AT WORK Allyson Zimmermann, director o</a>
<a title="Economia Oct page 53" href="http://viewer.zmags.com/publication/b58395eb?page=53"> Building successful businesses “It is encouragin</a>
<a title="Economia Oct page 54" href="http://viewer.zmags.com/publication/b58395eb?page=54"> WOMEN AT WORK primary childcare provider, rig</a>
<a title="Economia Oct page 55" href="http://viewer.zmags.com/publication/b58395eb?page=55"> BANK OF THE YEAR Flexible Cross Border Sol</a>
<a title="Economia Oct page 56" href="http://viewer.zmags.com/publication/b58395eb?page=56"> </a>
<a title="Economia Oct page 57" href="http://viewer.zmags.com/publication/b58395eb?page=57"> SUPPORTED BY Years</a>
<a title="Economia Oct page 58" href="http://viewer.zmags.com/publication/b58395eb?page=58"> 58 </a>
<a title="Economia Oct page 59" href="http://viewer.zmags.com/publication/b58395eb?page=59"> COMPANY PROFILE MILLER UK operated the compan</a>
<a title="Economia Oct page 60" href="http://viewer.zmags.com/publication/b58395eb?page=60"> products. It took over 12 months to wash it out.”</a>
<a title="Economia Oct page 61" href="http://viewer.zmags.com/publication/b58395eb?page=61"> doesn't currently exist, there's a reason for it.</a>
<a title="Economia Oct page 62" href="http://viewer.zmags.com/publication/b58395eb?page=62"> The politics of pricing Are fixed fees the answer</a>
<a title="Economia Oct page 63" href="http://viewer.zmags.com/publication/b58395eb?page=63"> A s anyone in business </a>
<a title="Economia Oct page 64" href="http://viewer.zmags.com/publication/b58395eb?page=64"> the client's turnover and how many transactions i</a>
<a title="Economia Oct page 65" href="http://viewer.zmags.com/publication/b58395eb?page=65"> scratch. So we give the client the option to do m</a>
<a title="Economia Oct page 66" href="http://viewer.zmags.com/publication/b58395eb?page=66"> 66 </a>
<a title="Economia Oct page 67" href="http://viewer.zmags.com/publication/b58395eb?page=67"> CORPORATE REPORTING Phone-book thick corporate</a>
<a title="Economia Oct page 68" href="http://viewer.zmags.com/publication/b58395eb?page=68"> short-term decision-making and ultimately more ex</a>
<a title="Economia Oct page 69" href="http://viewer.zmags.com/publication/b58395eb?page=69"> “Companies spend a lot of time on pretty pictures</a>
<a title="Economia Oct page 70" href="http://viewer.zmags.com/publication/b58395eb?page=70"> “WHETHER YOU THINK YOU CAN OR THINK YOU CAN'T, YO</a>
<a title="Economia Oct page 71" href="http://viewer.zmags.com/publication/b58395eb?page=71"> THE ECONOMIA ESSAY As a nation, w</a>
<a title="Economia Oct page 72" href="http://viewer.zmags.com/publication/b58395eb?page=72"> She who dares Whether it's high diving, or leapi</a>
<a title="Economia Oct page 73" href="http://viewer.zmags.com/publication/b58395eb?page=73"> PROFILE LINDSAY BRIDGLAND PHOTOGRAPHY: DANIEL BO</a>
<a title="Economia Oct page 74" href="http://viewer.zmags.com/publication/b58395eb?page=74"> TOE THE LINE Tolley®Guidance Audit Modules Bringi</a>
<a title="Economia Oct page 75" href="http://viewer.zmags.com/publication/b58395eb?page=75"> Briefing Licences and compliance The latest tec</a>
<a title="Economia Oct page 76" href="http://viewer.zmags.com/publication/b58395eb?page=76"> Raft of new regulations and statutory instruments</a>
<a title="Economia Oct page 77" href="http://viewer.zmags.com/publication/b58395eb?page=77"> BRIEFING UPDATES (IHT) in relatio</a>
<a title="Economia Oct page 78" href="http://viewer.zmags.com/publication/b58395eb?page=78"> Performance art Business performance managemen</a>
<a title="Economia Oct page 79" href="http://viewer.zmags.com/publication/b58395eb?page=79"> BRIEFING BPM ILLUSTRATION: ARON VELLEKOOP LEON </a>
<a title="Economia Oct page 80" href="http://viewer.zmags.com/publication/b58395eb?page=80"> Self assured With incr</a>
<a title="Economia Oct page 81" href="http://viewer.zmags.com/publication/b58395eb?page=81"> BRIEFING ASSURANCE ASSURANCE IN PRA</a>
<a title="Economia Oct page 82" href="http://viewer.zmags.com/publication/b58395eb?page=82"> NWN Blue Squared: The art of accountancy With cl</a>
<a title="Economia Oct page 83" href="http://viewer.zmags.com/publication/b58395eb?page=83"> BRIEFING PRACTICE PROFILE ILLUSTRATION: ARON VEL</a>
<a title="Economia Oct page 84" href="http://viewer.zmags.com/publication/b58395eb?page=84"> Insider trading causes exclusion, plus repeated a</a>
<a title="Economia Oct page 85" href="http://viewer.zmags.com/publication/b58395eb?page=85"> BRIEFING DISCIPLINARIES Report listings The</a>
<a title="Economia Oct page 86" href="http://viewer.zmags.com/publication/b58395eb?page=86"> Just about time After the crazy creations of the </a>
<a title="Economia Oct page 87" href="http://viewer.zmags.com/publication/b58395eb?page=87"> LIFE THE TIME ISSUE </a>
<a title="Economia Oct page 88" href="http://viewer.zmags.com/publication/b58395eb?page=88"> Enjoy 2 nights for the price of 1 on hotel stays </a>
<a title="Economia Oct page 89" href="http://viewer.zmags.com/publication/b58395eb?page=89"> LADIES FIRST It was the year of the ladies' mecha</a>
<a title="Economia Oct page 90" href="http://viewer.zmags.com/publication/b58395eb?page=90"> Chopard's inspiration, the Mille Miglia race from</a>
<a title="Economia Oct page 91" href="http://viewer.zmags.com/publication/b58395eb?page=91"> LIFE THE TIME ISSUE 2013's Top 10 Timepieces 1</a>
<a title="Economia Oct page 92" href="http://viewer.zmags.com/publication/b58395eb?page=92"> On the clock Forget long hours of tedious cardio </a>
<a title="Economia Oct page 93" href="http://viewer.zmags.com/publication/b58395eb?page=93"> LIFE THE TIME ISSUE Restaurants Whether you on</a>
<a title="Economia Oct page 94" href="http://viewer.zmags.com/publication/b58395eb?page=94"> 1. The White Rabbit's watch Originally conceived </a>
<a title="Economia Oct page 95" href="http://viewer.zmags.com/publication/b58395eb?page=95"> Recruitment Oasis Crescent (UK) Ltd. is the hold</a>
<a title="Economia Oct page 96" href="http://viewer.zmags.com/publication/b58395eb?page=96"> Directory COMPANY FORMATION & RESTORATION COMPANY</a>
<a title="Economia Oct page 97" href="http://viewer.zmags.com/publication/b58395eb?page=97"> MERGERS AND ACQUISITIONS ACQUISITION & MERGER </a>
<a title="Economia Oct page 98" href="http://viewer.zmags.com/publication/b58395eb?page=98"> LIFE AFTER WORK </a>
<a title="Economia Oct page 99" href="http://viewer.zmags.com/publication/b58395eb?page=99"> TRANSFORMING FINANCE SPECIALISTS INTO BUSINESS LE</a>
<a title="Economia Oct page 100" href="http://viewer.zmags.com/publication/b58395eb?page=100"> How do you turn billions of pieces of data into </a>