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AccountingWEB

9am Lowdown: Vatican suspends PwC audit

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22nd Apr 2016
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Good morning. Here is Friday’s 9am Lowdown.

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Vatican suspends PwC audit

The Vatican has suspended PwC’s audit pending analysis of “certain aspects” of the auditing arrangement.

According to The Guardian, archbishop Angelo Becciu informed every Vatican entity on 12 April announcing a pause in proceedings. The audit has been opposed by some within the Vatican who are untrusting on whether PwC would keep the information confidential.  

Edward Pentin, a Vatican journalist, said: “It’s becoming clear that the rigour of the audit in an effort to raise its financial transparency to international standards is unnerving some in the Vatican.”

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Property sales surge to beat stamp duty increase

New HMRC figures show a 77% increase in property sales registered during in March compared to 2015 caused by a surge in activity to beat the stamp duty surcharge on second homes enforced at the start of April.

According to The Guardian, there were 161,990 property sales of £40,000 or more were registered during the March. This correlates data from the Council of Mortgage lenders which shows an increase in lending by 43% month-on-month and 59% on the previous March at a total of £25.7bn.

Speaking to The Guardian, economist Mohammad Jamei said “The distortion caused by this stamp duty change appears to be larger than any previous stamp duty change we’ve seen.”

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2016 is the year of the cloud

Receipt Bank has named 2016 the year of the cloud, with several thousand accountants already using cloud technology and HMRC’s digital initiative as examples why non-cloud users need to adopt.

Writing on AccountingWEB, Receipt Bank urged accountants to stop procrastinating on adopting the cloud, as latest data shows that cloud is no longer reserved for ‘techie innovators’. Receipt Bank has estimated that the UK accountancy market is well into the ‘early adoption’ phase’ and the pace of adoption is accelerating.

Receipt Bank said: “Your clients are increasingly using technology to improve every area of their businesses, and accounting is no different.”

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By HUGH W DUNLOP
23rd Apr 2016 10:11

PwC

Had they been to confession first?

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