{"id":5790,"date":"2019-12-04T14:59:18","date_gmt":"2019-12-04T14:59:18","guid":{"rendered":"https:\/\/www.accountex.co.uk\/insight\/?p=5790"},"modified":"2019-12-04T14:59:18","modified_gmt":"2019-12-04T14:59:18","slug":"mtd-success","status":"publish","type":"post","link":"https:\/\/www.accountex.co.uk\/insight\/2019\/12\/04\/mtd-success\/","title":{"rendered":"MTD: Catalyst for accounting tech change; audit anyone?"},"content":{"rendered":"<p>Welcome to the accounting and finance update.<\/p>\n<p>Here&#8217;s a couple of questions: &#8220;Is making tax digital a solution to an old way of working? &#8230; [and] &#8230; As more advanced tax technologies become commonly used, employing AI and real-time data feedback, will the problem MTD is trying to solve become obsolete?&#8221;<\/p>\n<p>The answer is probably &#8216;yes and no&#8217; useful look at this whole area on <strong><a href=\"https:\/\/www.accountancyage.com\/2019\/12\/02\/is-mtd-a-solution-to-an-old-way-of-working\/\" target=\"_blank\" rel=\"noopener noreferrer\">Accountancy Age<\/a><\/strong>. Here&#8217;s a brief rundown of where we&#8217;re at.<\/p>\n<h3>Anti-fraud measure<\/h3>\n<p>HMRC introduced MTD to reduce\u00a0 errors made in tax returns. Other countries, such as Mexico, Spain and Italy, digitised their tax systems as an anti-fraud measure.<\/p>\n<p>The <strong><a href=\"https:\/\/ion.icaew.com\/technews\/b\/weblog\/posts\/has-mtd-for-vat-been-a-success\" target=\"_blank\" rel=\"noopener noreferrer\">ICAEW<\/a><\/strong> has said the implementation of MTD for VAT (MTD for income tax etc comes later) has been a (qualified) success.<\/p>\n<p>&#8220;For the past several months, a standard part of the agenda has been to get a sense of progress from the different stakeholder groups.<\/p>\n<p>&#8220;In the October&#8230; over one million businesses had submitted a VAT return under MTD using compliant software, with over 30,000 agents having created a new Agent Service Account to help service their clients.<\/p>\n<h3>Clean bill of health<\/h3>\n<p>&#8220;Moreover, for the first time in all our meetings, all the participants largely gave the implementation a clean bill of health.&#8221;<\/p>\n<p>So, if nothing else, MTD is acting as an <strong><a href=\"https:\/\/www.accountex.co.uk\/insight\/2019\/12\/02\/accountex-women-campaign\/\" target=\"_blank\" rel=\"noopener noreferrer\">accounting technology catalyst<\/a><\/strong>. And it seems loical that the old way of working will over time become the new way of working.<\/p>\n<p>According to Shaun Shirazian, of QuickBooks, \u201cAccountants can play an indispensable role in highlighting the myriad opportunities digital has to offer, but the learnings from MTD are clear: businesses need to see the benefits to believe in them.<\/p>\n<p>\u201cOur MTD sentiment tracking research has shown this \u2013 with the number of businesses more likely to say MTD has a positive impact on their business, increasing by 32 per cent, once adoption and use was more prevalent.\u201d<\/p>\n<h3>Who&#8217;d be an auditor&#8230;?<\/h3>\n<p>As the world of audit continues to &#8216;attract&#8217; a seemingly never-ending stream of stories about huge fines, big four break up predictions, and watchdog warnings, KPMG appears to be making an effort to break the mould.<\/p>\n<p>The big four outfit has launched an &#8220;audit only&#8221; apprenticeship, and is looking to recruit about 140 school-leavers on to the scheme.<\/p>\n<p>KPMG audit head Jon Holt says: \u201cStarting out in audit is a great career choice as it provides a broad education into how a business works.<\/p>\n<h3>Development programmes<\/h3>\n<p>&#8220;Our apprentices will be learning every day through working with experienced auditors and our structured in-house learning and development programmes.<\/p>\n<p>\u201cNo two days will be the same as they help us run the rule over a large variety of different organisations across global markets, from the biggest multinationals through to innovative start-ups.<\/p>\n<p>&#8220;Advances in new technology such as AI, blockchain and predictive analytics are fundamentally changing how we work and the sort of skills we\u2019re looking for.\u201d<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Welcome to the accounting and finance update. Here&#8217;s a couple of questions: &#8220;Is making tax digital a solution to an old way of working? &#8230; [and] &#8230; As more advanced tax technologies become commonly used, employing AI and real-time data feedback, will the problem MTD is trying to solve become obsolete?&#8221; The answer is probably [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":5793,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,440,441],"tags":[],"class_list":{"0":"post-5790","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news","8":"category-tax","9":"category-tech"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>MTD: Catalyst for accounting tech change; audit anyone? - Accounting Insight News<\/title>\n<meta name=\"description\" content=\"Some observers have said the implementation of MTD for VAT (MTD for income tax etc comes later) has been a (qualified) success\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.accountex.co.uk\/insight\/2019\/12\/04\/mtd-success\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MTD: Catalyst for accounting tech change; audit anyone? 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