ICAEW Annual Review 2013

Michael Izza

Michael Izza


  • Income and spending

    Total income was £87.6m, £4.9m higher than in 2012. The retained surplus after tax for the year was £2.2m (2012: £1.2m deficit). This reflects growing membership income, and income growth from our qualifications and regulatory areas, together with a tight control over our cost base, whilst continuing to invest in our strategy, including internationally. The result also includes the receipt of fines and cost recoveries from the FRC of £1.3m.

  • Growth: new services and opportunities

    As the global economy moves towards sustainable recovery, we have been developing new services for members in practice; including assurance and work on reserved legal services such as probate. We want to attract the best talent into the profession and we’ve increased access routes and doubled our schools business competition, BASE, in 2013-14, to reach 3,000 young people around the world.

  • A stronger chartered accountant brand

    We launched Chartered Accountants Worldwide, a new pan-chartered accountants group with five leading international chartered Institutes which share our ethical approach and standards. The group will promote the value of the chartered accountancy qualification to global organisations and help to raise the profile of ICAEW as a leading commentator on business issues.

  • ACA training evolves

    We’ve developed some exciting new ways to train students, including a one-year full-time ACA course. We made changes to our ACA qualification in 2013 to reflect changes in the business world and make it more flexible, responding to feedback from organisations training new ACAs, from high-street practices to global businesses. We also made it easier to train a new ACA, by introducing an authorised training principal scheme, allowing individual ICAEW Chartered Accountants to train people within their businesses.

  • Working on tax and audit reforms

    ICAEW is working to ensure audit evolves to meet the changing needs of society with the successful first year of our Audit Futures programme, and to increase the value of audit to society through our new Audit Insights reports. We are supporting the OECD’s Base Erosion and Profit Shifting (BEPS) programme to clarify corporate taxation and stamp out avoidance. We’ve helped ensure our members understand the UK’s major tax changes this year, with Real Time Information, Universal Credit and a new tax agent strategy coming in.

Organisation overview

Helping people do business with confidence, creating leaders in business and finance.


Leading the global finance and accountancy profession in the public interest.


Our performance met 6 out of 8 targets.

Operating environment

Opportunities and risks in 2013.


Our governance: changes in 2013.

Future outlook 2014

Progressing international strategy, online learning offers more reach.