After enjoying a week in Tenby, Richard Hattersley returns to the podcast to discuss Companies House reforms. While Companies House confirmed small companies will be required to file their profit and loss (P&L) accounts, doubts quickly followed. Hattersley unpacks where the reforms stand, the debate around P&L filing and why the situation has become so unclear. Back from Norway, Tom Herbert takes a look at the audit market and shares his growing concerns about the role of auditors. He draws on David Graeber’s “Bullshit Jobs” concept, where people feel their work lacks real purpose, and wonders if audit is heading in that direction. Once seen as a pillar of financial integrity, audit may be losing its meaning. Herbert reflects on what this could mean for attracting new talent, the growing skills gap and the deeper identity crisis facing the profession. Matthew Ord shares a new ICAEW report on the evolution of mid-tier accountancy firms, highlighting that many still aren’t convinced by private equity. He runs through some of the findings, as the team explores why some independent firms remain cautious, whether we’ll ever agree on whether PE is good or bad and how the ongoing skills gap continues to shape the conversation.