Home secretary donor reprimanded by accountancy regulator Accountancy An accountancy firm director was severely reprimanded by the regulator and handed a £14,000 fine for breaching accountancy standards. Andeep Mangal, director of Birmingham-based accountancy firm Thapers Chartered Accountants, received a severe reprimand and a £14,000 fine on Wednesday for two separate allegations, and was ordered to pay a further £11,455 in costs to the [...]
Regulator opens triple probe into Prax Group’s oil audits Energy The audit watchdog has launched three separate investigations into the auditing of the collapsed UK energy challenger Prax Group. The Financial Reporting Council (FRC) opened probes into the financial oversight and audit of Prax’s parent company, State Oil, and will also examine Big Four KPMG’s audit of the fiscal years ended 28 February 2022 and [...]
UK government slashes corporate red tape, cutting paperwork ‘longer than The Hobbit’ Accountancy Ministers have announced sweeping reforms to corporate reporting, aiming to save businesses over £450m annually by ditching “Hobbit-length” paperwork. Under the overhaul, small and medium-sized enterprises (SMEs), including local family firms, will be exempt from certain reporting forms and audits, aiming to save businesses thousands of pounds and hours of administrative work. The Department for [...]
Interpath chief fined for breaching confidentiality rules before KPMG spin-off August 26, 2026 The chief executive of restructuring firm Interpath Advisory has been fined for allegedly breaching confidentiality standards before the company was sold to private equity by Big Four accounting giant KPMG, its former owner. The UK’s accounting body, the Institute of Chartered Accountants of England and Wales (ICAEW), said Mark Raddan, a former KPMG board member, [...]
KPMG seeks financial support from parent group in wake of audit scandal August 24, 2026 KPMG Australia has asked its parent company for financial support and laid off hundreds of staff after an audit scandal rocked the Big Four firm’s business down under. In its annual results on Monday, the Australian arm of the accounting group said it will cut its workforce by five per cent and partner pay by [...]
Incoming FRC chair sits on board of construction group facing criminal probe August 19, 2026 The woman in line to become chair of the Financial Reporting Council (FRC) sits on the board of a company currently under criminal investigation, City AM can reveal. Dame Jayne-Anne Gadhia was named by the government last month as the next chair of the accounting watchdog and is set to take over in September when [...]
Private equity-backed advisory firm acquires specialist music boutique August 14, 2026 Mid-tier accountancy and advisory firm BKL has snapped up a smaller counterpart in its latest acquisition, aiming to strengthen its focus on the music, media, and entertainment sector in London. City-based BKL, which offers tax, accounting, and business advisory services, has snapped up specialist music accountancy firm Dales Evans, as it “continues to expand its [...]
AI gold rush leaves accountancy firms exposed to costly cyberattacks August 12, 2026 Accountancy firms are pouring millions of pounds into AI, but the industry forgot to modernise security systems and is leaving itself exposed to costly cyberattacks. According to a report by software company Fastly, shared with City AM, more than 75 per cent of businesses that identified as AI-first, meaning they had integrated AI into core [...]
Stop burying us in swollen corporate reports, says audit watchdog boss August 9, 2026 The boss of the audit watchdog has warned that the size of annual reports has swelled out of control, costing directors too much time. Richard Moriarty, chief executive of the Financial Reporting Council, said the costs and expectations surrounding annual reports have steadily ballooned as more companies devote pages to environmental, social and governance issues [...]
Watchdog probes KPMG over Wood Group audit July 30, 2026 The audit watchdog has opened an investigation into Big Four giant KPMG and two accountants over the accounts belonging to engineering and consulting firm John Wood Group. The Financial Reporting Council (FRC) revealed on Thursday that it officially launched two separate regulatory investigations concerning the financial reporting and statutory auditing of the former London-listed group. [...]