PwC slapped with multi-million fine for audit failures at FTSE 100 firm Babcock July 16, 2026 Big Four giant PwC and a former partner have been fined over £5.5m for the audit failures of London-listed engineering giant Babcock International. The Financial Reporting Council (FRC) issued disciplinary action against the firm and its audit partner, John Waters, following numerous serious audit breaches during the financial years 2019 and 2020 audits of the [...]
FRC Chair-in-waiting grilled over holding seven other board roles July 15, 2026 MPs have raised concerns over whether the former chief executive of Virgin Money can realistically juggle her role as Chair of the Financial Reporting Council (FRC) alongside seven other board and chair positions. Dame Jayne-Anne Gadhia was named by the government on Monday as the next Chair of the accounting watchdog, set to take over [...]
From crown jewel to €180m courtroom battle: The investor revolt targeting Atos July 14, 2026 A top Whitehall tech supplier that historically managed vast swathes of critical data for the NHS is at the heart of a €180m (£153m) shareholder class action over its near-downfall two years ago. Euronext-listed Atos was once a crown jewel of the French tech sector, acting as a major partner for the French military and [...]
Former Virgin Money chief set to lead Financial Reporting Council July 13, 2026 The former chief executive of Virgin Money has been selected as the government’s preferred candidate to lead the UK’s accountancy regulator following the expected departure of Sir Jan du Plessis. Dame Jayne-Anne Gadhia was named by Business and Trade Secretary Peter Kyle to replace du Plessis for a four-year term overseeing the Financial Reporting Council [...]
Battersea Power Station misreporting claims scrutinised by accounting watchdog July 10, 2026 The City’s accounting watchdog is scrutinising claims of financial misreporting at Battersea Power Station after the former chief executive alleged he was dismissed from his role for blowing the whistle on inflated property valuations, City AM understands. The Financial Reporting Council (FRC) is reportedly looking at claims made by the former boss of the iconic [...]
Forvis Mazars and top partner hit with £600,000 fine for audit failings July 2, 2026 The Financial Reporting Council (FRC) has hit accountancy giant Forvis Mazars and a top partner at the firm, David Allen, with a combined £610,537 for audit failings relating to a retail firm listed on the London Stock Exchange’s main market. The FRC said it has issued the fines following an investigation into both Forvis Mazars [...]
Thin end of the wedge? LLPs brace for major tax overhaul July 2, 2026 The maths genius behind trading firm XTX, Alex Gerko, stands high in the rankings of Britain’s top taxpayers, having paid more than £330m to HMRC last year. For good measure, he also handed out more than £150m to charities and good causes in 2025, focusing on education and supporting talented math graduates to pursue PhDs [...]
EY grad sacked down under for allegedly accessing PM’s bank account June 30, 2026 A junior employee at Big Four accounting giant EY Australia has been sacked over allegations he and another man accessed prime minister Anthony Albanese’s personal bank account. Both men faced court on Tuesday over the breach which, according to the Australian federal police, took place when the EY graduate was on secondment at the Commonwealth [...]
KPMG chair and senior partners to quit firm over audit scandal fallout June 23, 2026 KPMG Australia’s chair will leave the Big Four firm in the fallout of a scandal over misusing confidential client data to win audit contracts, along with two senior partners. Martin Sheppard, who has held his position as chairman since 2023, will “shortly” resign from his position at KPMG to be replaced with an independent chair, [...]
Former KPMG chief joins £10m funding round for AI-powered audit challenger June 16, 2026 A Berlin-based audit AI firm has raised over £10m in a fundraising round, including from Dawn Capital, to expand into the UK market as a solution to the skilled labour shortage in the audit industry. Cortea, founded in 2024 by Valentin Neumann and Philipp Hovelmann, pitches itself as an answer for firms under pressure to [...]