Big Four accountants warned by regulator to improve audits November 16, 2021 The head of the UK accounting watchdog has told the Big Four audit firms they need to run their own businesses better, before advising other companies, according to reports. Sir Jon Thompson, chief executive of the Financial Reporting Council (FRC) made his remarks ahead of the regulator’s launch today of its first guide for accountants [...]
Who should advise on Research and Development (R&D) tax claims? November 12, 2021 | City Talk In the Budget on 27 October, the Chancellor outlined his desire for greater investment in innovation and research. To do this, further government funding will be made available by way of the existing R&D tax reliefs. As stated in the ‘red book’, ‘The UK tax system provides very generous support to encourage companies to conduct [...]
Top accountancy firms more likely to hire white applicants November 12, 2021 White applicants are more likely to be successful when applying for jobs in the top UK accountancy firms, over those from ethnic minority or lower socio-economic backgrounds, according to a new report. The report, published today, by charity Access Accountancy looked at the socio-economic backgrounds of people who applied for jobs at ten accounting companies, [...]
Credit management veteran reflects on the pandemic: ‘Have you had a good crisis?’ November 11, 2021 Colin Storrar, the CEO of Lowell, one of the UK’s largest credit management companies, returns my question with a question, or rather a series of questions, when asked about his priorities since the first national lockdown was announced. “How have you treated your people this crisis? Have you thought about their work environment? Have you [...]
BDO launches anonymous whistleblowing app November 11, 2021 Accounting firm BDO has launched BDO Tipoffs, a mobile app, to allow whistleblowers at client companies to report misconduct anonymously, according to reports. The firm’s new app, launched yesterday, is free to download and use on android and apple smartphones, according to South African publication Engineering News, which first reported the news. Currently organisations must [...]
‘Appalling’: New law may force judges to impose ‘unjust’ sentences, warns former lord chief justice November 11, 2021 A former lord chief justice has warned judges could be made to impose sentences they believe to be unjust under Government changes, a situation he said would be “appalling”. It comes as peers continued their line-by-line scrutiny of the Police, Crime, Sentencing and Courts Bill. The Government is seeking to ensure that judges depart from [...]
KPMG faces £15m fine over Quindell audit November 10, 2021 Accounting giant KPMG could be confronted with a £15m legal claim from insurance outsourcer Quindell, according to reports. Quindell, now known as Watchstone, is preparing to file claims against the Big Four firm, alleging that it suffered losses of up to £15m from KPMG’s audit in 2013, according to Financial News, which first reported the [...]
Insurance body ABI names Nicky Morgan new chair amid management shake up November 10, 2021 Former MP Nicky Morgan has been appointed as the first independent chair of the Association of British Insurers (ABI), as the trade body overhauls its management. Two more senior appointments were today announced by the ABI, whose members include Aviva and Axa, as part of reforms by the organisation to improve consumer trust in the [...]
Former lord chief justice warns cautions for minor offences can have huge impact for life November 10, 2021 A former lord chief justice has warned of the long-term impact police cautions can have for even minor offences. Lord Thomas of Cwmgiedd called for Parliament to be given an opportunity to look at a code of practice or framework for how cautions could be used in future, as peers continued their line-by-line scrutiny of [...]
City law pay war: Akin Gump hikes trainee salaries close to £63k November 10, 2021 Akin Gump has upped salaries for trainee solicitors in London by almost 15 per cent according to reports, as the pay war for young lawyers heats up. The salary boosts by the US firm, which has offices in London, will take effect from the new year, according to Legal Cheek, which first reported the news. [...]