High profile retailer failures will ‘once again shine spotlight on auditors’ December 3, 2020 A possible avalanche of corporate failures could once again shine the spotlight on auditors, according to Menzies partner James Hadfield. The partner said he could foresee more failures coming, and believed it likely auditors would become a talking point in the process. The high street is having a particularly tough time at the moment, with [...]
Ince Group: ‘‘Rightsizing’ our office is an idea with legs’ December 1, 2020 The Ince Group is mulling “rightsizing” its office in wake of changes to working patterns brought about by the coronavirus pandemic, CEO Adrian Biles told City A.M. In today’s half year results the listed law firm recorded a revenue increase of six per cent to £48.2m, despite challenges posed by the Covid-19 pandemic. Biles said [...]
German regulator suspects EY knowingly issued ‘factually inaccurate’ Wirecard audit December 1, 2020 Germany’s audit watchdog Apas suspects EY partners knew they were issuing a “factually inaccurate” audit for Wirecard in 2017. Apas has reported EY to prosecutors after believing the big four firm may have acted criminally during its work for payments company Wirecard, which collapsed into insolvency earlier this year. According to the FT, EY audited [...]
Bah humbug! PwC staff to work an extra day this Christmas November 30, 2020 Staff at big four auditor PwC will have to work an extra day this Christmas in light of challenges brought about by the coronavirus pandemic. PwC staff are usually offered an extra day off at Christmas time, but this year the giant told staff it would not be able to offer such a perk. The [...]
To qualify or not to qualify? Auditors move to ditch risky clients November 30, 2020 Qualifying an audit could lead to unhappy clients and litigation risks, so it is safer to ditch clients instead, an expert has told City A.M., after several auditors dropped clients in October. Last month three separate auditors terminated contracts with clients in compromising circumstances. At the time the reputational risk of being associated with the [...]
Capita confirms talks to sell ESS to private equity firm Montagu November 27, 2020 UK outsourcing group Capita today said it is in exclusive talks with private equity firm Montagu about the potential sale of its Education Software Solutions (ESS) business. Capita said it “confirms” the negotiations after media speculation. Yet it said there “can be no certainty” that a deal will be reached. Bloomberg last month reported that [...]
KPMG launches energy transition practice to help clients achieve ‘net-zero’ November 27, 2020 KPMG has launched a new specialist Energy Lead Advisory practice to help support clients through energy transition. The new practice will support clients who would like to de-carbonise and embrace the new ‘net-zero’ economy. The new team contains 30 energy specialists in the UK, including newly promoted partner Gavin Quantock to lead alongside KPMG’s new [...]
KPMG partner blasts “witch hunt” case at Silentnight tribunal November 25, 2020 A partner at KPMG who is wrapped up in a case involving KPMG, Silentnight and the FRC has described the case as a “witch hunt” during an outburst at the tribunal. David Costly-Wood, a restructuring partner at KPMG is, along with the big four firm, accused of helping private equity firm HIG Capital force the [...]
Labour’s bid to ban anti-vax content from the internet is well-meaning — but misguided November 24, 2020 How to combat anti-vaxxers spreading misinformation online and hampering the government’s efforts for UK-wide immunisation? The answer, according to the Labour party, is for an emergency law to be brought in introducing financial and criminal penalties for social media platforms who repeatedly fail to remove anti-vaccination content. Shadow health secretary Jonathan Ashworth suggested the law [...]
Petropavlovsk appoints KPMG as independent forensic investigator November 23, 2020 Russian gold mining company Petropavlovsk has appointed KPMG to undertake a forensic investigation into certain business deals made in the last three years. The investigation will examine deals between Petropavlovsk and its subsidiaries, and fellow mining company IRC and its subsidiaries in the three years to August 2020. The investigation was proposed at Petropavlovsk’s general [...]