Boohoo kicks off search for new auditor as PwC steps down October 19, 2020 Controversial fast fashion retailer Boohoo (BOO) has launched a search for a new auditor, with PwC stepping down in the wake of a report into abuses in the clothes company’s supply chain. Boohoo said in a statement that it had “recently launched a competitive tender process for the group’s audit”. It said that PwC – [...]
Government paying test and trace consultants equivalent of £1.5m salary October 14, 2020 The UK government is paying some management consultants the equivalent of more than a million pounds a year to work on the coronavirus test and trace system that its own scientists have criticised. Some senior-ranking consultants at Boston Consulting Group (BCG) are being paid around £7,000 a day, Sky News reported. That would amount to [...]
City law firms repay furlough cash following strong business during pandemic October 14, 2020 Several large British law firms have handed back government furlough cash after seeing stronger-than-expected business during the pandemic. Square Mile-based firms Norton Rose Fulbright, Osborne Clarke and Herbert Smith Freehills have all paid back wage subsidies handed out by the chancellor, following strong demand for their legal services during the coronavirus crisis. Chancellor Rishi Sunak [...]
BDO becomes largest auditor of listed UK firms October 13, 2020 Challenger firm BDO now audits the highest number of listed UK companies as attempts to reform the sector sees companies move away from the Big Four. BDO, the UK’s fifth-largest accounting firm by revenue, gained 36 listed clients in the 12 months to October, according to Adviser Rankings, which collects auditor data. It now audits [...]
More than 1,000 Deloitte consultants working on Test and Trace programme October 8, 2020 More than a thousand Deloitte consultants are reportedly working on the NHS Test and Trace programme, further highlighting the government’s reliance on the private sector through the pandemic. Department of Health documents released under a Freedom of Information request by Sky News reveal there are currently 1,114 consultants working on the scheme, equivalent to the [...]
BDO may be forced to bail out Spanish sister firm after €126.8m penalty October 7, 2020 Accountancy firm BDO may be forced to bail out its Spanish sister company which has been slapped with a €126.8m (£115m) over its role in an accounting scandal. BDO was among those convicted by Spain’s highest criminal court for its involvement in falsifying the accounts of fishing firm Pescanova between 2010 and 2012. The Audiencia [...]
FRC delays appointment of Keith Skeoch as interim chair October 1, 2020 The appointment of City veteran Keith Skeoch as chair of the audit watchdog has reportedly been delayed despite having been signed off by the business secretary. The plan to name Skeoch as interim chair of the Financial Reporting Council has been delayed due to a failure in Whitehall to rubber-stamp the appointment, according to Sky [...]
UK watchdog to accuse KPMG of breaches in Carillion audit September 21, 2020 The UK’s accountancy watchdog has said it has delivered an initial report of KPMG’s audit of collapsed outsourcer Carillion, indicating it found a number of breaches made by the firm. After a preliminary investigation, the Financial Reporting Council would either close the enforcement case or, if breaches have been found, deliver an initial investigation report. [...]
Deloitte hit with record £15m fine over Autonomy audit September 17, 2020 The FRC has announced sanctions against Deloitte and two audit partners following an investigation into its audit of software firm Autonomy. The Big Four accounting firm, and two of its now former partners, Richard Knights and Nigel Mercer, were investigated in relation to their audit of Autonomy’s financial statements for 2009 and 2010. Autonomy was [...]
Impersonation scams up 84 per cent amid coronavirus crisis September 16, 2020 Impersonation scams were up by 84 per cent in the first half of the year as criminals tried to take advantage of the coronavirus pandemic to take people’s money, according to a new report. Banking body UK Finance said there were 15,000 impersonation scams reported to its members between January and June. That was an [...]