Once-staid audit sector enters brave new world July 30, 2019 The days of auditors as grey-suited backroom boys is over. Whether they like it or not, the spotlight turned on the sector following the collapse of outsourcer Carillion has not diminished in intensity. The Big Four face the challenge of a potential raft of reforms designed to rein them in, overseen by a new beefed-up [...]
Former Baker McKenzie London head Gary Senior to face prosecution for alleged sexual harassment July 30, 2019 The former head of global legal giant Baker McKenzie’s London office is facing prosecution for alleged sexual harassment, the Solicitors Regulation Authority (SRA) said today. Gary Senior, who left the firm last year, has been referred to the Solicitors Disciplinary Tribunal (SDT) to face allegations he “behaved in an inappropriate manner towards Person A”. In [...]
BDO still leads the beancounter charts with most clients on Aim July 29, 2019 BDO has extended its lead as the beancounter with the most clients on London’s alternative investment market (Aim), according to a new report from Adviser Rankings. Read more: Accountancy firm of the year Big four accountancy group PwC also nudged up into third place on the table by total constituent numbers, while RSM has moved [...]
Barclays and RBS among banks hit by £1bn forex rigging lawsuit July 29, 2019 Barclays and the Royal Bank of Scotland (RBS) are among five banks targeted in a £1bn class action lawsuit over forex rigging that was filed today. The action follows a May ruling by the European Commission that Barclays, RBS, JP Morgan, Citibank and UBS had violated EU competition law. The five banks have been collectively [...]
SFO cuts spending on lawyers as conviction rate falls July 28, 2019 The serious fraud office’s (SFO) spending on staff and external counsel fell last year, while its conviction rate crumbled to just over 53 per cent. The figures, released in the SFO’s annual report, show spending on staff fell 2.4 per cent to £30.6m last year, with spending on external counsel dropping 5.7 per cent to [...]
MPs call for audit watchdog to reform after endorsing new chair Simon Dingemans July 22, 2019 An influential committee of MPs has called for radical reforms from Britain’s accountancy watchdog after endorsing the appointment of its proposed new chair. Parliament’s Business, Energy and Industrial Strategy Committee (Beis) has given its approval for Simon Dingemans to take over as chair of the Financial Reporting Council (FRC), but has urged the group to [...]
Big four firm EY boosts diversity with new partner intake July 22, 2019 EY today announced that 57 people are to become equity partners at the professional services firm in the UK, of whom 34 per cent are women and 22 per cent are from black and minority ethnic (BME) backgrounds. Read more: EY continues expansion into law Earlier this year EY’s UK business set itself the target [...]
Nearly a third of European firms still not GDPR compliant July 22, 2019 Almost a third of European businesses are still not compliant with the wide-ranging European Union laws on data protection and privacy introduced last year, according to accounting firm RSM. Read more: Data breach reports soar since GDPR as firms fear mammoth fines RSM said medium-sized businesses were “struggling to understand and implement” the General Data [...]
London law firm Mishcon de Reya to explore IPO option July 20, 2019 London law firm Mishcon de Reya has begun preparations for a flotation or stake sale valuing the firm at several hundred million pounds, according to Sky News. Mishcon is looking to hire bankers in the coming months to explore its options, although any formal decisions about raising capital are yet to be made. Read more: [...]
Our next Prime Minister should understand how crucial infrastructure projects are to the economy July 18, 2019 Tory members are electing their new leader and the next Prime Minister. Boris Johnson or Jeremy Hunt’s premiership will be dominated by a few issues – solving the Brexit deadlock in parliament, funding public services, and healing the country’s divides. But while it hasn’t featured as prominently as the European issue, infrastructure is of key [...]