New internal audit code of practice launched to help prevent corporate collapses January 9, 2020 A new code for internal auditors was launched today as an attempt to help prevent corporate scandals such as the collapse of outsourcer Carillion and cake shop Patisserie Valerie which went to the wall in January 2018 and 2019 respectively. The new code from the Chartered Institute of Internal Auditors was launched today following a [...]
Watchdog calls for end to tick-box approach to corporate governance January 9, 2020 Audit watchdog the Financial Reporting Council (FRC) today said there was “significant room for improved corporate reporting” by FTSE companies. After an examination of corporate reporting last year against the 2016 UK corporate governance code and the 2018 code which has yet to take force but has been adopted by some companies, the watchdog found [...]
World’s largest law firm Dentons set to launch in Ireland January 8, 2020 The world’s largest law firm Dentons is poised to open its first office in Ireland. Dentons has hired banking partner Peter O’Brien from Irish firm Matheson to spearhead its expansion into the market. Since the Brexit vote in June 2016, Ireland has been targeted by UK and international law firms looking to set up operations [...]
Burford Capital shares rise after US lawsuit against it is dropped January 7, 2020 Litigation funder Burford Capital’s share rose this morning after it said a US lawsuit against it had been dropped. Burford’s shares plunged over the summer after it was targeted by shortseller Muddy Waters which questioned its governance and accounting standards. Today, Burford said a securities lawsuit filed in August following its share price drop had [...]
London’s legal tech status burnished by $5m US investment in startup Juro January 7, 2020 London’s status as a hub for legal tech was boosted today by the investment of $5m (£3.8m) in contracts startup Juro in a funding round led by a US firm that backed Twitter and Kickstarter. Juro is an end-to-end contract management platform with customers such as Deliveroo and Skyscanner. The company today announced it has [...]
Former Met chief Lord Hogan-Howe joins listed law firm Rosenblatt January 6, 2020 Former London police chief Lord Bernard Hogan-Howe has joined listed law firm Rosenblatt as an adviser, the firm said today. Hogan-Howe was the head of London’s Metropolitan Police as commissioner of police of the metropolis from 2011 until 2017. During his time in office, Hogan-Howe oversaw the London 2012 Olympics and dealt with the aftermath [...]
Why more and more fund managers are turning to shareholder activism January 6, 2020 According to Greta Thunberg, “the danger is when politicians and CEOs are making it look like real action is happening, when in fact almost nothing is being done.” She may find some unlikely bedfellows in the Square Mile. Active fund managers have endured a torrid time of late. The Woodford saga and M&G’s decision to [...]
Sports Direct auditor RSM informs regulator and replaces management after internal accounting error January 5, 2020 The new auditor for retail chain Sports Direct has cleared out its top management team and informed the audit regulator after discovering an error in its own accounts. Challenger accountancy firm RSM scored a coup last year when it was appointed as auditor to FTSE 250 retailer Sports Direct (now Frasers Group). However, accounts for [...]
Airbnb wins European court battle to dodge property rules ahead of public listing December 19, 2019 Airbnb received another boost today ahead of its public listing next year as Europe’s top court ruled that it is an online platform not an estate agent. The decision by the European court of justice will allow the company to dodge regulations faced by property brokers as it continues to expand. The company, which announced [...]
Brydon review finds UK audit industry in need of ‘urgent reform’ December 18, 2019 The UK’s audit industry is in need of “urgent reform”, according to the findings of a year-long review into the sector. The review, which was led by Sir Donald Brydon, a former chair of the London Stock Exchange Group, calls for the creation of “a standalone and transparent audit profession” split off from the accounting [...]