Coronavirus: Law and accountancy firms move to remote working in face of covid-19 pandemic March 16, 2020 A string of big legal and accountancy firms have triggered emergency remote working plans this week, sending thousands of workers home as the coronavirus crisis rages. Big Four audit firm Deloitte is asking all its UK staff to work from home tomorrow, while KPMG is allowing staff to work from home if they choose. Magic [...]
Coronavirus: Audit regulator says financial results could be delayed as it holds weekly calls with big accountancy firms March 16, 2020 The audit watchdog the Financial Reporting Council (FRC) said today it was holding weekly calls with large accountancy firms amid worries the coronavirus epidemic could disrupt audits and delay financial reports. The FRC issued updated guidance for auditors today which it said may be “facing practical difficulties in carrying out audits as a result of [...]
UK litigation funders boost assets to £1.9bn March 16, 2020 UK litigation funders increased assets to £1.9bn in 2019, an increase of 46 per cent on the previous year. Analysis of the balance sheets of the UK’s top 15 litigation funders by law firm RPC found a jump in asset value from £1.3bn in 2017-18 to £1.9bn last year. Assets held by litigation funders have [...]
Burford Capital delays its results blaming coronavirus disruption March 12, 2020 Burford Capital today said it was delaying its financial results after disruption from the coronavirus outbreak. The litigation funder said it had closed its New York office and was delaying its results by two-to-three weeks because of the disruption. Burford said two of its finance staff, who are mainly based in its New York office, [...]
EY appoints audit chief to run UK and Ireland business March 12, 2020 EY has picked its audit chief to run its UK business, continuing the Big Four’s woeful record of senior female leadership. Hywel Ball, who has been with the firm for 35 years, was today appointed as UK and Ireland managing partner from 1 July, succeeding Steve Varley. Ball’s selection over potential female candidates continues the [...]
Serious Fraud Office looking at Lloyds Bank and KPMG claims March 8, 2020 The Serious Fraud Office (SFO) is reportedly examining allegations that Lloyds Banking Group and KPMG drove a property group into administration by saddling it with fees. Fraud office investigators have been interviewing witnesses over claims the Angel Group was deliberately driven into liquidation, the Telegraph reported. According to the report, the SFO has not launched [...]
Long awaited audit reforms could start this year, says audit watchdog boss March 5, 2020 The long-promised reform of the UK audit sector could start this year with voluntary changes by the Big Four accounting firms, the audit watchdog said today. The collapse of outsourcer Carillion in 2018 prompted three reviews of the sector and two years on there have been calls from MPs and industry figures to speed up [...]
Aggressive hiring by US law firms in London winning market share March 5, 2020 The aggressive hiring pursued by US law firms in London is winning them market share at the expense of their UK rivals, research published today said. US law firms operating in the UK averaged 5.8 per cent lawyer headcount growth last year, according to the report from Thomson Reuters and Acritas. Demand for American law [...]
Deloitte London employee tests positive for coronavirus March 4, 2020 Deloitte London employee tests positive for coronavirus
Linklaters cancels annual partner conference as coronavirus hits Europe March 4, 2020 Magic Circle law firm Linklaters has cancelled its annual partner conference in Berlin due to the spread of the coronavirus through Europe. A spokesperson for the firm said today that the annual gathering its 480 partners scheduled for the end of April would now be held virtually. “We have cancelled our annual partner meeting in [...]