Competition watchdog launches review of audit sector October 9, 2018 The competition watchdog today confirmed it has launched a probe into the UK's audit sector, ending weeks of speculation. The Competition and Markets Authority (CMA) said it will review whether the sector is competitive and resilient enough to maintain high standards. Calls to review the sector and possibly break up the "Big Four" of PwC, KPMG, Deloitte and EY [...]
Robert Tchenguiz accuses Grant Thornton of conspiracy over fraud office probe October 8, 2018 Lawyers for property mogul Robert Tchenguiz today accused audit firm Grant Thornton of conspiring to persuade the Serious Fraud Office (SFO) to launch an investigation into his business dealings with the Icelandic bank Kaupthing. The flamboyant millionaire was in a packed London courtroom to hear his Queen’s Counsel Stephen Rubin of Fountain Court accuse the [...]
Court gears up to hear Morrisons’ appeal against landmark data breach ruling October 8, 2018 Supermarket giant Morrisons will launch an appeal tomorrow against the High Court's decision to find it vicariously liable for a data breach that hit over 100,000 employees. In December last year the supermarket chain was found to be legally responsible for the breach, which was carried out by former employee Andrew Skelton. Skelton, a former senior [...]
Former top strategic adviser joins firm aiming to ‘open up’ emerging markets to British businesses October 8, 2018 Two former top strategic advisers have joined a newly-launched business intelligence firm, which will help British groups in “opening up” emerging markets to business. CTD Advisors, which launched in London last Monday, will offer advice to firms targeting countries such as India, Pakistan, Saudi Arabia, and Nigeria, using experts from a variety of fields. Read more: [...]
Five key takeaways from the FRC’s audit sector report October 8, 2018 The Financial Reporting Council (FRC), the audit sector’s watchdog, released its annual Developments in Audit report yesterday, outlining key challenges faced in the sector and assessing the current state of the profession. Audit is under close scrutiny at the moment, as politicians and regulators look closely at the dominance of the Big Four audit firms Deloitte, [...]
High-profile failures have eroded trust in audit sector, says watchdog October 8, 2018 The UK’s audit watchdog has announced a new strategic plan to address “falling trust in business and the effectiveness of audit”, after a series of scandals in the sector. The Financial Reporting Council (FRC) released its ‘Developments in Audit’ report today, raising concerns over public trust in the profession, and constricted competition at the top [...]
BDO reveals profit boost as it raises concerns over Brexit and audit break-up October 8, 2018 One of Britain’s largest professional services firms has warned that business leaders need clarity to prepare for Brexit and sounded a cautious note over reforms to the audit sector as it revealed rising profit and revenues. BDO posted an underlying revenue of £464.1m in its 2017/18 annual results, released today, an increase of 8.5 per [...]
Manufacturing props up UK output growth as business optimism wanes October 8, 2018 British business output growth is being propped up by the resilient performance of the manufacturing sector, despite ongoing uncertainty. Though still falling below long-term trends, output held steady in September, while business optimism declined, according to BDO’s latest Output Index. Read more: Lloyd's boss 'accelerates' Brussels operation amid no-deal fears The manufacturing sector, which makes [...]
Missing Interpol head Meng Hongwei resigns as China investigates possible law breaches October 7, 2018 China has confirmed it is holding the missing head of Interpol, Meng Hongwei, while its anti-corruption body investigates him for unspecified breaches of the law. The BBC reported last night that China's National Supervision Commission, which investigates cases of corruption involving public servants, confirmed on its website that it had detained Meng. Meng was reported [...]
PwC faces Guernsey probe over audit of failed claims funder October 7, 2018 PricewaterhouseCoopers (PwC) is being investigated following a shareholder complaint over an audit it conducted into an investment body based in Guernsey, the Sunday Times reported. The accountancy giant was approached by the the Institute of Chartered Accountants in England and Wales (ICAEW), the paper said, over concerns raised about an audit conducted for Juridica Investments, an [...]