Johnston Press administrator says creditors will face a ‘significant’ cash shortfall November 23, 2018 The administrator of struggling publishing company Johnston Press has said there will be “a significant shortfall” of money for creditors after being sold out of pre-pack administration last week. Alix Partners, the company’s administrators, warned in their first report that although funds would be available to secured bondholders and to unsecured creditors, there would still [...]
Breaking up is hard to do, so why not put a ring on audit? November 23, 2018 Never have there been more eyes on audit. Sir John Kingman is examining the Financial Reporting Council and how audit can best be regulated. The Competition and Markets Authority is investigating competition and choice in the listed audit market. The BEIS Select Committee announced last week that it too will scrutinise audit, and the Audit [...]
KPMG faces tribunal for its work for mattress firm Silentnight November 22, 2018 Audit firm KPMG and one of its partners face a tribunal over work for mattress firm Silentnight, the accountancy watchdog said today. The Financial Reporting Council (FRC) today delivered a formal complaint against the firm and restructuring partner David Costley-Wood. The FRC alleged that KPMG and Costley-Wood acted for Silentnight “in circumstances where their professional judgment [...]
Outgoing Grant Thornton boss defends firm’s audit quality as Patisserie Valerie probe is launched November 22, 2018 The outgoing head of accountancy firm Grant Thornton has admitted she had made mistakes in her leadership, but stood by the quality of the firm’s auditing, amid fresh questions over Patisserie Valerie. Sacha Romanovitch, who will step down at the start of next month after 28 years at the firm, took the dramatic decision last [...]
Noel Edmonds launches legal case against Lloyds Banking Group as he enters the I’m A Celebrity jungle November 22, 2018 Former Crinkley Bottom resident and Deal or No Deal supremo Noel Edmonds is set to take his fight with Lloyds Bank into the Australian jungle. Edmonds is set to use his I’m A Celebrity TV platform to blast the bank, which he blames for the failure of his business. His lawyer, Jonathan Coad of Keystone [...]
Clifford Chance elect first non-London senior partner, but Magic Circle glass ceiling remains November 20, 2018 Law firm Clifford Chance today appointed its first senior partner from outside London, but the Magic Circle’s record of never having appointed a woman to a top job remained in place. Partners at the £1.6bn legal giant today elected Amsterdam office managing partner Jeroen Ouwehand as its new senior partner, a role equivalent to the [...]
Legal Q&A: How can a group of leaseholders buy the freehold of their properties if some of them are sublet? November 19, 2018 We are a group of leaseholders considering buying the freehold of our block of flats. Many of the owners sublet their flats and the rest of us are worried about potential delays and in particular, receiving funds on time. Can you advise? Many blocks, particularly in London, experience reduced owner occupancy, which does make coordinating [...]
Audit firm Grant Thornton appoints new boss after controversial exit of Sacha Romanovitch November 19, 2018 The UK’s fifth-largest audit firm Grant Thornton has appointed restructuring partner Dave Dunckley as its new chief executive, following the ousting of previous boss Sacha Romanovitch. Romanovitch, the first female boss of a large UK accounting firm, was ousted after an anonymous memo said to represent 15 partners was sent to the press criticising her [...]
Tax managers enjoy largest salary rise as tougher compliance regulation pays off November 19, 2018 Tax wonks have seen their salaries soar over the last year as businesses grapple with tougher compliance rules in the City. Operational tax managers topped the list of salary increases in 2018, enjoying a 6.7 per cent rise, according to figures from recruitment company Hays. The increase reflects the greater focus on compliance as firms [...]
The public still doesn’t understand audit – here’s why that matters November 19, 2018 A new study demonstrates the continued reality of the expectation gap – the term used within the audit sector to denote the difference between what the public think auditors’ responsibilities are, and what auditors themselves believe their responsibilities are. Only a quarter of the public understand what an audit consists of, but nearly half think auditors [...]