UK’s new government should simply ‘get on’ with audit reform, letter to Rishi Sunak says November 4, 2022 The UK’s new government should simply “get on” with plans to overhaul the audit sector, to ensure the long-term stability and resilience of Britain’s economy, the head of one of the country’s largest accountancy sector trade bodies has said. In three separate letters to prime minister Rishi Sunak, business secretary Grant Shapps and chancellor [...]
EY revenues hit record highs as partners prepare to vote on global split November 1, 2022 EY’s UK business today posted record revenues of more than £3.2bn as partners at the Big Four firm prepare to vote on plans for a global split. The UK business’ revenues increased 17.2 per cent as the accountancy firm’s fee incomes were bolstered by a 33 per cent uptick in consulting revenues. A 15 per [...]
Global financial sector is facing an ‘ethical crisis,’ new book warns October 25, 2022 The financial sector is facing an “ethical crisis” that is undermining the sustainability of the global economy, according to a new book by business ethics professor Dr Atul Shah. The current approach to teaching business ethics, in both academic and professional contexts, is narrowly-focused and detached from real-life, Shah’s new book, Inclusive and Sustainable Finance,says. [...]
MPs call for crackdown on advisors enabling tax avoidance schemes October 24, 2022 A group of cross-party MPs have called on the UK government to begin cracking down on the accountants and financial advisors that facilitate tax avoidance schemes. In a new report, the all-party parliamentary group (APPG) on anti-corruption and responsible tax called for the UK’s tax system to be overhauled, to boost growth, increase tax revenues, [...]
Grant Thornton triples paternity leave offering as talent war continues October 5, 2022 Grant Thornton has tripled the length of its paid paternity leave offering from two to six weeks as the UK’s top accounting firms have increasingly turned to offering staff perks and benefits in their efforts to recruit and retain talent. The accounting firm will offer its staff six weeks of paid paternity leave from [...]
Deloitte to let UK staff cash in on pensions with new flexibility policy October 3, 2022 Deloitte is set to let its UK staff take their pensions contributions as cash payments on top of their salaries as part of a new “flexible pensions” policy announced by the firm today. The accounting firm today told 22,000 of its UK staff it will let them receive cash payments on top of their pay [...]
UK blocks Russia from buying professional services following annexation of Ukrainian regions October 3, 2022 The UK has placed new sanctions on Russia, blocking its citizens and businesses from purchasing an array of services from British firms, over the Kremlin’s decision to annex four regions of Ukraine. The new sanctions seek to further damage Russia’s economy by hindering the country’s access to IT consultancy, architectural, engineering, accounting, and commercial legal [...]
Luxury resort developer jailed for 12 years over £226m fraud September 30, 2022 A “thrice bankrupt fraudster”, who lost investors almost £400m through a “fatally flawed” Caribbean property scheme, was jailed at Southwark Crown Court today. David Ames, 70, a former double-glazing seller from Essex, was sentenced to 12 years in prison today, after being convicted of defrauding investors of £226m. Ames’ Harlequin property development company collapsed in [...]
Deloitte pays partners more than £1m each as consulting revenues surge September 30, 2022 Deloitte today said its 672 equity partners will take away average payouts of £1.06m each after a bumper year for its advisory business saw the Big Four accounting firm’s revenues surge 10 per cent to £4.9bn. The uptick in Deloitte’s UK revenues for the year running up to 31 May 2022 came as sales [...]
Junior KPMG auditor ‘should have questioned’ manager’s instructions, tribunal says September 27, 2022 A 25-year-old junior KPMG auditor, who copied meeting minutes into a document as part of a scheme to deceive the UK’s Financial Reporting Council (FRC), “should have questioned” his manager’s instructions, a disciplinary tribunal has said. Junior accountant Pratik Paw, who was asked to forge documents by his superiors during an FRC inspection of KPMG’s [...]