UK’s accounting sector on course for record year as firms capitalise on volatility September 12, 2022 The UK’s accounting sector’s turnovers continued to grow over July as the industry bucked trends towards plummeting revenues in the wider services sector. The accounting sector’s turnovers increased 0.69 per cent from June to July, to heights of £3.54bn, figures from the Office for National Statistics (ONS) show. The growth saw the sector’s revenues [...]
EY’s Greater China business opts-out of global split September 11, 2022 EY’s Greater China practice, which covers mainland China, Taiwan, Hong Kong, Macau, and Mongolia, has confirmed it will not be taking part in the Big Four firm’s global split. EY’s China segment said it is “unable to participate” in Big Four accounting firm’s ground-breaking plans to separate the firm’s audit business from its consulting arm. [...]
EY to let partners vote on plans for global split September 8, 2022 EY is to begin letting its partners vote on plans to split its consultancy arm from its audit business by the end of the year, with a view to reaching a final decision by early 2023. The Big Four accountancy firm has decided to move forward with plans to separate EY into “two distinct, multidisciplinary [...]
Audit watchdog’s Birmingham staff relocation plans still to be decided September 7, 2022 Ministers have not yet come to a decision as to whether staff at the Financial Reporting Council (FRC) will be asked to relocate to Birmingham following the launch of the UK’s new audit watchdog, City A.M. understands. Staff were told that Birmingham had been picked as the home of the UK’s new Audit, Reporting Governance [...]
Audit watchdog’s move to Birmingham could spark staff exodus, industry experts warn September 6, 2022 The government’s decision to pick Birmingham as the future home for the UK’s new audit watchdog could see an exodus of talent from the regulator it is set to replace, industry experts have warned. City A.M. reported yesterday that ministers had picked the UK’s second largest city, Birmingham, as the home of the soon-to-be-launched Audit, [...]
Birmingham picked as home of UK’s new audit watchdog September 5, 2022 MINISTERS have chosen Birmingham as the home of the UK’s new audit watchdog, in a move that risks an internal backlash at the supervisory body it is set to replace. City A.M. understands the soon-to-be launched Audit, Reporting and Governance Authority (ARGA) watchdog will be headquartered in Britain’s second largest city, Birmingham. The new regulator [...]
Amigo Loans cuts ties with KPMG following ‘competitive tender’ September 5, 2022 Amigo Loans has cut ties with KPMG in appointing mid-tier accountancy firm MHA MacIntyre Hudson as its new auditor. The subprime lender said in a statement it had appointed MHA MacIntyre Hudson as its new auditor after the accounting firm won a competitive tender for the contract to audit Amigo’s accounts. KPMG said in a [...]
Revolut under pressure to improve internal controls following audit watchdog’s report September 5, 2022 Revolut is facing pressure from its auditor, BDO, to improve its internal processes, after the UK’s audit watchdog raised concerns about BDO’s audit of the London fintech company’s accounts. The fast-growing fintech firm is facing scrutiny from BDO, following a report from the UK Financial Reporting Council’s (FRC’s) in July that warned BDO’s audit of [...]
BDO bolsters audit practice with 600 new trainees following watchdog’s damning criticism September 5, 2022 Accountancy firm BDO has hired 600 new trainees, including 400 to its audit practice, after the UK’s accountancy watchdog slammed the challenger firm over the “unacceptable” quality of its audits. The world’s fifth largest accounting firm will take on board 600 school leavers and university graduates at its offices across the country, with almost half [...]
EY’s talks on potential split to continue into Autumn September 1, 2022 EY’s talks on whether to separate its audit segment from its consulting arm are set to continue into this Autumn – despite initial suggestions the Big Four firm could reach a decision by the end of summer. The accounting firm’s internal negotiations over plans to split out its advisory business, in an effort to free [...]