Premier League clubs bounce back from pandemic but Championship crisis deepens August 9, 2022 Premier League football clubs have recovered from the financial effects of Covid-19 just a year after stadiums were reopened, according to a new survey compiled by accountants BDO. But that is in stark contrast to the fortunes of teams in the Championship, whose money worries have deepened since the pandemic, the business advisory firm found. [...]
Big Four auditors up advisory fee incomes as challengers capture larger share of audit work August 5, 2022 The UK’s challenger auditing firms are increasingly capturing a larger share of Britain’s audit market, as the Big Four increasingly generate their revenues through non audit work, new data from the UK’s accounting watchdog shows. The research shows smaller auditors upped their audit fee incomes at almost twice the rate of the Big Four, as [...]
Merciless verdict: Accounting watchdog FRC slams BDO and Mazars for ‘unacceptable’ audits July 20, 2022 Auditors BDO and Mazars have been called out for the “unacceptable” quality of their work by the accounting watchdog. The Financial Reporting Council (FRC) said there has been “some improvement” across the auditing sector amid heavy scrutiny following failings linked to the major collapses of firms such as Carillion. FRC chief executive Sir John Thompson [...]
February retail sales perform well but warnings for mid-level retailers as living costs spike March 4, 2022 Purchases of clothes have driven retail sales growth, thanks to the easing of Covid restrictions. Total like-for-like sales swelled 49.6 per cent in February, according to the BDO’s February High Street Sales Tracker. This was from a base of minus 3.1 per cent in February 2021, when the country was in the throes of a [...]
Tetrosyl seeks £1m in compensation from BDO over 9-month audit delay January 26, 2022 Rochdale-based car products manufacturer Tetrosyl is seeking more than £1m in compensation from Belgian accountancy firm BDO, over claims that BDO’s “inadequate” handling of its audit damaged Tetrosyl’s relationships with its contractors and led to Tetrosyl’s directors facing criminal proceedings from Companies House. In documents seen by The Times, Tetrosyl said BDO’s nine-month delay in [...]
Nine in ten businesses say Covid has made them a target for fraudsters January 24, 2022 Almost nine-in-ten businesses believe the pandemic has made them more susceptible to fraud, according to survey from BDO. More than four-fifths of businesses were victims of fraud last year, while more than a third of companies said levels of fraud increased between and 2020 and 2021. On average, businesses lost £223,000 to fraud last year, [...]
Big Four auditors will be forced to share FTSE business December 10, 2021 Plans to force FTSE 350 companies to use challenger audit firms have been signed off by the business secretary as pressure for reform mounts, according to reports. Kwasi Kwarteng wants to push ahead with a proposal to break up the dominance of the Big Four accounting firms: Deloitte, EY, KPMG and PwC – and is [...]
Exclusive: BDO’s managing partner on audit reforms, staffing issues and the company Christmas party December 3, 2021 This week accounting giant BDO saw its profits jump to over three quarters of a million pounds per partner, putting them ahead of their peers at rival firms EY and KPMG. At £760,000 per BDO partner, the firm leads the payout battle as EY partners were paid an average of £749,000 this year and KPMG [...]
Partner pay of £760m puts BDO ahead of Big Four rivals EY and KPMG as challenger firm sees revenue surge December 2, 2021 Partners at BDO saw their profits increase to over three quarters of a million pounds, putting them ahead of their peers at rival firms EY and KPMG. Profit per equity partner before tax increased to £760,000 at BDO following a 14 per cent drop last year, while EY partners were paid an average of £749,000 [...]
Revealed: London businesses the most profitable in the country November 26, 2021 Businesses in London are leading the nation in profitability with margins of 8.1 per cent according to data from accountancy firm BDO.