KPMG gave ‘untruthful defence’ in tribunal over £13m Silentnight fine October 13, 2021 The UK accounting watchdog has today denounced KPMG for knowingly giving an “untruthful” defence over its conflict of interest in the 2011 sale of Silentnight, for which it was fined £13m. The verdict of the Financial Reporting Council’s (FRC) disciplinary tribunal marks the first time ever that the body has found an accountancy to have [...]
Audit reform: FRC asks for power to cap Big Four’s audit clients October 12, 2021 The chief executive of the UK’s accounting watchdog has asked ministers for the authority to enforce a cap on the number of large companies that any one accountancy firm can audit, in an attempt to break up the dominance of the Big Four firms. Sir Jon Thompson went on to question the likelihood of the [...]
‘Bat from Wuhan’: PwC chief apologises for ‘racist and offensive’ staff event September 28, 2021 The chief executive of PwC Australia has issued an apology for “racist and offensive” behaviour by two human resource staff members during a trivia event hosted by the Big Four company. The virtual game of trivia in which one PwC HR executive allegedly dressed as a “bat from Wuhan”, while another mocked Chinese accents, took [...]
Deloitte partners average pay close to £1m as Big Four profits surge September 23, 2021 Deloitte’s UK partners will pocket around £1m on average as the Big Four’s revenues have seen a revival driven by a demand for advice during the pandemic, according to the Financial Times, which first reported the news. The payout to 700 equity partners at Deloitte, who received an average of £731,000 from profit shares last [...]
PwC: 80 per cent of Big Four’s staff hail from higher socio-economic class September 15, 2021 Less than 15 per cent of the Big Four’s workforce come from a lower socio-economic background, according to data published by the accountant for the first time today. Staff from a higher socio-economic background, on the other hand, make up over four-fifths of the workforce at PwC UK, which was named the top employer for [...]
PwC to reveal pay gap between employees from different social classes September 13, 2021 PwC will publish data about the pay gap between its employees of different socio-economic backgrounds, the Big Four firm has reportedly said. The details, which will be published this week, will mark the first time the accounting giant makes such information public according to This is Money, which first reported the news. The pay gap [...]
EY to spend $2bn on improving audits after Wirecard scandal September 9, 2021 EY will invest around $2bn (£1.4bn) over three years to improve the quality of its audits after the high-profile collapse of payments company Wirecard, according to the Financial Times who first reported the news. The funding is part of a larger, and record, $10bn investment plan, announced by EY yesterday, to finance staff training and [...]
KPMG wants nearly a third of staff to be from working class backgrounds September 9, 2021 In a first for a large business in Britain, KPMG has set a target for 29 per cent of its UK partners and directors to come from a working class background by 2030, the company said in an announcement today. Currently less than a quarter of KPMG’s partners, and a fifth of its directors, are [...]
Deloitte global revenue rises to $50bn with surge in Covid consulting September 8, 2021 Deloitte has today reported a 5.5 per cent rise in its global revenue for 2021 up to $50.2bn as it has seen demand for its advisory services grow during the pandemic. The firm also saw its workforce grow by 3.2 per cent to over 345,000 for the fiscal year ending 31 May 2021. The big [...]
KPMG boss intervenes in dispute with FRC over poor auditing standards September 7, 2021 The global head of KPMG has written to the UK’s Financial Reporting Council (FRC) over the its threats to publish further criticism of the auditor’s repeated failings, the Financial Times first reported. Bill Thomas, KPMG’s global chair and chief executive, entered the increasingly public dispute between the big four auditor and the FRC, after executives [...]