High profile scandals saw UK’s audit watchdog hand out record £46.5m in fines last year July 28, 2022 The UK’s Financial Reporting Council (FRC) issued a record £46.5m in fines over the past year, after the audit watchdog handed out a series of huge fines to Britain’s top accounting firms in the wake of a series of high-profile accounting scandals. The value of fines issued by the UK’s Financial Reporting Council (FRC) [...]
Chief Financial Officers should step up and take a more active role in leading their businesses, new report says July 26, 2022 Company Chief Financial Officers (CFOs) should take a more active role in guiding the businesses they run through times of uncertainty, according a new report Big Four accounting firm Deloitte and cloud computing company Anaplan. The report warns that CFOs perception of themselves and their own roles fails to match the perceptions of others, as [...]
PwC ups pay for newly-qualified lawyers to £90,000 a year July 21, 2022 Big Four accounting firm PwC has upped pay for newly qualified (NQ) lawyers working in its fast-expanding UK legal business to heights of £90,000 a year. The salary hikes will see PwC match the salaries offered by top ranking law firms including London law firm Mischon de Reya, and put it ahead of major firms [...]
Global split could let EY bring in extra $10bn in Silicon Valley advisory fees, firm chief says July 20, 2022 A global split could let EY bring in an extra $10bn in advisory fees from the world’s major tech companies, by freeing it from rules that block the Big Four firm from both auditing and selling advice to Silicon Valley’s largest firms, EY’s global chief executive has said. EY’s plans to separate out its audit [...]
UK accounting watchdog calls on top auditors to put in place measures to stop cheating on exams July 18, 2022 The UK’s accounting watchdog has called on the country’s major audit firms to put measures in place to prevent employees from cheating on exams. Following a series of high-profile cheating scandals in Canada, Australia and the US, the UK’s Financial Reporting Council (FRC) has told British auditors to set out their plans to prevent similar [...]
PwC set for record revenues as global chief rejects plans for split July 18, 2022 The global head of PwC has said the accounting firm is set to post record revenues of around $50bn this year, after speaking out against plans to follow in the footsteps of EY by separating out PwC’s audit and advisory businesses. In an interview with the Financial Times, PwC global chairman Bob Moritz said the [...]
UK’s audit watchdog sets out plans to shakeup Britain’s accounting sector July 12, 2022 The UK’s accountancy watchdog has vowed to put in place a raft of new measures to increase standards in the UK’s audit sector in a bid to pave the way for the UK government’s long-awaited reforms. The UK’s Financial Reporting Council (FRC) on Tuesday published a paper outlining its plans to revise existing codes, strengthen [...]
Professional services network Xeinadin buys up Doncaster accounting firm Smith Craven July 11, 2022 London headquartered professional services firm Xeinadin has acquired Doncaster based accountancy firm Smith Craven. Xeinadin, which was formed through coming together of more than 100 independent accountancy firms throughout the UK and Ireland in 2019, has absorbed Smith Craven into its network, after first investing in the firm earlier this year. First established in 1928, [...]
UK’s cost of living crisis has created ‘perfect conditions for fraud to flourish,’ new report says July 6, 2022 The UK’s cost of living crisis is creating the “ideal environment for fraudulent activity,” a new report from the Chartered Institute of Internal Auditors (CIIA) has warned. Covid-19, the war in Ukraine, and the UK’s cost-of-living crunch are creating the “perfect conditions for fraud to flourish,” the report says, as it calls on businesses to [...]
EY to brief UK partners on plans to split up business in biggest Big Four shakeup in decades June 30, 2022 EY is set to brief its UK partners on plans to break up the firm as the accounting firms pushes forwards with plans for the biggest shakeup in the Big Four for decades. The Big Four accountancy firm has invited more than 780 of its UK partners to a summit at a central London hotel, [...]