BEIS audit reform proposals coming ‘in next couple of weeks’ January 28, 2021 The BEIS consultation on reforms to the audit sector is understood to be coming out “in the next couple of weeks”, and is expected to be extensive. The consultation will contain detail on the minimum standards for audit committees, among other things that “UK PLC will gasp at”, Scott Knight, head of audit and assurance [...]
Regulators remind auditors to pay attention to Covid measures on corporate reporting January 27, 2021 The FCA and the FRC have issued a joint statement to remind auditors of the coronavirus-led rule changes around corporate reporting for listed companies. Now is the busiest time for auditors, when, under normal circumstances, many listed companies would publish their end of year results. But 2021 is proving especially challenging for auditors, with England’s [...]
White prevalence in senior roles drives ethnicity and gender gap at PwC January 27, 2021 PwC has for the first time published its Black, Asian and Mixed Ethnic background pay gaps, with the gap being driven by under representation of ethnic minorities in senior roles. PwC’s overall median ethnicity pay gap, including partners, decreased from 6.3 per cent in 2019 to 3.5 per cent in 2020. The firm’s median gender [...]
Topshop owner Arcadia collapsed with debts of hundreds of millions of pounds January 26, 2021 Troubled retailer Arcadia collapsed with gross liabilities of more than £550m, according to documents prepared by Deloitte, Arcadia’s administrator. Reports prepared at the end of November 2020 revealed Topshop – Arcadia’s flagship brand – and Topman failed with gross liabilities of more than £550m, the Telegraph revealed. Discount brand Outfit owed £80m. The Telegraph [...]
PwC employee killed in car accident while out jogging January 25, 2021 Jack Ryan, who was a senior digital marketing manager at PwC, was struck by a car and killed while out jogging earlier this month. Ryan was hit at Battersea Bridge by an individual driving a Range Rover on 13 January, the Birmingham Mail first reported. Medics tried to save Ryan, but the 29-year-old was pronounced [...]
EY to slash business travel to hit net zero target by 2025 January 25, 2021 EY would like to be “carbon negative” in 2021, and hopes to achieve net zero at the firm by 2025, in a push to play a role in tackling climate change. The Big Four firm said its ambition to become carbon neutral underscored its commitment to the environment and to tackling “one of the most [...]
EY staff told to work 16 hour days, weekends, and berated for getting food poisoning January 19, 2021 It’s all work and no play for EY staff in the Hong Kong office, as employees were pressured to work until 11:30pm each week night and at the weekend during the busiest period. An email from one manager at the Big Four firm in Hong Kong told staff they should be working 16-hour days during [...]
Isabelle Jenkins named PWC’s new leader of financial services January 18, 2021 Isabelle Jenkins has been named the new leader of financial services for PwC UK after spending 17 years as a partner at the firm. Jenkins replaces Andrew Kail, who held the role over the last four and a half years. He will take up a new role as the CEO of Legal and General retail [...]
EY gender pay gap shrinks as ethnicity pay gap widens January 14, 2021 Ernst & Young has reported a 32.4 per cent gender pay gap among its staff, as at April 2020, and a nearly 37 per cent ethnicity pay gap. EY UK chairman Hywel Ball said the gender pay gap at the Big Four firm had improved by 4.7 per cent in the last year, which was [...]
Singapore audit reform stresses need for UK action, IIA warns January 13, 2021 Recent changes to rules surrounding audit in Singapore have highlighted why action on audit reform in the UK is crucial, the CEO of the Chartered Institute of Internal Auditors has warned. CEO John Wood said reform of the UK’s audit sector was necessary to protect the UK’s leading reputation in corporate governance. The Singapore stock [...]