Watchdog lambasts accountants for ‘basic’ cash flow mistakes November 17, 2020 The Financial Report Council (FRC) has lambasted the accountancy industry for basic errors in cash flow statements. The watchdog said it continues to identify errors in cash flow statements, and as a result has published a review on the subject that examines many of the issues faced in their preparation, and provides information on how [...]
Ban EY from public contract bids following professional misconduct, urges charity November 17, 2020 The government should consider banning big four auditor EY from bidding on public contracts for three years following a number of recent scandals, charity Spotlight on Corruption has said. The charity has written a 17-page letter to government that accuses EY of “grave professional misconduct” that “renders its integrity questionable”, and suggests there should be [...]
BEIS audit reform proposals expected to be made public in the new year November 13, 2020 Reforms to the audit sector outlined by the Department for Business, Energy and Industrial Strategy (BEIS) are expected in the new year, with full implementation expected in 2023. Mazars head of audit Bob Neate told industry magazine Accountancy Age he expected BEIS to deliver around 110 recommendations drawn from three major reports into auditing. The [...]
KPMG to sell restructuring arm to win more work November 9, 2020 Audit giant KPMG is to sell its restructuring arm because conflicts of interest and regulatory scrutiny are preventing it from winning work. In an email to colleagues KPMG UK chairman and senior partner Bill Michael said that concerns relating to conflicts of interest arising from its existing work was likely to “limit the restructuring clients [...]