Regulator gives green light on Big Four plans for audit separation February 23, 2021 The Financial Reporting Council (FRC) has given the go ahead for the Big Four firms to press on with the next stage of separating their audit divisions from the rest of the business. The Big Four – Deloitte, EY, KPMG and PwC – were asked by the regulator to submit their plans for operational separation [...]
KPMG creates 200 jobs in Belfast February 17, 2021 Big Four firm KPMG is creating 200 jobs in a new “centre of excellence” in Belfast. The new investment will deliver services in cyber security, applied intelligence and digital transformation. The new centre is a joint initiative between KPMG in Ireland and in the UK, and has the support of InvestNI and the Department of [...]
KPMG’s embattled chairman: ‘Unconscious bias is complete crap’ February 11, 2021 KPMG UK chairman Bill Michael has been caught on camera describing unconscious bias as “complete crap”, in the same video call he told staff to stop moaning about pandemic working conditions. Earlier this week Michael was forced to step aside from his leadership position at the Big Four firm, after it was revealed he had [...]
China orders Deloitte to investigate PowerPoint whistleblower claims February 11, 2021 China’s Ministry of Finance has asked Deloitte to conduct an internal investigation after an employee circulated a 55-page PowerPoint presentation that alleged accounting violations at the Big Four firm. The anonymous employee sent the presentation to every Deloitte employee’s email, citing incidences involving listed companies around the world and China’s own RYB Education. The presentation [...]
Ex-FCA chief Woolard nabs leadership role at EY February 11, 2021 Chris Woolard, the former interim chief executive at city regulator the Financial Conduct Authority (FCA), has nabbed a leadership role at EY. Woolard will join the Big Four firm in April to lead its EMEIA financial services regulatory capabilities, and chair the EY Global Financial Services Regulatory Network. He will replace John Liver, who currently [...]
KPMG chairman ‘sorry’ for telling staff to ‘stop moaning’ about working conditions February 10, 2021 KPMG UK chairman Bill Michael has apologised after telling consultants to “stop moaning” about working conditions during the pandemic. In a virtual meeting on Monday, members of KPMG’s consulting team told Michael they were worried about potential cuts to pension contributions, pay and bonuses, the Financial Times first reported. They also raised concerns about the [...]
UK directors to face fines in major overhaul of audit rules February 5, 2021 UK directors will reportedly face fines for accounting failures at their companies as part of a major overhaul of the audit sector. Long-awaited reforms, set to be published as early as next week, will place a tough new burden on bosses in an effort to improve audit standards. Directors, rather than boards, will be held [...]
EY to buy Frank Hirth’s UK business, leaving some staff in limbo February 3, 2021 Big Four firm EY will acquire the UK business of tax advisory and compliance business Frank Hirth for an undisclosed fee. Around 200 employees and more than 5,000 clients of Frank Hirth will move across to EY. Four Frank Hirth employees currently working out of New Zealand have been left in limbo as a result [...]
KPMG partners take 11 per cent pay cut as Covid-19 eats into profits February 3, 2021 Partners at KPMG have had their pay cut by an average of 11 per cent, from some £640,000 to £572,000, as Covid-19 hit profits and revenue at the firm. KPMG’s chairman was paid £1.7m for the year, a decrease of 14 per cent on 2019. Partners across Big Four firms saw pay cuts in [...]
PwC’s new leader of FS: ‘The outcome of Brexit on financial services is still unknown’ February 1, 2021 Last month Isabelle Jenkins was named the new leader of financial services at PwC UK, after spending 17 years as a partner at the firm. Jenkins replaced Andrew Kail, who held the role over the last four and a half years. In her first interview as leader of financial services at the Big Four firm, [...]