Deloitte fined £1.25m over failings in building supplies firm’s audit December 22, 2022 The UK’s accounting watchdog today fined Deloitte and one of its senior auditors over failures in auditing the accounts of building products manufacturer SIG plc. Britain’s Financial Reporting Council (FRC) fined the Big Four accountancy firm £1.25m, discounted to £906,250 for admissions and early disposal, over its failure to apply sufficient professional scepticism in auditing [...]
UK’s audit watchdog calls on top accounting firms to boost measures against exam cheating December 21, 2022 The UK’s accounting watchdog has called on Britain’s seven largest auditors to improve the measures they have in place to prevent cheating on exams, following a series of international cheating scandals involving the world’s biggest audit firms. In a letter seen by City A.M., the UK’s Financial Reporting Council (FRC) called on the country’s top [...]
Fees paid to FTSE 100’s auditors hit record sums of more than £1bn December 20, 2022 The UK’s top 100 listed companies paid more than £1bn to their auditors for the first time in 2021/22, following a steady uptick in audit fees linked to a tougher stance from the UK’s accounting regulator. FTSE 100 companies paid a record £1.01bn to their auditors for both audit and non-audit services, in the year [...]
Big Four’s legal ventures could see surge in law firm IPOs, DWF chief says December 8, 2022 The Big Four’s efforts to bolster their legal businesses could lead to a surge in the number of UK law firms listing on the stock exchange, DWF chief Sir Nigel Knowles told City A.M. EY’s global split could see the firm become an “aggressive” legal services behemoth, as it is freed from the conflict-of-interest rules [...]
City workers are ignoring ‘ego driven’ calls to return to offices November 29, 2022 City workers are ignoring calls from ‘C Suite’ executives for staff to come into the office for a minimum number of days each week, according to a new report. Workers and managers in the financial and professional services sectors are instead employing their own “bespoke” working models that align with their specific operational needs, the [...]
Deloitte to let UK staff cash in on pensions with new flexibility policy October 3, 2022 Deloitte is set to let its UK staff take their pensions contributions as cash payments on top of their salaries as part of a new “flexible pensions” policy announced by the firm today. The accounting firm today told 22,000 of its UK staff it will let them receive cash payments on top of their pay [...]
Deloitte pays partners more than £1m each as consulting revenues surge September 30, 2022 Deloitte today said its 672 equity partners will take away average payouts of £1.06m each after a bumper year for its advisory business saw the Big Four accounting firm’s revenues surge 10 per cent to £4.9bn. The uptick in Deloitte’s UK revenues for the year running up to 31 May 2022 came as sales [...]
Deloitte to recruit 3,500 new consultants in £220m hiring spree September 20, 2022 Deloitte is set to hire 3,500 new consultants as part of £220m plans to capitalise on surging demand for advice as businesses seek to navigate the digital and green transitions. The hires will see the Big Four accountancy firm’s increase the size of its consulting workforce by 40 per cent over the next half a [...]
The Big Four’s legal ventures should worry mid-tier law firms August 26, 2022 THE BIG Four’s first forays into the legal sector in the 1990s ended in abject failure. Yet over the past decade, the world’s four biggest accounting firms have captured a significant share of the UK’s market for legal services, and have increasingly begun to compete with traditional firms. Deloitte, EY, KPMG, and PwC have used [...]
Deloitte to hire 6,000 new UK staff over next five years August 22, 2022 Deloitte today set out plans to hire more than 6,000 new UK employees over the next five years in a bid to boost the quality of its audit work. The plans will see the accounting firm recruit at least 1,200 audit and assurance professionals each year from 2022- 2027, including around 5,000 new auditors. The [...]