UK’s audit watchdog set to reclaim control over licensing of major accountancy firms April 12, 2022 The UK’s audit watchdog is preparing to strengthen its powers to sanction Britain’s major accountancy firms. The Financial Reporting Council (FRC) is readying itself to take back control over the registration of the UK’s auditing firms, sources told the Financial Times. In doing so, the FRC would be given new powers to strip licenses from [...]
Deloitte paid former diversity chief £8m after she was cleared of bullying allegations April 3, 2022 Accountancy giant Deloitte has paid its former head of “diversity of inclusion” as much as £8m, after she stepped down from her role last year following allegations of bullying. City sources told The Telegraph that Deloitte’s former deputy chief executive, Dimple Agarwal, received severance pay of between £7m and £8m, after an internal investigation cleared [...]
Big Four cut ties to China’s debt-ridden property giants as developers delay results March 30, 2022 The Big Four auditors have begun cutting their links to China’s heavily indebted property developers, amid mounting concerns over the sector’s debt crisis. Accountancy giants Deloitte and PwC have both pulled out of auditing at a slew of Chinese property developers over the past three months. The exits come as PwC is reportedly set to [...]
Accounting vacancies boom will benefit London as job openings bounce back to pre-pandemic levels March 24, 2022 The number of job openings for accountancy positions has rebounded after dropping sharply during the pandemic. Vacancies in accounting are set to jump 6.9 per cent between this quarter and the next, to land at levels more 50 per cent higher than in Q2 2021. Following a lull in the hiring during the fourth quarter [...]
World’s richest football clubs: Manchester City top Deloitte Money League for the first time March 21, 2022 Manchester City have been named the world’s richest football club in the latest edition of Deloitte’s Football Money League. City topped the list, which is based on revenue, for the first time after increasing their income to €645m (£571m) in 2020-21 – despite the effects of the pandemic. The Premier League champions climbed five places, [...]
Major shakeup is needed to fix the Big Four, expert says March 18, 2022 A prominent academic has called on the government to expedite its audit reforms, after arguing a serious shakeup is needed to prevent an “appalling” situation from getting worse. Speaking to City A.M. accountancy expert Professor Atul Shah said, “the record of the UK’s auditing industry has been appalling over the last two decades and it’s [...]
Irish accountancy watchdogs raises concerns over Deloitte and EY audits February 28, 2022 Ireland’s audit watchdog has said flagged issues with audits carried out by Big Four accountancy firms Deloitte and EY, after carrying out its annual review of auditors. The Irish Auditing & Accountancy Supervisory Authority (IAASA) said audits completed by Deloitte and EY required improvements, after sampling six sample audits carried out by the firms. By [...]
UK government to set out plans for audit watchdog overhaul imminently after years of delays February 14, 2022 UK government ministers will set out their plans to reform regulation of the UK’s auditing industry within the coming weeks, after calls for an overhaul first emerged in 2018 in response to the collapse of UK construction contractor Carillion. The proposals are currently being circulated and are set to be signed off imminently, according to [...]
EY, Deloitte, KPMG, and PwC are the biggest employers of business grads, new figures show February 14, 2022 Business school grads are more likely to go into consulting, than any other industry, according to a survey of 300,000 business grads from OnlineU. More than a fifth (21.1 per cent) of business grads surveyed worked in consultancies, the figures show. Notably, the Big Four auditors alone employed more than 12 per cent of those [...]
Deloitte to buy up Belfast software developer as it pursues Northern Ireland expansion February 9, 2022 Big Four accountancy giant Deloitte is planning to acquire Belfast based software developer Etain, in a vote confidence in the city of Belfast which will see the firm create Northern Ireland’s biggest AI and data practice. The deal will double the size of Deloitte’s Belfast AI and data practice, and see the Big Four firm [...]