Major companies could be exempt from joint audit rules in competition watchdog report April 14, 2019 The UK’s competition watchdog reportedly could exclude some major companies from a new rule that would require many business to appoint joint auditors. Sky News reported that the Competition and Markets Authority (CMA) is set to publish its long awaited report into the audit sector this week. According to the report, the CMA has been [...]
KPMG examining audit spin-off in wake of damning report from MPs April 8, 2019 Big Four accounting firm KPMG is reportedly planning an overhaul of its UK business in the wake of political pressure and a wave of scandals. KPMG could split its UK audit practice from its wider UK business, The Times reported. Read more: MPs call for full breakup of audit’s Big Four in wake of scandals [...]
Professional services firm BDO plots out break-up plan April 7, 2019 Accountancy and professional services firm BDO is plotting out how it will carve off its auditing arm from the rest of its UK business, following a withering report from MPs on the embattled sector. BDO's head of audit Scott Knight said the firm had run through a range of scenarios in response to the report from the [...]
EY continues expansion into law with Thomson Reuters managed legal services acquisition April 4, 2019 EY has announced the acquisition of a 1,000 strong managed legal services business from Thomson Reuters, marking another step forward in the Big Four audit firm’s push into the legal sector. The deal follows EY’s acquisition of tech-heavy alternative legal provider Riverside Law in August which was widely seen in the sector as underlining EY’s [...]
DEBATE: Should the audit and consultancy arms of the Big Four firms be divided, as proposed by MPs? April 3, 2019 Should the audit and consultancy arms of the Big Four firms be divided, as proposed by MPs? YES, says Rachel Reeves MP, chair of the Business, Energy and Industrial Strategy Committee. We have two major problems in the audit market today: a lack of competition and quality. The Big Four’s dominance has led to a precarious [...]
Malaysia sells 1MDB-linked superyacht to casino operator for $126m April 3, 2019 The Malaysian government has sold a superyacht allegedly bought with money stolen from state fund 1MDB to casino firm Genting Malaysia Berhad for $126m (£95.6m). The 92m superyacht Equanimity is one of a number of assets allegedly bought by fugitive businessman Low Taek Jho with money embezzled from the fund, and the sale marks Malaysia’s [...]
Stationery chain Office Outlet reveals list of 16 store closures as 161 jobs to go in CVA April 2, 2019 Office Outlet, the stationery retailer formerly belonging to Staples, has revealed the location of 16 store closures following its collapse into administration. The troubled high street retailer, which has drafted in administrators from accountancy firm Deloitte, revealed today that 161 jobs and 16 outlets face the axe. Read more: Stationery chain Office Outlet falls into [...]
WPP board ‘finally came to their senses’ over £2m bonus, says Sir Martin Sorrell March 19, 2019 Advertising veteran Sir Martin Sorrell has said the board of WPP “finally came to their senses” over his £2m bonus, which it has paid out almost a year after his abrupt exit. Speaking at Advertising Week Europe this evening Sorrell, who left the ad group amid allegations of misconduct, denied any wrongdoing as he took [...]
Stationery chain Office Outlet falls into administration March 19, 2019 Office Outlet, the stationery retailer formerly belonging to Staples, has collapsed into administration, putting 1,000 jobs at risk. In the latest sign of industry stress on Britain's high streets, the retailer yesterday drafted in administrators from accountancy firm Deloitte, throwing the future of 1,000 jobs and 90 stores into doubt. The stationary giant approved a controversial restructuring [...]
Stop overlooking small businesses – they can be a massive force for good March 18, 2019 Small and medium-size enterprises (SMEs) make up 99 per cent of companies, and employ 60 per cent of private sector workers in the UK. And yet, they are often overlooked when we talk about responsible business. When SMEs take action on responsible business, they make a huge difference to London’s communities, to our environment, to [...]