Watchdog investigating Deloitte audit of Lookers after £19m vanishes from books March 12, 2021 Britain’s accounting watchdog has opened an investigation into audits conducted by Deloitte of car dealership operator Lookers. The investigation will look at financial statements for the years ended 31 December 2017 and 2018, the Financial Reporting Council (FRC) said in a statement. Deloitte said it was taking the investigation seriously and was fully cooperating with [...]
Deloitte diversity chief ‘facing internal investigation over bullying claims’ March 5, 2021 Deloitte’s deputy chief executive and diversity champion Dimple Agarwal is facing an internal probe over allegations of bullying. Agarwal, head of “people and purpose” at the Big Four auditor, is facing complaints from staff over inappropriate working practices such as communicating aggressively and making employees attend extremely early meetings, the Telegraph first reported. Having joined [...]
Deloitte to pay Malaysia $80m for role in 1MDB corruption scandal March 3, 2021 Audit giant Deloitte is set to pay $80m to the Malaysian government to settle claims of corruption tied to the auditing of scandal-linked state accounts, the finance ministry has said today. Deloitte’s fee will conclude its role in the corruption saga that involved former Malaysian prime minister Najib Razak who allegedly used the state fund [...]
City Moves February 24th: Who is switching jobs in the Square Mile this week? February 24, 2021 Snakes and Ladders provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. This week we see appointments to the British Property Federation ahead of a pinnacle year for the high street. Deloitte has welcomed a fresh lead to the firm’s creative branch which launched in [...]
Rolls-Royce picks former Deloitte partner Kakoullis as finance chief February 15, 2021 Engineering giant Rolls-Royce has named Panos Kakoullis as its new chief financial officer, as the FTSE 100 group steers through a pandemic-driven restructuring. Kakoullis, who spent 30 years at accountancy firm Deloitte, will join the company in May. Restructuring Rolls-Royce said in January that its restructuring efforts were continuing apace, with 7,000 roles removed last [...]
Advisory firm Teneo moves in on Deloitte’s restructuring arm February 13, 2021 Deloitte is said to be preparing a sale of its restructuring arm to PR and advisory giant Teneo, marking a further shake-up of Britain’s Big Four audit firms. Teneo, which is backed by private equity group CVC Capital Partners, is in advanced talks to snap up the Deloitte unit that specialises in business insolvencies, Sky [...]
City Moves for 9 February: Who is switching jobs in the Square Mile this week? February 10, 2021 City Moves provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. This week hosts movements over at Big Four auditor Deloitte, JP Morgan, HMRC and PE firm Dean Street. Meanwhile, green London housing looks to be a focus for 2021 with Public Sector Plc’s new [...]
Deloitte China whistleblower circulates damning presentation on social media that alleges audit failures of RYB Education February 5, 2021 Big Four firm Deloitte is under pressure after one of its employees reportedly made a 55-page PowerPoint presentation that exposed the firm’s alleged accounting violations in China. The PowerPoint, which has been circulating on Weibo, a Chinese website similar to Twitter, has alleged that when Deloitte was auditing the financial data of its client RYB [...]
FRC: Deloitte allowed Autonomy to ‘present misleading financial position’ January 6, 2021 Deloitte’s audit of scandal-hit UK software firm Autonomy allowed the company to “present a misleading picture of its financial position”, the City watchdog said this morning. The Financial Reporting Council investigated the actions of Deloitte and former partners Richard Knights and Nigel Mercer in relation to their audits of the disgraced tech company’s accounts. Autonomy [...]
To qualify or not to qualify? Auditors move to ditch risky clients November 30, 2020 Qualifying an audit could lead to unhappy clients and litigation risks, so it is safer to ditch clients instead, an expert has told City A.M., after several auditors dropped clients in October. Last month three separate auditors terminated contracts with clients in compromising circumstances. At the time the reputational risk of being associated with the [...]