Business lobby groups slam competition watchdog’s calls for radical audit reform April 18, 2019 Business lobby group the CBI said reforms to the audit sector proposed today by the competition watchdog could “undermine confidence in corporate Britain”. The Competition and Markets Authority (CMA) today called for the Big Four accountancy firm’s audit arms to be split from their non-audit arms with separate profit pool and management in a major [...]
US and UK M&A deals outpace Europe April 17, 2019 Merger and acquisition (M&A) deals in the UK and US are outpacing the rest of Europe, with activity remaining strong despite a global downturn. Deal volumes reduced by 20 per cent in Europe last year, but only dropped by six per cent in the UK and by 11 per cent in the US. Read more: European [...]
It’s time to write the next chapter in the City’s story of technological innovation April 15, 2019 When I travel across the globe, there is an issue I get asked about time and time again: what is it about London that makes it such a successful global financial hub? And what is it about the UK that makes us stand out from the crowd? A key part of the answer is innovation. [...]
Brexit impasse sends UK business confidence plummeting, new surveys show April 15, 2019 The political crisis surrounding Brexit has sapped confidence from some of the UK's biggest and smallest companies alike, as crunch talks between Labour and the Conservatives reach a “delicate stage” this week. Read more: MPs could be forced to choose a Brexit option if talks with Labour fail More than eight in 10 finance chiefs [...]
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 [...]