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 [...]
KPMG chief snubs global split as consulting arm drives growth in revenues December 13, 2022 The global head of KPMG today slapped down suggestions it might follow EY in pursuing a global split, in claiming the accounting firm’s strong financial performance “validates” its current approach. KPMG chief executive Bill Thomas rejected plans for a split in claiming the Big Four firm’s results “validates an unwavering commitment to deliver services… through [...]
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 [...]
KPMG’s UK business fined over widespread exam cheating scandal December 8, 2022 The USA’s accounting watchdog has fined KPMG $7.7m (£6.3m) and sanctioned four of its auditors over a series of international offences, including its failure to properly deal with a widespread UK cheating scandal. The watchdog claimed hundreds of KPMG’s UK staff cheated on exams, including the tests auditors are required to pass to maintain their [...]
KPMG to bolster legal services offering through deal with Zico Law December 1, 2022 KPMG has struck a deal to incorporate one of South East Asia’s biggest law firms, Zico Law, into its global partnership. The deal will see Zico Law’s more than 275 lawyers join KPMG’s 2,900-strong legal team. The merger is set to expand KPMG’s footprint in the Asia Pacific region, by extending its legal services offerings [...]
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 [...]
KPMG’s failings led to Carillion’s collapse, High Court lawsuit says November 28, 2022 KPMG’s incompetence in its audits of Carillion played a core part in the construction giant’s 2018 collapse, Carillion’s liquidators have said, as part of a £1.3bn lawsuit against the Big Four accounting firm. KPMG’s 2016 audit of Carillion lulled the construction firm’s board into a false sense of security that saw the firm make a [...]
KPMG settles lawsuit over Quindell audit negligence claim November 14, 2022 KPMG has paid out £5m to settle a lawsuit over audit failings at UK insurance software group Quindell - now called Watchstone.
FRC fines hit record highs as watchdog sends ‘clear message’ to UK’s audit sector November 14, 2022 The UK’s Financial Reporting Council (FRC) fined auditors a record £33.3m in the year running up to 30 September 2022, new figures from Thomson Reuters Confirmation shows. The record high sum marks a 77 per cent increase on the £18.7m fines – after discounts and adjustments – handed out in the previous year. The [...]