KPMG restarts UK government contract bids August 8, 2022 KPMG has restarted competing for UK government contracts, after the Big Four accounting firm withdrew from public sector tenders last December, following a series of high-profile accounting scandals. The Big Four accountancy firm re-commenced bidding for UK public sector contracts in early-June, after it pulled out of competing for lucrative UK government contracts at the [...]
Big Four switch: Alliance Pharma hires Deloitte as its new auditor after KPMG resigns August 8, 2022 Alliance Pharma has appointed Big Four giant Deloitte as auditor after the pharmaceutical company’s go-to for six years KMPG resigned. Deloitte will be the company’s auditor until the end of 2022 and will need to be approved by Alliance Pharma’s shareholders to be re-appointed for 2023. It was appointed following a tender process, which KPMG [...]
Big Four auditors up advisory fee incomes as challengers capture larger share of audit work August 5, 2022 The UK’s challenger auditing firms are increasingly capturing a larger share of Britain’s audit market, as the Big Four increasingly generate their revenues through non audit work, new data from the UK’s accounting watchdog shows. The research shows smaller auditors upped their audit fee incomes at almost twice the rate of the Big Four, as [...]
Auditors should stop ‘complaining’ about fines and improve the quality of their work, FRC chief says August 3, 2022 The head of the UK’s accounting watchdog has said Britain’s major auditors should stop “complaining” about fines and start improving the quality of their work instead. In an interview with the Financial Times, Financial Reporting Council (FRC) chief executive Sir Jon Thompson said “the solution” to auditors’ problems with fines is “entirely” in their own [...]
KPMG’s UAE business holds meeting with clients to restore confidence in firm August 2, 2022 The chief executive of KPMG’s business in the United Arab Emirates (UAE) has held a series of face-to-face meetings with key clients, in an effort to restore confidence in the accounting firm’s management, following reports a coup within the Emirati firm. Nader Haffer, chief executive of KPMG Lower Gulf, hosted the client meetings after partners [...]
High profile scandals saw UK’s audit watchdog hand out record £46.5m in fines last year July 28, 2022 The UK’s Financial Reporting Council (FRC) issued a record £46.5m in fines over the past year, after the audit watchdog handed out a series of huge fines to Britain’s top accounting firms in the wake of a series of high-profile accounting scandals. The value of fines issued by the UK’s Financial Reporting Council (FRC) [...]
Record £14m fine for KPMG over Carillion and Regenersis audits with partner Peter Meehan banned from ICAEW July 25, 2022 The UK’s accounting watchdog has fined KPMG £14.4m and told it to pay £3.95m in costs for providing false and misleading information during its audits of Carillion and Regenersis. The UK’s Financial Reporting Council (FRC) also fined four of KPMG’s former auditors, banned them from the accounting sector’s professional membership body, and severely reprimanded another [...]
KPMG to rerun vote for head of UAE firm after partners raise governance concerns July 21, 2022 The head of KPMG’s business in the United Arab Emirates (UAE) has said the firm will rerun the election for his position, and bring in an external law firm to oversee the process, after partners attempted a coup aimed at ousting him from the firm. The election rerun comes after two senior partners at KPMG [...]
Merciless verdict: Accounting watchdog FRC slams BDO and Mazars for ‘unacceptable’ audits July 20, 2022 Auditors BDO and Mazars have been called out for the “unacceptable” quality of their work by the accounting watchdog. The Financial Reporting Council (FRC) said there has been “some improvement” across the auditing sector amid heavy scrutiny following failings linked to the major collapses of firms such as Carillion. FRC chief executive Sir John Thompson [...]
UK accounting watchdog calls on top auditors to put in place measures to stop cheating on exams July 18, 2022 The UK’s accounting watchdog has called on the country’s major audit firms to put measures in place to prevent employees from cheating on exams. Following a series of high-profile cheating scandals in Canada, Australia and the US, the UK’s Financial Reporting Council (FRC) has told British auditors to set out their plans to prevent similar [...]