UK government drops audit reform from Queen’s Speech agenda April 30, 2022 The UK government is expected to announce further delays to its shakeup of the audit sector, after dropping a draft bill on audit reform from the Queen’s Speech. A draft bill to introduce a raft of measures aimed at reforming the UK’s audit industry, including by replacing the UK’s audit watchdog with a new more [...]
KPMG refuses to sign off Adler audit following allegations of wrongdoing April 30, 2022 Big Four accountancy firm KPMG has refused to sign off the 2021 financial results of German property group Adler, after an investigation by the auditor last week unveiled widespread issues with the property firm’s corporate governance. In a statement, the Berlin based real estate company, which owns 52,000 flats across Germany, said KPMG had “not [...]
Thousands of consultants now working to achieve Chartered status, one year after qualification’s launch April 27, 2022 London consultants are increasingly seeking to certify their professional achievements by attaining Chartered Consultant status, following the launch of the professional qualification last year. More than 3,000 consultants are currently working towards gaining Chartered status, while more than 600 have already got it, according to new figures from the Management Consultancies Association (MCA). The news [...]
KPMG to cash in on tech fundraising boom via stake in venture capital advisor April 27, 2022 KPMG is seeking to capitalise on the UK’s booming technology startup ecosystem by acquiring a 50 per cent stake in venture capital fundraising advisor Acceleris. The Big Four accountancy firm is hoping to cash in on the booming market for tech startup fundraising by teaming up with the tech-focused venture capital firm. The deal, which [...]
Retail demand protected by shoppers using lockdown savings and buy now pay later services April 21, 2022 Consumer retail demand will be protected by shoppers dipping into lockdown savings and using buy now pay later services, despite increased pressure on household budgets. Economists have said consumer demand will not see a significant drop in the coming months despite tightening purse strings across the country. Evidence showed households were turned to credit to [...]
Retail sales slow as consumer confidence now lower than horsemeat scandal April 12, 2022 Retail sales slowed last month as consumer confidence has taken a hit as shoppers feel the bite of rising cost inflation. According to data from the British Retail Consortium (BRC) and KPMG, sales increased by 3.1 per cent in March. This was worse than a three-month average growth of 6.9 per cent. What’s more, retail [...]
UK’s audit watchdog set to reclaim control over licensing of major accountancy firms April 12, 2022 The UK’s audit watchdog is preparing to strengthen its powers to sanction Britain’s major accountancy firms. The Financial Reporting Council (FRC) is readying itself to take back control over the registration of the UK’s auditing firms, sources told the Financial Times. In doing so, the FRC would be given new powers to strip licenses from [...]
US audit watchdog hits former KPMG exec with largest ever fine for role in leaked info scandal April 7, 2022 The body that regulates the US audit industry has fined a former KPMG executive $100,000, after pledging to crack down on “top-level personnel” in America’s biggest accountancy firms. The US Public Company Accounting Oversight Board (PCAOB) issued a $100,000 fine to former KPMG vice chair of audit Scott Marcello, over his failure to prevent [...]
Big Four cut ties to China’s debt-ridden property giants as developers delay results March 30, 2022 The Big Four auditors have begun cutting their links to China’s heavily indebted property developers, amid mounting concerns over the sector’s debt crisis. Accountancy giants Deloitte and PwC have both pulled out of auditing at a slew of Chinese property developers over the past three months. The exits come as PwC is reportedly set to [...]
Accounting vacancies boom will benefit London as job openings bounce back to pre-pandemic levels March 24, 2022 The number of job openings for accountancy positions has rebounded after dropping sharply during the pandemic. Vacancies in accounting are set to jump 6.9 per cent between this quarter and the next, to land at levels more 50 per cent higher than in Q2 2021. Following a lull in the hiring during the fourth quarter [...]