Global pharma and data firms have had access to NHS patient data for years, analysis finds July 23, 2021 More than 40 pharmaceutical, consultancy and data companies worldwide have access to UK hospital data and medical records, according to new analysis. The detailed medical records – many from the NHS – date back years, the Financial Times first reported. Some companies with access to the records are co-founded by the Sackler family, who have [...]
KPMG settles lawsuit with $84m payout after failing to spot fraud at Chinese group July 19, 2021 KPMG has agreed to pay around $84m to settle legal claims after failing to identify fraud at a Chinese timber company. China Forestry’s IPO led to backlash against poor listing standards in Hong Kong. Its liquidators claimed the accounting giant was negligent in failing to detect serious false accounting by some of the company’s top [...]
1MDB and Malaysia sue 44 KPMG partners for $5.6bn July 9, 2021 Malaysia govt, its Ministry of Finance and 1MDB are suing 44 KPMG Malaysia partners in a $5.64bn suit for their part in auditing the state investment fund. The lawsuit, which was filed earlier this week, accused KPMG of committing breaches of contract and negligence in its audit and certification of 1MDB’s financial statements for the [...]
Audit reforms: IoD call for caution in plans to break Big Four dominance July 8, 2021 The government should approach its plans for an audit and corporate governance reform with greater caution, said the Institute of Directors (IoD). A government white paper aimed at breaking up the concentration of the Big Four auditing firms – Deloitte, PwC, KPMG and EY has stirred criticism from the business group, who said that the [...]
KPMG told to expect £250m claim for Carillion collapse June 23, 2021 Accounting giant KPMG is expected to be told to pay £250m for its role in the collapse of outsourcing firm Carillion, its former client, in 2018. On behalf of the Insolvency Service, lawyers have warned KPMG to expect a claim. The expected move is part of an effort to reclaim funds that will be used [...]
Accounting watchdog pushes for KPMG to be fined £15m over Silentnight sale June 21, 2021 Accounting watchdog pushes for KPMG to be fined £15m over Silentnight sale
Big Four lobbying may dilute Government’s audit reform, says ex-accounting watchdog June 14, 2021 Big Four lobbying will dilute Government's audit reform, says ex-accounting watchdog
City Moves: Who’s switching jobs in the Square Mile this week? June 2, 2021 City A.M.‘s Millie Turner provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. Brown Advisory expands London office with senior hires Investment management firm Brown Advisory has bolstered its London office this week with two senior hires as its collection of assets hits $15bn. [...]
As accounting firms prep for busy period, non-Big Four players spot new opportunities May 26, 2021 The majority of 2020 was a slow year for the UK’s deals market, with mergers and acquisitions depressed by the Coronavirus pandemic and its subsequent lockdown restrictions. This trend, however, now seems to be in reverse with a number a big deal in the private sector, including Virgin Media and O2’s £31bn mega merger, and [...]
Has lockdown triggered a City brain-drain? May 20, 2021 The explosion in home-working due to lockdown is shifting the focus away from a London-centric view of careers, with regional firms benefiting from a growing desire to shun the commute. Lockdown is prompting a shift away from City jobs to opportunities at smaller, regional practices with talent-hungry boutique firms stretching to match Square Mile-level salary [...]