Audit watchdog pledges to focus on growth after reforms are shelved November 7, 2023 The audit watchdog has announced it will look to focus on promoting “growth and the UK’s competitiveness” after the government shelved a host of reforms that would have increased reporting requirements for London-listed companies.
MPs call on Rishi Sunak to stop delaying audit reform October 29, 2023 A group of MPs and peers have written to the Prime Minister to call on him to include the Audit Reform Bill in King Charles’ state opening of Parliament on Wednesday, November 7.
KPMG: Audit giant handed record fine over failures on Carillion collapse October 12, 2023 KPMG has been slapped with a record fine over its botched auditing of Carillion, the construction company which went spectacularly bust in 2018.
Mark Kleinman: Ascential’s messy breakup, audit tensions and ARGA’s impasse October 5, 2023 Mark Kleinman, City editor of Sky News, writes weekly for City A.M. This week he talks Ascential, FCA tensions and the ARGA impasse.
Labour pledge to overhaul audit and corporate governance regime September 25, 2023 The Labour Party has said it will pass long-awaited legislation on audit and corporate governance reforms if it wins the next general election.
UK audit watchdog picks former aviation regulator as new chief July 31, 2023 Richard Moriarty has been appointed chief executive of the audit regulator, the Financial Reporting Council (FRC), as it undergoes major reforms. Moriarty, who most recently served as chief executive of the Civil Aviation Authority for five years, will take up his role at the beginning of October. Sarah Rapson will take the role of acting [...]
KPMG and PwC slapped with fines of almost £3m for botched Eddie Stobart audits June 29, 2023 Big four accountancy firms PwC and KPMG have been fined a total of nearly £3m over botched audits of logistics giant Eddie Stobart in 2017 and 2018. The Financial Reporting Council (FRC) said this morning it would fine PwC £1.99m and partner Philip Storer £51,000, with both receiving a “severe reprimand.” KPMG received a fine [...]
PwC set to hand 25,000 junior staff a real-terms pay cut – despite FRC plea to give them more June 28, 2023 Big four firm PwC has reportedly told its junior auditors their pay is going to be frozen, amid concerns it will make the industry less attractive. According to reports in the FT, around 25,000 staff members are set to get lower pay rises, with the accountancy giant citing the challenging market conditions and pay rises’ [...]
London-listed firms face tougher fraud rules as watchdog prepares clampdown May 24, 2023 The bosses of London-listed firms are facing tougher scrutiny on fraud and financial reporting from 2025 after Britain's corporate governance watchdog proposed a slew of reforms today.
Regulator probes Deloitte over audit of fashion firm Joules May 9, 2023 The Financial Reporting Council has opened an investigation into the audit of embattled retailer Joules today after Deloitte signed off its accounts prior to the firm’s collapse last year.