Big Four auditors EY, KPMG, Deloitte and PwC face SEC probe over conflicts-of-interest March 16, 2022 The US watchdog tasked with regulating financial markets has launched an investigation into potential conflicts of interest in the Big Four accountancy companies. The US Securities and Exchange Commission (SEC) has set up a probe into whether the Big Four’s businesses selling consulting and non-audit services undermine their ability to provide objective and independent audits, [...]
UK accountancy watchdog fines KPMG £1.25m over audit of bar chain Revolution March 8, 2022 Britain’s accountancy watchdog today fined KPMG £1.25m over its audit of bar chain company Revolution. The UK’s Financial Reporting Council (FRC) fined Big Four accountancy giant KPMG £1.25m and former-KPMG director Michael Neil Frankish £50,000, over failures in the audit of Revolution Bars Group’s accounts for the financial year 2015/16. The fines come after FRC [...]
UK government to set out plans for audit watchdog overhaul imminently after years of delays February 14, 2022 UK government ministers will set out their plans to reform regulation of the UK’s auditing industry within the coming weeks, after calls for an overhaul first emerged in 2018 in response to the collapse of UK construction contractor Carillion. The proposals are currently being circulated and are set to be signed off imminently, according to [...]
UK watchdog probes audit of Sanjeev Gupta’s Liberty Commodities, in wake of Greensill scandal February 10, 2022 The UK’s audit watchdog has launched an investigation into HW Fisher’s audit of Sanjeev Gupta’s metals trading company Liberty Commodities, after eight companies linked to the steel magnate borrowed up to £400m from collapsed firm Greensill Capital. The Financial Reporting Council (FRC) said it has launched a probe into London accountant HW Fisher’s audit of [...]
Former KPMG auditors claim watchdog failed to give them a fair hearing over Carillion allegations February 10, 2022 The former KPMG employees being investigated by the UK’s accountancy watchdog over their work auditing collapsed construction giant Carillion have claimed the regulator has failed to give them a fair hearing. The former KPMG employees said the Financial Reporting Council (FRC) did not give them an opportunity to answer all of the allegations against them, [...]
UK government appoints four new directors to FRC in shakeup of audit regulator February 8, 2022 The UK government has put four new directors on the board of the Financial Reporting Council (FRC), amid a shakeup of the UK’s audit regulator. The appointments come after former Rio Tinto chairman Sir Jan du Plessis – the government’s pick to head the Financial Reporting Council (FRC) – said the watchdog is in a [...]
UK accounting watchdog probes PwC over Kier and Galliford Try audits February 7, 2022 The UK’s accounting watchdog is investigating PwC’s audits of two of Britain’s biggest construction companies. Big Four accountancy firm PwC is being investigated by the UK’s Financial Reporting Council (FRC) over its audits of construction giants, Kier and Galliford Try, according to The Financial Times. The FRC’s probe into PwC’s audit of Galliford Try comes [...]
Accountancy body accused of ‘injustice’ after pocketing £13m in KPMG fines February 5, 2022 The UK’s professional body for accountants has been accused of “rank injustice” for pocketing the £13m in fines against KPMG over the Silentnight pension scandal. The Institute of Chartered Accountants in England and Wales (ICAEW) will keep all the money, despite accusations it is benefiting from the misbehaviour of those within its profession, The [...]
KPMG dishes out record pay to partners and £100m bonuses to staff February 1, 2022 Partners at KPMG have voted to invest £300m into a “once-in-a-generation” transformation of KPMG’s business, after handing out £100m in bonuses on the back of a “resilient” performance last year. The professional services firm said it would be handing out £100m in bonuses to its 14,700 staff, as it said KPMG partners were handed their [...]
Six in ten FTSE 350 companies fail to fully comply with governance code January 31, 2022 Sixty per cent of FTSE 350 companies are not fully compliant with the UK’s Corporate Governance Code, according to new research from Thomson Reuters.