Watchdog eases cash call cap to help firms raise cash amid coronavirus outbreak April 1, 2020 The Pre-Emption Group (PEG) has said existing investors in UK-listed companies should be allowed to buy a bigger share of rights issues, in a move that could make it easier for firms to raise cash amid the coronavirus pandemic. The Financial Reporting Council (FRC) said the Pre-Emption Group (PEG) of listed companies, investors and intermediaries [...]
Coronavirus: Thousands of UK pubs and restaurants at risk of collapse March 30, 2020 Thousands of UK pubs and restaurants could collapse due to coronavirus, as the latest research showed that insolvencies in the sector spiked before the outbreak. The number of restaurant and pub insolvencies jumped 10 per cent last year to 1,452 and 526 respectively, highlighting the weak state of the UK’s leisure sector before the pandemic. [...]
Coronavirus: FTSE firms get an extra two months to publish results March 26, 2020 The Financial Conduct Authority (FCA) today said listed companies could have an extra two months to publish their financial results. In a joint statement with audit regulator the Financial Reporting Council (FRC) and the Bank of England’s Prudential Regulation Authority (PRA), the FCA said: “Companies and their auditors currently face unprecedented challenges in preparing and [...]
Coronavirus: British companies rush to mothball results after City watchdog calls for delay March 23, 2020 British companies are rushing to delay the publication of their results following an unprecedented call from the financial regulator for results to be suspended due to the coronavirus crisis. The Financial Conduct Authority (FCA) said late on Saturday that listed firms planning to report preliminary results in the next few days should mothball them for [...]
Coronavirus: FCA urges companies to delay publication of preliminary results March 22, 2020 The City watchdog today urged listed companies to suspend the publication of their interim results for at least two weeks. The Financial Conduct Authority (FCA) said: “The unprecedented events of the last couple of weeks mean that the basis on which companies are reporting and planning is changing rapidly.” It said companies needed to give [...]
Coronavirus: Audit regulator says financial results could be delayed as it holds weekly calls with big accountancy firms March 16, 2020 The audit watchdog the Financial Reporting Council (FRC) said today it was holding weekly calls with large accountancy firms amid worries the coronavirus epidemic could disrupt audits and delay financial reports. The FRC issued updated guidance for auditors today which it said may be “facing practical difficulties in carrying out audits as a result of [...]
EY appoints audit chief to run UK and Ireland business March 12, 2020 EY has picked its audit chief to run its UK business, continuing the Big Four’s woeful record of senior female leadership. Hywel Ball, who has been with the firm for 35 years, was today appointed as UK and Ireland managing partner from 1 July, succeeding Steve Varley. Ball’s selection over potential female candidates continues the [...]
Long awaited audit reforms could start this year, says audit watchdog boss March 5, 2020 The long-promised reform of the UK audit sector could start this year with voluntary changes by the Big Four accounting firms, the audit watchdog said today. The collapse of outsourcer Carillion in 2018 prompted three reviews of the sector and two years on there have been calls from MPs and industry figures to speed up [...]
Big Four continue to dominate FTSE 100 despite growing pressure March 2, 2020 The dominance of the Big Four serving the FTSE 100 continued in the first quarter despite growing regulatory pressure. The Big Four were the only auditing firms to serve the FTSE 100 last quarter with PwC retaining the top spot with 27 clients, closely followed by KPMG’s 26. Deloitte and EY served 25 and 22 [...]
FRC tells Big Four auditors to accelerate break-up plan February 27, 2020 The Financial Reporting Council (FRC) has told the Big Four to accelerate the ring-fencing of their audit businesses by strengthening independent governance and improving financial transparency. The regulator wrote to Deloitte, EY, KPMG and PwC this week to set out details of the ‘operational separation’ blueprint, according to Sky News. The FRC is reported to [...]