PwC to reopen UK offices from 8 June following coronavirus lockdown easing June 3, 2020 Big Four accountancy firm PwC said today it would reopen offices across the UK from 8 June as the coronavirus lockdown eases. The firm said it would open its London, Birmingham, Manchester, Leeds, Reading, and Bristol offices from next Monday. Kevin Ellis, PwC UK chair and senior partner, said: “Just because we can work from [...]
FRC probes KPMG and PwC’s Eddie Stobart audits May 26, 2020 The accounting watchdog has opened investigations into audits by KPMG and PwC of haulage firm Eddie Stobart Logistics. In August, Eddie Stobart sacked its chief executive and suspended trading in its shares after an accounting investigation found its 2018 profits had been overstated by £2m. A review of the company’s accounts, undertaken by finance chief [...]
Chair of audit watchdog the FRC Simon Dingemans resigns after less than nine months May 20, 2020 Former Glaxosmithkline finance boss Simon Dingemans has stepped down as chair of audit watchdog the Financial Reporting Council (FRC) less than nine months after taking the role. Dingemans was appointed last July to chair the FRC and oversee its transformation to the Audit, Reporting and Governance Authority (ARGA) after the FRC was heavily criticised for [...]
Regulator calls for early interventions in poor audits to help stop scandals May 6, 2020 The audit regulator today called for accountancy firms to flag poor quality audits sooner to help prevent corporate scandals. The Financial Reporting Council (FRC) said tools for spotting signs of poor quality audits should be used more effectively, following a major review of their use. Last year all of the UK’s leading accounting firms failed [...]
EY investigated over audit of scandal-hit NMC Health May 4, 2020 Regulator the Financial Reporting Council (FRC) said today it had opened an investigation into Big Four firm EY’s audit of scandal-ridden NMC Health. The audit watchdog said it was probing EY’s audit of NMC for the year ended 2018. It said the investigation, which launched on 15 April, is being carried out by its enforcement [...]
Moss Bros delays full-year results amid coronavirus crisis April 14, 2020 Menswear retailer Moss Bros has delayed the publication of its full year results due to the coronavirus pandemic. The company announced this morning that it will postpone its financial results for the year ending 25 January until late July. It had previously planned to publish its accounts in late May. Financial regulators said last month [...]
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 [...]