Severn Trent chairman to step down as water firm implements new business plan May 7, 2019 Water firm Severn Trent said today its chairman Andrew Duff is to step down after nine years at the helm. Read more: Locals' attempts to thwart Severn Trent's Dee Valley Water takeover fails The departure comes amid the company gearing up to implement its new business plan after being awarded fast track status by Britain’s [...]
Watchdog slaps KPMG with £6m fine over insurance audit April 30, 2019 A financial watchdog has stung KPMG with a £6m fine and “severely reprimanded” the auditor after finding fault with how an insurance audit was conducted. Read more: KPMG examining audit spin-off in wake of damning report from MPs KPMG must also carry out an internal review following the Financial Reporting Council’s (FRC) findings, which relate [...]
BBC retains troubled outsourcer Interserve to provide security across its UK sites April 26, 2019 Embattled public sector outsourcer Interserve has been tasked with guarding the BBC’s entire UK estate for the next three years, in a contract award worth £47m. Read more: FRC investigates Grant Thornton audits of Interserve The announcement, seen by City A.M. last night, means Interserve’s security brand First Security will continue providing services for the [...]
Interserve finance boss throws in the towel weeks after administration April 24, 2019 Interserve’s finance chief will quit the company just weeks after it fell into the hands of its lenders having buckled under the weight of a £730m debt pile. Read more: FRC investigates Grant Thornton audits of Interserve Mark Whiteling, chief financial officer at the outsourcing giant for just 18 months, informed colleagues this week that [...]
Major companies could be exempt from joint audit rules in competition watchdog report April 14, 2019 The UK’s competition watchdog reportedly could exclude some major companies from a new rule that would require many business to appoint joint auditors. Sky News reported that the Competition and Markets Authority (CMA) is set to publish its long awaited report into the audit sector this week. According to the report, the CMA has been [...]
Amey ‘makes fresh £300m bid’ for freedom from Birmingham roadworks contract April 14, 2019 Outsourcer Amey has offered £300m to Birmingham city council in a bid to free itself from a 25-year contract to repair roads in the city, according to reports. Read more: FRC investigates Grant Thornton audits of Interserve The struggling UK company has been trying to buy its way out of the troublesome contract for months, after [...]
FCA to investigate Wasps rugby club over financial statements April 12, 2019 Wasps Rugby Club is reportedly under investigation by the Financial Conduct Authority (FCA) over whether it misled the market about its financial position. Read more: City watchdog strengthens post-Brexit ties with Australian regulator The UK's financial regulator is looking into the Premiership side's financial results from 2017 after it was revealed that the club had [...]
Accounting watchdog to investigate audits of outsourcer Interserve’s financials by Grant Thornton April 11, 2019 Britain’s accounting watchdog has started investigating the audits of Interserve by Grant Thornton, weeks after the outsourcer collapsed into administration. The Financial Reporting Council (FRC) said this morning it is looking into Interserve’s accounts in 2015, 2016 and 2017. Read more: Interserve begins its new life as a private company Last month, Interserve finally collapsed into [...]
MPs call for full breakup of audit’s Big Four in wake of scandals April 2, 2019 MPs have triggered a war of words in the City after calling for a radical breakup of accountancy’s Big Four firms. A highly-anticipated report by the Business, Energy and Industrial Strategy (Beis) Committee, released today, said the audit and consultancy arms of Deloitte, EY, KPMG and PwC should be forcibly divided to drive up competition [...]
Institute of Directors concerned over future of UK corporate governance under new audit regulator March 21, 2019 The Institute of Directors has expressed concern over the future of corporate governance in the UK following the establishment of a new audit regulator. The influential business organisation said the proposed regulator that is set to replace the Financial Reporting Council (FRC), which is being abolished in the wake of a string of corporate scandals, [...]