Sports Direct’s share price plunges as it delays results amid House of Fraser uncertainty July 15, 2019 Shares in Mike Ashley’s Sports Direct dived this morning after the firm pushed back the publication of its financial results. The retailer blamed the delay on troubles in its recently-acquired House of Fraser business along with increased regulatory scrutiny over auditor Grant Thornton’s inspection of its books. Read more: Sports Direct expected to post 20 [...]
Deloitte fined £6.5m for role in Serco tagging scandal July 4, 2019 Big-Four auditor Deloitte was today fined £6.5m and “severely reprimanded” for its role in Serco’s electronic tag scandal. The Financial Reporting Council fine was reduced to £4.2m after the auditor admitted misconduct in connection to the scandal Serco yesterday agreed a deferred prosecution agreement with the Serious Fraud Office over three offences of fraud and [...]
PwC fined £4.5m for ‘lack of competence’ in Redcentric audit June 13, 2019 The audit watchdog has fined PwC more than £4.5m for a “serious lack of competence” in its audit of IT services firm Redcentric. The Financial Reporting Council (FRC) slammed the auditors’ failure to exercise professional scepticism following an investigation after a £20m black hole was found in Redcentric’s accounts in 2016. Read more: PwC invests [...]
Blackrock warns stewardship code could prevent UK listings May 29, 2019 Blackrock, the world’s biggest asset manager, has warned that proposed changes to disclosure rules could deter companies from listing in London. Responding to a Financial Reporting Council (FRC) consultation on its stewardship code the New York-headquartered firm said heightened disclosure rules could prevent private discussions that are “necessary to support effective dialogue”. Read more: Blackrock [...]
Watchdog hits accountancy firm with £825,000 fine over failings in Laura Ashley audit May 9, 2019 Accountancy watchdog the Financial Reporting Council (FRC) has fined Moore Stephens successor firm MSR Partners for failings in its audit of Laura Ashley. MSR Partners is a successor business of Moore Stephens – which merged with BDO in February. Read more: KPMG stung with £5m fine for Co-op Bank audit failures The FRC fined MSR [...]
KPMG stung with £5m fine for Co-op Bank audit failures as breakup talks roll on May 8, 2019 KPMG has been hit with a £5m fine for misconduct relating to an audit of Co-op Bank. Audit partner Andrew Walker was also fined £125,000, with both “severely reprimanded” by the Financial Reporting Council (FRC). Read more: Watchdog slaps KPMG with £6m fine over insurance audit The Big Four audit giant and Walker admitted their [...]
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 [...]