Audit re-appointments waved through by shareholders despite year of failures in sector October 25, 2018 Shareholders overwhelmingly vote to back the re-appointment of company auditors despite widespread controversies in the sector, new research shows. Analysis of annual general meeting votes in 2018 by outsourcing firm Equiniti has found that the average votes in favour of re-appointing an auditor ranged from 97.6 per cent to 99.5 per cent across the FTSE [...]
No-deal Brexit would hit house prices – but not as hard as the financial crisis, says Moody’s October 24, 2018 UK house prices could tumble in the event of a no-deal Brexit, but would not fall as far they did during the financial crisis a decade ago, rating agency Moody’s said. There would be “outright declines in house prices nationally” if Britain crashes out of the European Union without a deal next March, analysts said. [...]
FRC calls on firms to account for Brexit impact in annual reports October 24, 2018 The Financial Reporting Council (FRC) has told listed companies to lay out how leaving the EU could impact their business in their financial reports due shortly after Brexit. In an open letter to the UK’s finance directors and audit committee chairs, the FRC said they must clearly identify specific Brexit challenges such as changes in import [...]
Firms told to improve corporate reporting standards October 24, 2018 Businesses have been told to up their game in key elements of corporate governance and reporting, after a review found a multitude of basic errors and misapplications of the UK corporate governance code in reports. The Financial Reporting Council (FRC), a watchdog and regulator which aims to promote transparency and integrity in business, made the findings [...]
Santander chair on shortlist to lead new government-backed audit review October 22, 2018 The chair of Santander UK has been shortlisted to lead a new, government-backed review into the future of Britain’s audit sector, following a series of scandals. Baroness Vadera, a former investment banker and key ally of Gordon Brown, whom she served as a minister, was named by the Times as a candidate to lead the [...]
Audit’s perfect storm: How bean counters found themselves at the centre of a public uproar October 21, 2018 On the the surface, there is little reason for audit to get the blood pumping. The reality, however, is quite different, and threatens to present the sector’s biggest players – sprawling multi-nationals used to finding that all news is good news when you count the beans – with the toughest challenge they have seen in [...]
Embattled Patisserie Valerie boss steps down from The Restaurant Group amid financial fiasco October 15, 2018 Patisserie Valerie’s boss has resigned from his role on the board of The Restaurant Group (TRG) “with immediate effect”, as he vies to keep the cake firm afloat in the wake of an accounting scandal. Paul May has stood down from his position at the group, which owns brands such as Frankie & Benny's and [...]
Patisserie Valerie finance director arrested and released on bail as fraud probe launched October 12, 2018 Suspended Patisserie Valerie company finance director Chris Marsh has been arrested and released on bail, the company announced this morning, as the Serious Fraud Office (SFO) opened a criminal investigation into potential fraud at the company. Marsh was suspended on Wednesday after the high street cake shop revealed it had been notified of "significant and [...]
Competition watchdog launches review of audit sector October 9, 2018 The competition watchdog today confirmed it has launched a probe into the UK's audit sector, ending weeks of speculation. The Competition and Markets Authority (CMA) said it will review whether the sector is competitive and resilient enough to maintain high standards. Calls to review the sector and possibly break up the "Big Four" of PwC, KPMG, Deloitte and EY [...]
Five key takeaways from the FRC’s audit sector report October 8, 2018 The Financial Reporting Council (FRC), the audit sector’s watchdog, released its annual Developments in Audit report yesterday, outlining key challenges faced in the sector and assessing the current state of the profession. Audit is under close scrutiny at the moment, as politicians and regulators look closely at the dominance of the Big Four audit firms Deloitte, [...]