PwC UK chairman resists calls for Big Four breakup as firm posts record revenues September 17, 2018 The chairman of PricewaterhouseCoopers UK said the Big Four accountant has learnt from its mistakes and improved processes, after it raised revenues despite settling two regulatory investigations in the past year. Kevin Ellis, PwC’s UK chairman and senior partner, told City A.M. he stands by the company’s opposition to breaking up the Big Four accountancy firms, [...]
Companies dragging feet on encouraging boardroom diversity, report claims September 16, 2018 Corporate governance regulator the Financial Reporting Council (FRC) has criticised top British companies for having a lax attitude on encouraging boardroom diversity, accusing businesses of taking a “tick-box” approach. A report conducted by the FRC by the University of Exeter Business School found that only 15 per cent of FTSE 100 companies were in full compliance [...]
Companies dragging feet on encouraging boardroom diversity, report claims September 16, 2018 Corporate governance regulator the Financial Reporting Council (FRC) has criticised top British companies for having a lax attitude on encouraging boardroom diversity, accusing businesses of taking a “tick-box” approach. A report conducted by the FRC by the University of Exeter Business School found that only 15 per cent of FTSE 100 companies were in full compliance [...]
Judge tells Sports Direct to hand over documents in audit watchdog investigation September 11, 2018 A London judge today ruled that Mike Ashley's Sports Direct must hand documents to the accounting regulator to assist with an investigation into its 2016 financial results. Shares in the retailer fell as much as 9 per cent and closed five per cent down following the court judgement. The Financial Reporting Council (FRC) is investigating [...]
Grant Thornton hit with £3m fine for Vimto audit failures August 29, 2018 Accountancy firm Grant Thornton has been fined £3m for misconduct in the auditing of the owner of soft drink Vimto and the University of Salford. Regulator the Financial Reporting Council (FRC) fined Grant Thornton and four of its senior auditors for what it said were “widespread and serious inadequacies”. The fines relate to the audits of [...]
Pensions watchdog says Dominic Chappell knew BHS was insolvent when he bought it for £1 August 22, 2018 Dominic Chappell knew that BHS was insolvent when he bought it for just £1, the pensions watchdog has claimed. It follows fresh revelations in June that the retailer may not have been solvent in 2015, despite being signed off as a going concern by accountants. The Financial Reporting Council (FRC) has already fined PwC a record £10m [...]
KPMG hit with £2.1m fine for misconduct on Ted Baker audit August 20, 2018 KPMG has been fined £2.1m by the accountancy watchdog over its audit of fashion retailer Ted Baker. The Financial Reporting Council (FRC) has fined and “severely reprimanded” the accountancy giant following its admission of misconduct in relation to the audits between January 2013 and January 2014. Senior statutory auditor Michael Barradell has also been fined [...]
PwC slammed for ‘inadequate’ checks on BHS August 15, 2018 Auditing giant PwC has been slammed for multiple failings in its checks on BHS in the days before it was sold for a pound, only a year before the retailer collapse into administration. The firm carried out “inadequate” work on the business, with individuals being “too close to the management”, the Financial Reporting Council has [...]
Draft Project Lord Turnbull Report: MPs call on Serious Fraud Office and National Crime Agency to investigate Lloyd’s-Hbos fraud further June 22, 2018 MPs are calling for an investigation into potential criminality regarding the handling by Lloyds Banking Group of a fraud at its Hbos Reading unit more than a decade ago and into the role of auditor KPMG. The All Party Parliamentary Group on Fair Business Banking, which is chaired by Kevin Hollinrake MP, has urged the [...]
Explosive report published into Lloyds’s handling of HBos Reading fraud case June 19, 2018 Lloyds bank and consultancy giant KPMG came under renewed pressure today following the publication of a damning report into an historic fraud case at HBos’s Reading branch. The internal report by a Lloyds Banking Group employee, who has since departed the firm, details allegations of criminal misconduct by senior bank staff and auditors around the [...]