Big Four firm KPMG has been slammed by Britain’s accountancy watchdog June 18, 2018 Big four accountancy firm KPMG was slammed this afternoon for the “unacceptable deterioration” in the quality of its audit work. The industry’s watchdog, the Financial Reporting Council (FRC), said the firm, which audited Carillion before its collapse in January, will now face increased scrutiny. Half of KPMG’s FTSE 350 audits are “in need of more [...]
MPs to Lloyds Banking Group: ‘We will publish report on HBOS Reading fraud’ June 15, 2018 A cross-party group of MPs today said it will publish a report on an alleged cover-up by Lloyds executives of fraud at acquisition target HBOS at the height of the financial crisis. The All-Party Parliamentary Group on Fair Business Banking will put the report in the public domain within seven days of a letter sent [...]
Financial regulator publishes new principles for private companies in wake of high-profile collapses such as BHS June 13, 2018 The Financial Reporting Council (FRC) has today published a set of principles intended to improve governance at private companies in the wake of scandals such as the BHS collapse. The FRC, which regulates accountants, has published the proposed principles today after an extensive review led by construction boss James Wates. Read more: BHS and Carillion [...]
PwC faces record-breaking £10m fine over poor BHS audit June 12, 2018 Big Four accountancy giant PwC has been slapped with a record £10m fine from the Financial Reporting Council (FRC) for its work auditing retailer BHS prior to its sale for £1. The PwC partner who conducted the audit, Steve Denison, is also facing a personal fine of £500,000 from the FRC relating to his work [...]
PwC faces record-breaking £10m fine over poor BHS audit June 12, 2018 Big Four accountancy giant PwC has been slapped with a record £10m fine from the Financial Reporting Council (FRC) for its work auditing high street retailer BHS, prior to the chain's sale for just £1. The PwC partner who conducted the audit, Steve Denison, is also facing a personal fine of £500,000 from the FRC relating [...]
Carillion collapse: Fail to learn and ‘I don’t think we’ll have a profession in 20 years time’, says accounting chief May 16, 2018 Big Four giants Deloitte, PwC, EY and KPMG face extinction if they fail to learn the lessons from the failure of contracting giant Carillion, the head of Britain’s leading accountancy institution warned this morning. Carillion’s mid-January collapse is a “watershed moment” for accountants both big and small, Institute of Chartered Accountants in England & Wales [...]
KPMG could face questions from auditor watchdog after Conviviality’s downfall April 22, 2018 The auditor of wine retailer and supplier Conviviality could face questions over its role in the company’s collapse. The Financial Reporting Council (FRC) confirmed to City A.M. that it was “looking closely at the reported accounting issues at Conviviality”. “If the relevant threshold tests are met in relation to accountants at the company and/or its [...]
Legal & General boss Sir John Kingman in line to spearhead audit watchdog probe April 4, 2018 The chairman of Legal & General is on the shortlist to lead an investigation into Britain’s top accounting regulator, according to reports. Sir John Kingman, previously a prominent figure in Whitehall as Treasury second permanent secretary, is among those being considered to spearhead a review of the Financial Reporting Council (FRC). The candidate could be [...]
Carillion finance chiefs investigated by top accounting regulator the Financial Reporting Council March 19, 2018 Britain’s top accounting regulator has launched a probe into the actions of two of Carillion’s former finance chiefs. In a widely expected move, Richard Adam and Zafar Khan are being investigated by the Financial Reporting Council (FRC). Carillion’s 2014, 2015 and 2016 annual accounts are to be probed as well as its figures for the [...]
“Shorter, sharper” corporate governance code welcomed as step to restore public’s trust in business December 5, 2017 The UK’s top accounting regulator today publishes a “shorter, sharper” corporate governance code that aligns the pay of top execs and workers. Proposals by the Financial Reporting Council (FRC) were welcomed by leading HR and governance bodies. The code includes requirements for UK firms to ensure board appointments are “based on merit” rather than “group [...]