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 [...]
UK’s top accounting watchdog wants more powers from parliament following KPMG-HBOS probe November 30, 2017 The top accounting watchdog in the UK has called for accountants to be held to higher standards when auditing companies, after a probe into KMPG’s audits of HBOS in the run-up to the lender’s collapse failed to find the accountant guilty of misconduct. Read more: KPMG has been cleared of wrongdoing over its 2007 HBOS [...]
Mitie Group share price drops as it reveals another FRC investigation and announces drop in profit and revenue November 20, 2017 Mitie Group has revealed the accounting watchdog has opened another investigation into the group’s financial statements, as it unveils its first half results. The figures Revenue was up four per cent in the first half of 2017, from £922.6m to £959.7m. Operating profit dropped 38.1 per cent to £14.8m from £23.9m. Basic earnings per share [...]
KPMG has been cleared of wrongdoing over its 2007 HBOS audit September 19, 2017 KPMG has been absolved of responsibility by the accounting watchdog over its auditing of HBOS in the run-up to the bank’s collapse in 2008, saying at the time there was no evidence market conditions would take such a dramatic turn. The Financial Reporting Council (FRC) said today after a detailed investigation, it had decided it [...]
BT and Rolls-Royce investigations: Auditors are not there to find fraud, says accounting body boss July 13, 2017 Accounting investigations into audit sign-offs of two British stalwarts are not a sign the profession is in crisis, a senior figure at the Institute of Chartered Accountants in England and Wales (ICAEW) said today. But Vernon Soare, the ICAEW’s chief operating officer, admitted there is an “expectation gap” over the role of the auditor. KPMG [...]
Oscars Best Picture screw-up: City stalwart is investigating how the award was handed to the wrong film February 27, 2017 Last night's Oscars ceremony took a surprising and extremely awkward turn when the big prize – the Best Picture award – was mistakenly handed to the wrong film. Stars Warren Beatty and Faye Dunaway announced that La La Land had won, as was widely expected. The film's producers were midway through their acceptance speeches when Beatty interrupted [...]