Accounting giant PWC posts global revenue rise of $35.9bn October 4, 2016 Accounting and professional services giant PWC last night toasted $35.9bn (£27.9bn) in global revenues in its latest year to 30 June. The tally represents a 1.5 per cent increase on the same period last year and close to 7.5 per cent growth at constant exchange rates. However, that revenue growth has slowed from the 9.9 per [...]
Sir Win Bischoff: Trustworthy information isn’t enough – trustworthy behaviour in a company is equally as important September 20, 2016 What can business do to rebuild public trust? There may be no silver bullet, but there is no doubt that corporate behaviours need to be closely aligned with long-term value creation for all stakeholders. With the government and others taking a close interest in issues that portray business as out of touch, firms face a [...]
Three former Tesco executives have been charged by the SFO in relation its accounting scandal September 9, 2016 Three former Tesco executives have been charged with fraud by the Serious Fraud Office (SFO) in relation its accounting scandal. The ex-financial director Carl Rogberg, former commercial director John Scouler and the former UK managing director Christopher Bush have been charged for their role in the retailer's profit overstatement. They have each been charged with one count of [...]
PwC pays largest ever uncontested fine to Financial Reporting Council over Cattles audit sign-off August 31, 2016 The Financial Reporting Council (FRC) today fined PwC £2.3m in relation to the 2007 audit of failed sub-prime lender Cattles. The fines are the highest ever imposed by the FRC for an uncontested disciplinary hearing and only surpassed by the £3m of penalties accepted on appeal by Deloitte in connection with the failure of MG Rover. Total fines of £3.5m were reduced [...]
Ex-Tesco finance chief cleared over accounting scandal August 31, 2016 Tesco's former finance chief Laurie McIlwee has been cleared by the Financial Reporting Council (FRC) over the supermarket's accounting scandal two years ago. The FRC was investigating McIlwee after it emerged in 2014 that the company had been overstating its profits in its accounts stretching back to 2012. McIlwee resigned his position as chief financial officer in April 2014, five [...]
Watchdogs need to learn new tricks: MPs slam regulators over handling of HBOS collapse July 26, 2016 MPs have today slammed the finance industry's watchdogs for their failings in handling the HBOS scandal. The report from the Treasury select committee criticised the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), and, in particular, the FCA's predecessor – the Financial Services Authority (FSA) – for various shortcomings in conducting their review. In particular, the MPs highlighted the [...]
Embrace culture to boost your business, new report tells the boardroom July 20, 2016 Boardrooms need to focus their efforts on instilling the right culture to protect their business interests and boost their bottom lines, a report out today argues. Based on discussions with chairmen, chief executives, investors and stakeholders, the research from the Financial Reporting Council (FRC) made seven key observations which needed to be acknowledged to improve [...]
MPs want the investigation into PwC’s audit of BHS to be extended July 6, 2016 MPs inquiring into the demise of BHS want the investigation of PwC's audit of the company's accounts to be extended. The Financial Reporting Council's (FRC) investigation is looking into PwC's conduct in auditing BHS' accounts in the year ending August 2014, but Frank Field MP, chair of the Work and Pensions committee and Iain Wright MP, chair of the Business and [...]
Accounting watchdog announces investigation into KPMG over HBOS June 27, 2016 The accountancy watchdog has launched an investigation into KPMG over its audit of HBOS. Specifically, the Financial Reporting Council (FRC) is looking into the conduct of KPMG Audit relating to its audit of HBOS for the year ended 31 December 2007. In 2008, HBOS collapsed and needed to be bailed out by Lloyds, shortly after the [...]