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 [...]
Accounting watchdog announces investigation into PwC over BHS audit June 27, 2016 The watchdog for the accountancy industry has today announced it will launch an investigation into PwC over BHS. The Financial Reporting Council (FRC) said it will take a closer look at the professional services firm's audit of the retailer for the year ended 30 August 2014. A PwC spokesperson said: "We will co-operate fully with the FRC in its [...]
Accounting watchdog set to announce verdict of probe into KPMG’s HBOS audit June 26, 2016 The accounting watchdog is set to announce the verdict of its probe into KPMG’s audit of collapsed bank HBOS on Monday. The Financial Reporting Council (FRC) met last week to consider the outcome of preliminary enquiries. Read more: FCA confirms it will investigate former HBOS bosses The body said on Thursday that its conduct committee [...]
Accountancy watchdog launches probe into Deloitte over Serco audit off back of fraud squad investigation June 8, 2016 The accountancy watchdog today launched an investigation into Deloitte over the audit of Serco Group, off the back of information uncovered by an ongoing investigation by the Serious Fraud Office (SFO). The Financial Reporting Council (FRC) has said it will be investigating the big four firm in relation to the preparation, approval and audit of the outsourcing company’s [...]
Accountancy watchdog cannot follow up on BHS inquiry as requested because it’s being asked to investigate people who aren’t actually accountants June 7, 2016 The accountancy watchdog today declined to investigate the BHS collapse as thoroughly as one professional body has requested it to, on the grounds that such a probe would fall miles outside of its remit. Responding to a letter from Simon Walker, director general of the Institute of Directors, the Financial Reporting Council's (FRC) chief executive Stephen [...]