Deloitte’s bid to overturn MG Rover collapse tribunal findings succeeds January 30, 2015 Deloitte looks certain to reduce a record £14m fine after succeeding in its appeal to overturn several findings of a tribunal by the accounting watchdog over its role in the collapse of MG Rover. An independent tribunal for the Financial Reporting Council (FRC) today overturned eight of the 13 findings from the original tribunal which took [...]
Practise what you preach – especially if you’re working for a regulator January 25, 2015 It’s an old saying, but you really must practise what you preach. And this is especially important when you work for a regulator of any sort. Having taken up the position of deputy chairman at Quindell this month, Jim Sutcliffe stepped down from his position as chairman of the Codes and Standards Committee at the [...]
UK fraud office ends Autonomy accounts probe January 19, 2015 THE BATTLE between Hewlett-Packard (HP) and the former executives of UK-based software company Autonomy took another turn yesterday as the Serious Fraud Office (SFO) closed its probe into the firm saying there wasn’t enough evidence for a conviction. Autonomy, then a darling of the UK’s technology startup community, was sold to HP for $11.7bn (£7.7bn) [...]
HP vs Autonomy: “Insufficient evidence” to convict, says Serious Fraud Office January 19, 2015 More news on the epic battle between Hewlett-Packard (HP) and UK-based software company Autonomy. The Serious Fraud Office (SFO) said today it has closed its investigation into the British company, despite accusations from HP that it had committed accounting fraud. Autonomy, then a darling of the UK's technology startup community, was sold to HP for [...]
New Quindell deputy chairman Jim Sutcliffe to step down from the Financial Reporting Council January 16, 2015 New Quindell deputy chairman Jim Sutcliffe will step down from his role as chairman of the Financial Reporting Council's (FRC) codes and standards committee "with immediate effect", the organisation said today. Sutcliffe was appointed as Quindell's new deputy chairman earlier this week, causing its shares to rise more than 26 per cent. But the troubled [...]
Why it’s time boards faced up to the corporate culture challenge January 11, 2015 CULTURE in UK business came under the spotlight in 2014, as executive remuneration, market manipulation, supplier arrangements and so on drew comment and criticism. Where does the responsibility lie for ensuring ethical corporate behaviour, and who is accountable when culture is found to be at fault? The Financial Reporting Council’s (FRC) 2014 revision of the [...]
Tesco profit overstatement: PwC faces double investigation by accountancy watchdog FRC December 22, 2014 The Financial Reporting Council (FRC), the regulator for the UK’s accountancy industry, yesterday announced it was launching two separate investigations into the activities of professional services giant PwC. The probes will look into the book-keeping role played by the Big Four accountant in recent scandals involving UK supermarket chain Tesco and banking monolith Barclays. In [...]
Tesco faces investigation by Financial Reporting Council over profit blackhole December 22, 2014 Tesco is facing an investigation by another City regulator over its auditing practices which have come under scrutiny following the revelation of a £263m profit blackhole. The Financial Reporting Council (FRC) will look at the “preparation, approval and audit” of Tesco’s financial statements for the last three financial years stretching back to 2012. The investigation will [...]
Watchdog to shame worst bank auditors December 1, 2014 THREE banks and three auditors have failed a set of tests set by the Financial Reporting Council (FRC), which reviewed their audits, it said today. The audit watchdog fears banks are failing to consistently measure and report loan-loss provisions. Four of the seven auditors reviewed have improved the quality of their work, making sure they [...]
Tesco share price rises as it confirms Serious Fraud Office has launched a criminal investigation October 29, 2014 The Serious Fraud Office has launched a formal criminal investigation into accounting errors at Tesco which led to a £263m profit black hole. Despite that, shares rose 2.6 per cent in mid-afternoon trading. The SFO had previously said it was “following developments at Tesco with interest” after the supermarket’s profit overstatement was first revealed in [...]