Big Four faces auditing probe November 5, 2009 THE big four accountancy firms have been put on notice over possible conflicts of interest stemming from the growing overlap of internal and external audit services. The Financial Reporting Council (FRC) has launched a three-month inquiry after details of a deal between KPMG and Rentokil were made public. The controversial contract provides a “deeper” service [...]
Big Four accountants retain hold over blue-chip audit jobs October 27, 2009 ATTEMPTS to inject more competition into firms that audit UK company books have suffered a setback as figures released yesterday showed the “Big Four” accountants maintaining their stranglehold on the sector. The Financial Reporting Council (FRC) set up a market participants group three years ago which made recommendations to spread this business more evenly. It [...]
Accounting firms facing ban on sale of products to audit clients October 6, 2009 SOME of the City’s biggest accounting firms are facing restrictions on the services they can sell to audit clients, after the financial reporting watchdog launched a review of rules designed to maintain auditor independence. The Auditing Practices Board (APB), a division of the Financial Reporting Council, said it would review whether the sale of non-audit [...]
ABI joins FSA Osborne row August 5, 2009 TORY shadow chancellor George Osborne is facing mounting opposition over his plans to scrap City watchdog the Financial Services Authority (FSA), with the Association of British Insurers (ABI) now lobbying against the move. The ABI believes the FSA has shown it can adapt to a new era of regulation, and disagrees with Osborne’s plans to [...]
MYNERS: BANK BOFFINS CAN’T REPLACE THE FSA July 22, 2009 CITY minister Lord Myners yesterday launched a scathing attack on Tory plans to transfer huge regulatory powers to the Bank of England, claiming the central bank neither wants nor has the right skills for the job. “They have misjudged the competence and culture of the Bank of England. The Bank is a very academic institution. [...]
Haddrill seizes FRC opportunity May 20, 2009 Former civil servant Stephen Haddrill is leaving trade body the Association of British Insurers (ABI) to succeed Paul Boyle as chief executive of the Financial Reporting Council (FRC), the regulator for accounting and corporate governance. The ABI said it has begun the search for a new director-general.