PwC UK chairman resists calls for Big Four breakup as firm posts record revenues September 17, 2018 The chairman of PricewaterhouseCoopers UK said the Big Four accountant has learnt from its mistakes and improved processes, after it raised revenues despite settling two regulatory investigations in the past year. Kevin Ellis, PwC’s UK chairman and senior partner, told City A.M. he stands by the company’s opposition to breaking up the Big Four accountancy firms, [...]
Companies dragging feet on encouraging boardroom diversity, report claims September 16, 2018 Corporate governance regulator the Financial Reporting Council (FRC) has criticised top British companies for having a lax attitude on encouraging boardroom diversity, accusing businesses of taking a “tick-box” approach. A report conducted by the FRC by the University of Exeter Business School found that only 15 per cent of FTSE 100 companies were in full compliance [...]
Companies dragging feet on encouraging boardroom diversity, report claims September 16, 2018 Corporate governance regulator the Financial Reporting Council (FRC) has criticised top British companies for having a lax attitude on encouraging boardroom diversity, accusing businesses of taking a “tick-box” approach. A report conducted by the FRC by the University of Exeter Business School found that only 15 per cent of FTSE 100 companies were in full compliance [...]
EY boss hits back at calls to break up Big Four September 13, 2018 The global chief executive of EY has hit back at criticism of the Big Four financial services firms, which have been slammed for the lack of competition in the audit market following high-profile corporate collapses. The company, which today announced boosted global revenue of $34.8bn in the financial year to the end of June, came under [...]
EY boss hits back at calls to break up Big Four September 13, 2018 The global chief executive of EY has hit back at criticism of the Big Four financial services firms, which have been slammed for the lack of competition in the audit market following high-profile corporate collapses. The company, which today announced boosted global revenue of $34.8bn in the financial year to the end of June, came under [...]
Judge tells Sports Direct to hand over documents in audit watchdog investigation September 11, 2018 A London judge today ruled that Mike Ashley's Sports Direct must hand documents to the accounting regulator to assist with an investigation into its 2016 financial results. Shares in the retailer fell as much as 9 per cent and closed five per cent down following the court judgement. The Financial Reporting Council (FRC) is investigating [...]
Lloyd’s of London hires former QBE chief John Neal as new CEO September 7, 2018 John Neal has been appointed as chief executive of Lloyd's of London, succeeding Inga Beale, who had been in the role since 2013. His appointment was ratified after a meeting of the Council of Lloyd's where his appointment was unanimously approved. He will begin his new role at Lloyd’s on 15 October 2018. Previously John Neal [...]
City watchdog chair Charles Randell says Big Four needs to improve audit quality ‘as a matter of urgency’ September 6, 2018 City watchdog chairman Charles Randell launched a withering attack on the Big Four accountancy firms today, calling for the profession to address audit quality "as a matter of urgency". In a speech marking 10 years since the start of the financial crisis, Randell said it was “very disappointing” to see that the Financial Reporting Council’s audit [...]
There’s nothing artificial about AI’s influence on the financial world August 31, 2018 Research by PwC estimates that global GDP will be 14 per cent higher in 2030 as a result of artificial intelligence (AI). That’s the equivalent of an additional $15.7 trillion, or more than the current output of China and India combined. If this is the case, how exactly will the City’s financial services sector change [...]
Grant Thornton hit with £3m fine for Vimto audit failures August 29, 2018 Accountancy firm Grant Thornton has been fined £3m for misconduct in the auditing of the owner of soft drink Vimto and the University of Salford. Regulator the Financial Reporting Council (FRC) fined Grant Thornton and four of its senior auditors for what it said were “widespread and serious inadequacies”. The fines relate to the audits of [...]