Europe agrees to new rules on audit switching December 17, 2013 EUROPEAN politicians struck a deal yesterday that paves the way for new rules forcing companies to switch auditors at least once every 24 years. After years of wrangling and stalled talks, MEPs have agreed in principle to vote for the law, which aims to ensure auditors are better able to flag up problems at their [...]
2013 sees mortage lending rise by a quarter as market warms December 12, 2013 MORTGAGE lending rose by nearly a quarter in the 12 months to October, as prices and activity in the housing market begin to climb again for the first time since the financial crisis. According to figures released by the Council for Mortgage Lenders (CML) yesterday, lending for house purchases rose 24 per cent in the [...]
British accounting watchdog to review bookkeeping at banks December 12, 2013 THE UK’S accounting watchdog will begin reviewing bookkeeping at banks in the second quarter of 2014 to find out why the lessons of the financial crisis are being applied so slowly. Since several banks were bailed out by taxpayers during the 2007-09 crisis, politicians have been asking why auditors gave the lenders a clean bill of [...]
City Matters: It’s time for financial results to reflect the new face of post-crisis business December 8, 2013 ONE OF the charges that has often been laid against the City in recent years is that it has been too focused on short-term value. Many things have changed as a result of the crash, and one of them has been an increased awareness that the way companies currently report results is not fit for [...]
What the other papers say this morning – 21 November 2013 November 20, 2013 FINANCIAL TIMES Obama snubs Fannie-Freddie plan The White House came out against a proposal by a group of hedge funds to take over and recapitalise the core operations of Fannie Mae and Freddie Mac, the US mortgage finance giants, saying it risked creating two new “too big to fail” institutions. Gene Sperling, the White House [...]
Deloitte can appeal part of its Rover fine November 20, 2013 DELOITTE has been given permission to appeal part of the record £14m punishment imposed for its work with the ill-fated car company MG Rover. The accounting firm is allowed to contest six of the 13 findings against it, the Financial Reporting Council said yesterday. Deloitte and one of its former partners were penalised in September [...]
What the other papers say this morning – 15 November 2013 November 14, 2013 FINANCIAL TIMES Ofgem clashes with energy firms Network charges, identified by energy suppliers as a reason for inflation-busting price rises, are not going up as much as companies say, according to the UK’s energy regulator. Energy suppliers have blamed higher bills on rising costs in three areas: the wholesale energy they buy on international markets; [...]
City Moves for 15 November 2013 | Who’s switching jobs November 14, 2013 Sullivan & Worcester The law firm has announced the hire of Mark Norris as a finance partner in its London office. He was most recently at Squire Sanders, where he was a banking and finance partner. Norris has previously held various roles at Simmons & Simmons and Clifford Chance. PwC Michael Spiteri has joined the professional services [...]
Auditors told to reveal more about risks threatening firms November 6, 2013 COMPANIES and auditors should be clearer about the risks that could threaten the business when they report to investors, the accounting watchdog said yesterday. The Financial Reporting Council want firms to say more than just whether they can function for the next 12 months as a “going concern”. Auditors will continue to sign off a [...]
What the other papers say this morning – 06 November 2013 November 5, 2013 FINANCIAL TIMES NHS chief says service bogged in law The NHS is becoming “bogged down in a morass of competition law” which is leading to higher costs and making it harder to reorganise services in the interests of patients, its chief executive said yesterday. Giving evidence to the health select committee, Sir David Nicholson suggested [...]