Watchdog will probe accounts for Autonomy February 11, 2013 THE ACCOUNTING watchdog has opened a probe into former FTSE 100 software firm Autonomy’s accounts for the years leading up to its controversial takeover by Hewlett-Packard. The Financial Reporting Council said yesterday it will look at Autonomy’s reporting between 1 January 2009 and 30 June 2011, shortly before the $11.1bn (£7bn) offer from HP was [...]
Auditor Ernst & Young cleared over Lehman January 29, 2013 ERNST and Young will not face any action relating to its work with Lehman Brothers in the year before the bank’s collapse, the Financial Reporting Council ruled yesterday. The Big Four auditor had faced claims it had been too lenient on the bank, signing off their reports into its European arm despite Lehman breaking the [...]
Watchdog says boards should look for risks on the horizon January 29, 2013 COMPANY boards and auditors need to be more vigilant about long-term risks to financial health, according to tighter rules from the Financial Reporting Council written in the wake of the credit crisis. The FRC said today it wants directors to consider threats to their business models and capital levels at least a year into the [...]
Watchdog says local councils will struggle to balance budget January 29, 2013 LOCAL government faces a funding crisis and many authorities could be forced to make substantial cuts to core services, according to a report released today by the National Audit Office (NAO). The NAO estimates that local authorities are planning to reduce spending by £4.6bn by April 2013 but councils still need to identify about half [...]
Audit watchdog hikes business levy by 8.5pc January 22, 2013 THE UK’S audit watchdog has announced plans to hike levy rates by 8.5 per cent. The Financial Reporting Council (FRC)’s move was criticised by firms yesterday but the regulator said the increase was necessary as it attempts to clear a backlog of cases and deals with extra regulation. The FRC is upping its budget by 10 [...]
Why Dodd-Frank is pushing the US towards impending financial crisis January 17, 2013 IT’S been more than two years since the Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law by Barack Obama. Passed in the aftermath of the financial crisis, and involving some of the most significant changes to regulation since the Great Depression, regulators have been writing rules at an astonishing pace ever [...]
Aviation one of five sectors set to suffer in 2013 January 16, 2013 FIVE struggling sectors of the economy could face more woe in 2013, says a report released yesterday. Aviation, care homes, farming, local authorities and NHS trusts are the five most likely sectors to come in for financial distress over the coming year, according to forecasts from Begbies Traynor, due to funding and demand squeezes. Airlines face a [...]
Europe will dominate audit in 2013 January 15, 2013 Involvement with the EU on legislation and regulation is crucial THE Mayans’ reputation as expert astrologers and doomsday forecasters recently took a knock when 21 December 2012 came – and safely went. You could argue that we shouldn’t have paid so much attention to this forecast, given that the Mayans spectacularly failed to predict there [...]
Our at-a-glance guide to Osborne’s mini-Budget December 5, 2012 THE UK ECONOMIC OUTLOOK ■ The Office for Budget Responsibility (OBR) has revised down its forecast for UK growth and revised up its forecast for public sector borrowing. It says the government is no longer likely to meet its target of reducing debt as a proportion of GDP in 2015-16, breaking its supplementary fiscal rule. [...]
The HP Autonomy allegations reveal US-UK differences November 22, 2012 ANOTHER US-UK economic conflict is brewing, following HP’s revelation that it has taken an $8.8bn (£5.5bn) write-down. It comes after the claim that it had discovered “serious accounting improprieties” at Autonomy, the British software company. Autonomy completely denies the allegations, of course. But like Standard Chartered’s run-in with the New York regulator over Iranian sanctions, [...]