Tech wins: UK sector retains No1 spot in Europe December 21, 2022 Despite a rough year on all financial fronts, UK’s tech sector retained the top spot in Europe. The country’s tech sector showed resilience with the fast-growing UK tech companies raising funds at near-record levels (£24b),which was substantially more than France (£11.8 b) and Germany (£9.1 b) combined. UK’s tech sector has raised nearly £100b over [...]
UK’s audit watchdog calls on top accounting firms to boost measures against exam cheating December 21, 2022 The UK’s accounting watchdog has called on Britain’s seven largest auditors to improve the measures they have in place to prevent cheating on exams, following a series of international cheating scandals involving the world’s biggest audit firms. In a letter seen by City A.M., the UK’s Financial Reporting Council (FRC) called on the country’s top [...]
Fees paid to FTSE 100’s auditors hit record sums of more than £1bn December 20, 2022 The UK’s top 100 listed companies paid more than £1bn to their auditors for the first time in 2021/22, following a steady uptick in audit fees linked to a tougher stance from the UK’s accounting regulator. FTSE 100 companies paid a record £1.01bn to their auditors for both audit and non-audit services, in the year [...]
KPMG chief snubs global split as consulting arm drives growth in revenues December 13, 2022 The global head of KPMG today slapped down suggestions it might follow EY in pursuing a global split, in claiming the accounting firm’s strong financial performance “validates” its current approach. KPMG chief executive Bill Thomas rejected plans for a split in claiming the Big Four firm’s results “validates an unwavering commitment to deliver services… through [...]
Building gains: Balfour Beatty lifts end-of-year outlook after profit and revenue boost December 8, 2022 Shares for UK-based infrastructure giant Balfour Beatty were up 2.2 per cent following a boost in expectations for revenue and profit. The construction company said it was five per cent ahead of 2021’s £16.1bn in terms of its order book, as it raised expectations for its full year report. Balfour Beatty also raised prospects for [...]
KPMG’s failings led to Carillion’s collapse, High Court lawsuit says November 28, 2022 KPMG’s incompetence in its audits of Carillion played a core part in the construction giant’s 2018 collapse, Carillion’s liquidators have said, as part of a £1.3bn lawsuit against the Big Four accounting firm. KPMG’s 2016 audit of Carillion lulled the construction firm’s board into a false sense of security that saw the firm make a [...]
Centralised exchanges see record Bitcoin outflows as FTX contagion spreads November 21, 2022 CryptoCompare's Francisco Memoria looks over the last seven days in cryptocurrency to see what's driving the markets.
Council boss who led Rotherham abuse scandal response named City of London’s new chief exec November 18, 2022 A high-profile public sector chief, who led Rotherham council’s response to the town’s sex abuse scandal, is set to take on a new position as the City of London’s Town Clerk. Ian Thomas CBE will leave his position as head of the Royal Borough of Kingston to succeed John Barradell as the City of [...]
MPs and peers urge Sunak to sanction pro-Beijing Hong Kong officials November 15, 2022 Rishi Sunak must slap sanctions on pro-Beijing Hong Kong officials for alleged human rights abuses, a group of cross-party MPs and peers has said. The All Parliamentary Party Group (APPG) on Hong Kong today said the British government should financially sanction Hong Kong chief executive John Lee Ka-chiu, ex-chief executive Carrie Lam and other senior [...]
KPMG settles lawsuit over Quindell audit negligence claim November 14, 2022 KPMG has paid out £5m to settle a lawsuit over audit failings at UK insurance software group Quindell - now called Watchstone.