New audit watchdog chair pledges tougher rules for company executives June 16, 2022 The new chair of the UK’s audit watchdog has vowed to make company directors accountable for corporate accounting scandals, in his first public speech as head of the Financial Reporting Council (FRC). FRC chair Sir Jan du Plessis said the government’s decision to water down plans for a British version of the USA’s “Sarbanes-Oxley [...]
Suez keen to buy back UK business ahead of Veolia competition ruling June 16, 2022 French waste and water firm Suez is gearing up to buy back its former UK business. The UK’s competition watchdog is set to make a judgement next month on whether rival Veolia can take over the arm. The Competition and Markets Authority (CMA) had warned last month that the merger could result in council bills [...]
The government’s corporate audits reforms are lukewarm at best, shallow at worst June 13, 2022 In late May, the government gave more detail on how it plans to reform big corporate audits. Inappropriate audits have contributed to several significant corporate failures – including that of the late construction giant Carillion in 2018. The government has acknowledged this, producing a report which has since been the focus of a consultation. The [...]
ESG is moving to the heart of property portfolios June 7, 2022 The Covid-19 pandemic has accelerated the need to transform the spaces where we live, work and socialise. And it’s clear that commercial and residential developers and those working in property finance are becoming keenly focused on sustainability and affordability. Whilst environmental, social and governance (ESG) certainly isn’t new, its principles are vital and it’s imperative [...]
FRC slaps PwC and City partner Jonathan Hook with staggering £5m fine and severe reprimands June 7, 2022 The Financial Reporting Council said this morning the watchdog has fined auditor PricewaterhouseCoopers and one of its London partners more than £5m for their audit of two construction companies. The regulator said that PwC and audit engagement partner Jonathan Hook would also face severe reprimands. The fines are linked to the audit of Kier Group’s [...]
UK unveils long-awaited corporate reporting and audit reforms May 31, 2022 The UK has unveiled its long-awaited audit regime overhaul, with the government announcing a new regulator to ensure oversight of the largest private companies. The Financial Reporting Council will be replaced by the new Audit, Reporting and Governance Authority (ARGA), funded by a new levy on industry, which will have oversight of unlisted companies with [...]
EY working to spin off its audit business in biggest shakeup of any Big Four firm in two decades May 27, 2022 EY is working on splitting its business in two, to separate out its audit and advisory operations. The accountancy firm is planning the biggest shakeup to the Big Four in two decades, by spinning off its audit business into a separate firm, according to the Financial Times. EY’s plans come as part of ambitious efforts [...]
Heathrow urges govt to ‘bring pace to the policies’ as 10-point plan is rolled out for aviation recovery May 26, 2022 The Government must “bring pace to the policies” after publishing a long-awaited strategy to support the recovery of aviation from the coronavirus pandemic, according to Heathrow Airport. A 10-point plan named Flightpath to the Future has been released by the Department for Transport, focusing on growth, sustainability and protecting passengers. It commits to “position the [...]
MPs are falling silent over potential of cryptocurrency May 26, 2022 The UK government’s ambitions to become a global hub for the cryptocurrency industry aren’t shared by MPs, research has found.
Oil prices remain elevated as US refineries ramp up processing while EU edges toward embargo May 25, 2022 Oil prices rose slightly today, buoyed by US refinery processing levels and growing expectations of an EU ban on Russian imports.