KPMG plans to hikes fees by up to 20 per cent due to higher cost of staffing May 19, 2022 Big Four accountancy firm KPMG has warned clients it is planning to substantially increase its audit fees, in order to pay for higher salaries. The auditor told its clients it plans to increase fees by between 5 per cent and 20 per cent due to facing higher costs linked to new industry rules and the [...]
Sunak warns energy companies ‘no option is off the table’ amid calls for a windfall tax May 17, 2022 Domestic energy companies could still face a windfall tax this year, if they fail to invest in the UK's energy sector, warned Chancellor Rishi Sunak.
Sureserve’s order book powers profits May 17, 2022 Social housing energy services group Sureserve has reported rising revenues and a healthy uptick in profits, driven by an expanding order book.
KPMG faces record £14.4m fine after auditors misled watchdog during Carillion inspection May 12, 2022 KPMG is set to be hit with a record £14.4m fine after a tribunal found five of its former staff deliberately misled the UK’s audit watchdog by forging documents during routine inspections of their work. The tribunal heard the UK’s Financial Reporting Council (FRC) had agreed to reduce KPMG’s fine from a sum of £20m, [...]
UK’s accountancy sector turnovers soar to record highs May 12, 2022 The UK’s accountancy firms generated more cash in March than in any other month on record, new Office of National Statistics (ONS) figures show. Turnover in Britain’s accountancy sector jumped 14 per cent from February to March to record highs of £4.13bn. The multi-billion sum comes as a new high for the UK’s accountancy industry, [...]
Queen’s Speech: Fresh measures on levelling up, cost of living and financial sector as PM looks to regain initiative May 10, 2022 The government will set out its fresh legislative agenda in the Queen's Speech this morning as it looks to get back on the front foot after a disastrous set of local elections and a spate of bad press over the ‘partygate’ scandal.
An A-Z of sustainability terms for investors May 9, 2022 Sustainability, once a fringe consideration, has become core for many investors. Impacts on the planet – such as climate change and biodiversity loss – and on people – for example through the treatment of workers – are in the news every day. We believe companies and countries that adapt to such issues and challenges should thrive. [...]
UK watchdog launches probe into tiny accountancy firm King & King over Sanjeev Gupta audits May 4, 2022 The UK’s accounting watchdog has launched an investigation into four audits carried out by little-known accountancy firm King & King, of firms linked to embattled steel magnate Sanjeev Gupta. The Financial Reporting Council (FRC) said it would be probing King & King’s audits of financial results posted by four of separate companies linked to Sanjeev [...]
UK audit chief in the running for HS2 top job May 2, 2022 The head of the UK’s accounting watchdog is reportedly in the running to lead the High Speed 2 rail construction project, raising further questions about the future of the country’s audit regime. Sir John Thompson, chief executive of the Financial Reporting Council (FRC), is in the frame for becoming the new chair of the project, [...]
Boris Johnson mulls a new Right to Buy scheme as housebuilding hits the curb May 2, 2022 Prime minister Boris Johnson is reportedly mullinh plans to bring in a new Right to Buy scheme, inspired by Margaret Thatcher, amid reports housebuilding has hit the curb. The plans seek to target “generation rent”, those whose hopes of owning a home have fallen increasingly out of reach despite being ‘of age’ to buy. [...]