EU aims to boost gas supplies amid deepening energy crisis and Russia-Ukraine tensions January 23, 2022 The European Union is talking with partners as it looks to boost gas supplies amid a deepening energy crisis across the continent.
Former KPMG partner fined £150,000 for misleading regulator January 19, 2022 Britain’s accounting watchdog has fined former KPMG partner Stuart Smith £150,000, after he admitted misleading the regulator during a spot inspection. Smith and KPMG admitted misleading the UK’s Financial Reporting Council (FRC) during its inspection of an audit of data management firm Regenersis’ financial statements. Smith will also be banned from the Institute of Chartered [...]
KPMG slapped with £3m fine over Conviviality audit failures January 19, 2022 Accounting giant KPMG and a senior audit partner have been fined over £3m for failings related to an audit of collapsed firm Conviviality.
Ex-KPMG partner blames junior colleagues for fabricated documents January 18, 2022 A former partner at KPMG, who led the audit of Carillion, has blamed junior colleagues for fabricating documents given to the Financial Reporting Council (FRC), during an industry tribunal into claims that papers were forged to deceive the industry regulator. Former KPMG partner, Peter Meehan, who left the KPMG on “agreement” in January 2021 after [...]
‘PwC has questions to answers’: analyst firm warned years ago about audit failures at Babcock January 17, 2022 Audit giant PwC ignored warnings over irregularities in the accounts of British defence contractor Babcock International for years, even after they were flagged by analysts, according to sources speaking to City AM. In an email to this paper, analyst firm Boatman Capital Research said: “The Boatman and others were warning about accounting issues at Babcock from 2018 [...]
‘An awful lot to play for’: Google lobbies EU for a softer Digital Markets Act as final changes made January 14, 2022 Google is in the process of nudging European Union officials this week in a last minute effort to influence the impending Digital Markets Act (DMA).
Bankruptcy watchdog clears Thomas Cook bosses of wrongdoing January 12, 2022 The Insolvency Service, the UK’s bankruptcy watchdog, has reportedly cleared the bosses of global travel group Thomas Cook of wrongdoing, more than two years after the company collapsed. “The liquidation of Thomas Cook Group is a complex and significant insolvency, with the Official Receiver carrying out his duties to ensure an orderly wind-up of the [...]
Carillion hearing: KPMG partner says he was let down by junior colleagues January 12, 2022 A former KPMG partner, who signed off an audit giving debt-laden Carillion a clean bill of health, blamed junior staff at an FRC hearing.
KPMG admits to misleading regulator over Carillion audits January 11, 2022 KPMG has admitted to misleading the regulators during audits of Carillion, an outsourcer which collapsed in 2018. A hearing spearheaded by the Financial Reporting Council (FRC) kicked off yesterday to determine whether KPMG is guilty of forging documents and misleading regulators in relation to audits of Carillion and Regenersis. The accounting giant’s chief executive, Jon [...]
The Big Four: brace yourself for the legislative changes affecting business in 2022 January 11, 2022 An old proverb says the best time to plant a tree was 20 years ago – but the second best time is now. This year is set to see significant regulatory changes with real consequences for UK financial and professional services. Many firms will have been preparing for them for months, if not years. Some [...]