Fall from your royal grace: York councillors taking steps to remove Prince Andrew’s 1987 freedom of the city February 19, 2022 Councillors in York have said this weekend that they are taking steps to remove the Duke of York’s freedom of the city. Prince Andrew was given the Honorary Freedom of the City of York in 1987 but Liberal Democrats, who form the largest group on City of York Council, said a motion to begin the [...]
UK government to set out plans for audit watchdog overhaul imminently after years of delays February 14, 2022 UK government ministers will set out their plans to reform regulation of the UK’s auditing industry within the coming weeks, after calls for an overhaul first emerged in 2018 in response to the collapse of UK construction contractor Carillion. The proposals are currently being circulated and are set to be signed off imminently, according to [...]
UK watchdog probes audit of Sanjeev Gupta’s Liberty Commodities, in wake of Greensill scandal February 10, 2022 The UK’s audit watchdog has launched an investigation into HW Fisher’s audit of Sanjeev Gupta’s metals trading company Liberty Commodities, after eight companies linked to the steel magnate borrowed up to £400m from collapsed firm Greensill Capital. The Financial Reporting Council (FRC) said it has launched a probe into London accountant HW Fisher’s audit of [...]
Former KPMG auditors claim watchdog failed to give them a fair hearing over Carillion allegations February 10, 2022 The former KPMG employees being investigated by the UK’s accountancy watchdog over their work auditing collapsed construction giant Carillion have claimed the regulator has failed to give them a fair hearing. The former KPMG employees said the Financial Reporting Council (FRC) did not give them an opportunity to answer all of the allegations against them, [...]
UK government appoints four new directors to FRC in shakeup of audit regulator February 8, 2022 The UK government has put four new directors on the board of the Financial Reporting Council (FRC), amid a shakeup of the UK’s audit regulator. The appointments come after former Rio Tinto chairman Sir Jan du Plessis – the government’s pick to head the Financial Reporting Council (FRC) – said the watchdog is in a [...]
UK accounting watchdog probes PwC over Kier and Galliford Try audits February 7, 2022 The UK’s accounting watchdog is investigating PwC’s audits of two of Britain’s biggest construction companies. Big Four accountancy firm PwC is being investigated by the UK’s Financial Reporting Council (FRC) over its audits of construction giants, Kier and Galliford Try, according to The Financial Times. The FRC’s probe into PwC’s audit of Galliford Try comes [...]
Accountancy body accused of ‘injustice’ after pocketing £13m in KPMG fines February 5, 2022 The UK’s professional body for accountants has been accused of “rank injustice” for pocketing the £13m in fines against KPMG over the Silentnight pension scandal. The Institute of Chartered Accountants in England and Wales (ICAEW) will keep all the money, despite accusations it is benefiting from the misbehaviour of those within its profession, The [...]
TfL faces D-Day, as government funding expires on Friday February 2, 2022 Transport for London (TfL) is about to face its D-Day as the latest round of government funding is set to expire on Friday. “I see it as existential for TfL, as it will determine the TfL of the future,” said TfL’s commissioner Andy Byford this morning during a board meeting. “What we do and what [...]
Sureserve Group secures £20m deal with Tower Hamlets Homes February 1, 2022 Sureserve Group (Sureserve) has signed a 10-year £20m agreement with Tower Hamlets Homes to provide domestic gas services for its council houses. The wholly owned subsidiary K&T Heating Services (K&T) will provide domestic gas servicing, repair and installation for properties managed by the group. The deal will commence at the start of April and is [...]
Former Which? boss set to head up City watchdog as interim chair January 31, 2022 Former Which? chief is set to lead the City watchdog, as Britain's key economic regulators continue to be led by temporary leaders.