‘Bond market tantrum risks’: Gilt traders brace for Labour leftward pivot as Starmer future uncertain
BDO faces FRC investigation over audit of collapsed construction firm October 21, 2021 Accountancy firm BDO is being investigated by the UK accounting regulator over its audit of collapsed construction company NMCN. The Financial Reporting Council confirmed on Thursday it was examining the BDO’s audit of NCMN’s financial statements and its final set of accounts before it filed for administration on October 4. BDO resigned as the group’s [...]
Ed Warner: Activity vouchers can solve post-Covid sport participation problem October 21, 2021 I addressed a bunch of politicians, advisors and sports industry types at a Westminster Forum this week on the challenges facing sport and the public funding priorities as we come out of the pandemic. The risk on these occasions is that you get caught in an echo chamber, telling the audience what it already thinks [...]
Ethics – the foundation for a better world October 21, 2021 This week has been a special one for us at ACCA. Wednesday was Global Ethics Day – an important occasion in the calendar that we celebrate annually as it aligns with our values. It’s a day where businesses and individuals can reflect and explore the meaning of ethics and their impact on life and society. [...]
Close to 4m low-income households across UK are in arrears with household bills October 21, 2021 Nearly 4m British households on low incomes are estimated to be in arrears with household bills, according to new figures published this morning. Around 950,000 are thought to be in rent arrears, 1.4m are behind on council tax bills and 1.4m are behind on electricity and gas bills, the Joseph Rowntree Foundation said. It looked [...]
KPMG gave ‘untruthful defence’ in tribunal over £13m Silentnight fine October 13, 2021 The UK accounting watchdog has today denounced KPMG for knowingly giving an “untruthful” defence over its conflict of interest in the 2011 sale of Silentnight, for which it was fined £13m. The verdict of the Financial Reporting Council’s (FRC) disciplinary tribunal marks the first time ever that the body has found an accountancy to have [...]
Perpetual debt is already here October 12, 2021 “Be still indebted to somebody or other, that there may be somebody always to pray for you, [. . .] fearing, if fortune should deal crossly with you, that it might be his chance to come short of being paid by you.” François Rabelais, Gargantua and Pantagruel, Book III Pundits worldwide are debating what to do with [...]
Audit reform: FRC asks for power to cap Big Four’s audit clients October 12, 2021 The chief executive of the UK’s accounting watchdog has asked ministers for the authority to enforce a cap on the number of large companies that any one accountancy firm can audit, in an attempt to break up the dominance of the Big Four firms. Sir Jon Thompson went on to question the likelihood of the [...]
Jenny Watson: New chair of UK accounting regulatory board wants to be a driver of change October 11, 2021 Jenny Watson CBE, newly appointed as the chair to the regulatory board of the UK body of chartered accountants, the Institute of Chartered Accountants in England and Wales (ICAEW), is a woman on a mission: the former chair of the Electoral Commission wants to be a driver of change. “We already know that there is much [...]
UK to start preparations for post-Brexit trade deal with Gulf countries October 7, 2021 The UK has announced it will soon begin preparations to land a post-Brexit trade deal with the six Middle Eastern countries of the Gulf Cooperation Council (GCC). International trade secretary Anne-Marie Trevelyan today launched a 14-week consultation on what businesses would like to see in a trade deal, before formal negotiations start next year. The [...]
Accounting watchdog FRC launches probe into French Connection audit by Mazars October 6, 2021 The accounting watchdog said this morning it has launched an investigation into retailer French Connection’s audit by Mazars. The Financial Reporting Council (FRC) said it was probing the chain’s accounts for the year ending January 31 of last year. It said the decision to investigate the audit was made at a meeting of its conduct [...]