‘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 [...]
Local councils secure surplus Westminster funds after overstating Covid-19 budget impact January 11, 2022 England’s local councils severely overshot the amount of money they would need to fund the fight against Covid-19, reveals a new study released today. Councils in England told central government their net spending had swelled £7.8bn as a result of the pandemic. However, analysis by the economic think tank the Institute for Fiscal Studies (IFS) [...]
Mazars hit with £250,000 fine over audit failure January 6, 2022 One of Britain’s largest accountancy firms has been slapped with a £250,000 fine over auditing failures of a local authority’s 2019 financial statements. The Financial Reporting Council (FRC), the accounting regulator, said that Mazars’ audit of an unnamed local authority “fell far short of the applicable standards and regulations” and had the “potential to undermine [...]
Together Energy on the brink of collapse after funding bid fails January 5, 2022 Council-backed supplier Together Energy is on the brink of collapse after its last-ditch search failed to find fresh funds, according to Sky News.
Gyms plead for government aid as fitness firms feel weight of Omicron December 22, 2021 Gym bosses have pleaded for government help after Omicron has caused attendance numbers at exercise classes to plummet in recent weeks. A work from home directive and scientists’ messaging to avoid socialising in the weeks before Christmas has caused people to shun fitness firms, one boss told CityA.M. While pubs and restaurants are eligible for [...]