Big Four and challengers ask for leeway on difficult audits to avoid public criticism April 27, 2021 The Big Four and the challenger audit firms have asked the accountancy watchdog for more leniency when it comes to more difficult audit jobs, for fear of public criticism if they make a mistake. Audit firms have asked the Financial Reporting Council (FRC) to pause quality inspections of their work for a year if they [...]
Audit sector ‘failing society and needs reform’ warns think tank April 21, 2021 The UK’s audit sector is “failing society” by coming up short when assessing firms’ finances and governance, leaving the door open to costly, Carillion-style business collapses, according to think tank IPPR. The think tank said there is an “expectation gap” between what audit currently assesses and what it needs to assess to fulfil the [...]
Blacklist audit firms for fraud failures, urges Pirc April 19, 2021 Large audit firms that are deemed not to be working hard enough to root out corporate fraud will be blacklisted in this year’s annual shareholder meetings by Pirc. Pirc has urged investors have not to reappoint PwC, KPMG, EY or Grant Thornton because it believes they have not done enough to improve their fraud detection [...]
Public-private partnership must be at the heart of tackling climate change ahead of COP26 April 19, 2021 Later this year, representatives of over 190 governments will gather at COP26 to voice their commitments to tackling the climate crisis, confirm a “landing zone” on net zero and negotiate the intricacies of the Paris Agreement rulebook. But it’s an illusion to think that government commitments are enough to kick-start climate recovery. Since the global [...]
Bitcoin consolidates, Ethereum sets new all-time high, XRP more than doubles April 12, 2021 Bitcoin consolidates, Ethereum sets new all-time high and XRP more than doubles as crypto rides high.
Regulator zeroes in on KPMG over M&C Saatchi audit April 12, 2021 KPMG faces scrutiny from the audit regulator after an accounting scandal at M&C Saatchi saw the business overstate its profits £14m in irregularities dating back to 2014. The Financial Reporting Council (FRC) has made initial inquiries to determine whether KPMG’s auditing met the required standards, the Financial Times first reported. The inquiries are a formal [...]
Prince William calls on finance bosses to ‘invest in nature’ April 8, 2021 Prince William has urged global finance leaders to “invest in nature” in order to combat climate change and benefit “our children and grandchildren”. The Duke of Cambridge’s comments were made in a speech during a session of the World Bank and International Monetary Fund’s virtual Spring Meetings event. The duke launched his ambitious £50m Earthshot [...]
Bet365 boss Denise Coates nets record £421m payday despite revenue fall March 31, 2021 Bet365 chief executive Denise Coates paid herself at least £421m in the year to March 2020, despite a decline in revenue in the run-up to the pandemic. Company filings show the gambling giant handed the sum to its highest-paid director, who is believed to be Coates. It is thought to be the UK’s largest ever [...]
Exclusive: Govt policy shows UK tech is ‘guiding light’ in pandemic recovery, says Beacon CEO March 30, 2021 Despite the upheaval that the pandemic has caused for many individuals and businesses across the UK, the tech sector has been relatively resilient over the past 12 months. The industry’s continued strong performance is reflected by recent data compiled by Tech Nation and the government’s Digital Economy Council, which shows that 10 per cent of [...]
Grant Thornton defends audit of troubled Liverpool Council March 29, 2021 Grant Thornton has defended its audit work on Liverpool Council after a government report found the council was not providing best value for money to council taxpayers. A recent report into Liverpool Council found a litany of failures, including around a “rotten culture” of dubious contracts and backroom bullying. Official records of the council were [...]