Markets hold the key to climate solutions October 22, 2019 One of the odder elements of our climate debate is the unwillingness of any political party to champion the green progress Britain has made recently. After all, last year more than half of the UK’s energy came from nuclear or renewables — a remarkable achievement. Yet politicians, for once, seem strangely reticent to shout about [...]
Audit watchdog calls on firms to improve reporting on climate change issues October 22, 2019 Businesses are falling short of investors’ expectations for clearer reporting on climate-related issues, according to a report published today by the audit watchdog. A report from the Financial Reporting Council (FRC) said that “while reporting on climate change is an evolving practice, expectations are changing rapidly”. Read more: Eco-friendly product sales surge on climate change [...]
Stop taking Britain’s glittering fintech status for granted October 22, 2019 The preaviling narrative in the UK is that the Europeans were deeply disappointed by the 2016 Brexit referendum result, and have been imploring Britain to think again. And, indeed, some have. But, just like British Leave voters in 2016, many Europeans regard Brexit as a unique opportunity for their own countries. Over recent months, I [...]
KPMG launches £100m cost-cutting programme October 21, 2019 KPMG has launched a £100m cost cutting exercise called Project Zebra. The accountancy firm has launched the efficiency drive amid a £200m investment in its audit practice. The investment in its audit practice followed a scathing audit quality report from watchdog the Financial Reporting Council in 2018 in addition to its role as auditor to [...]
Accountancy sector lagging behind business on diversity says watchdog October 21, 2019 The accountancy and audit profession is lagging behind business when it comes to the diversity of senior management, new research showed today. A report by audit watchdog the Financial Reporting Council (FRC) found a massive drop off between women at manager level and partner level at accountancy firms. Read more: Auditors slapped with rising fines [...]
PwC accused of conflict of interest over advice given to Thomas Cook October 20, 2019 PwC has been accused of a conflict of interest for advising Thomas Cook executives on their pay and bonuses while it was also the auditor of the now-defunct travel firm. The Big Four firm audited Thomas Cook’s accounts between 2008 and 2016. Its accounts show PwC also earned £4m providing “recruitment and remuneration” advice to [...]
Sir John Kingman says lack of government action putting audit reform at risk October 15, 2019 The author of a report into the future of the audit regulator warned today that lack of government action risks letting the watchdog “drift on, half-reformed”. Former mandarin Sir John Kingman undertook the report into the Financial Reporting Council (FRC) following the failure of outsourcer Carillion in 2018. Kingman expressed his concerns in a letter [...]
Auditors slapped with rising fines after turbulent year October 14, 2019 Britain’s beancounters faced rising fines over the last year, as the industry’s watchdog upped its penalties following a series of major accountancy scandals. The Financial Reporting Council (FRC) fined audit firms roughly £24.3m in the year to the end of September, rising 44 per cent on the previous year, according to new Thomson Reuters research. [...]
Boris Johnson facing cabinet revolt over no-deal Brexit fears October 9, 2019 Prime Minister Boris Johnson is reportedly facing a backlash from his cabinet with a group of ministers poised to resign over concerns the UK is heading for a no-deal Brexit. Health secretary Matt Hanock, Culture secretary Nicky Morgan, Northern Ireland secretary Julian Smith, Justice secretary Robert Buckland and attorney general Geoffrey Cox are all on [...]
HS2 review panel considers axing eastern extension October 5, 2019 The High Speed 2 rail project could be scaled back in northern England to cut costs. Under plans drawn up by the panel reviewing the project, the route beyond the East Midlands to Leeds and Sheffield would be axed. Train speeds would also be cut by 40mph, in a bid to save more than £10bn, [...]