HSBC chair Mark Tucker set to head up influential City lobbyists TheCityUK February 11, 2019 The chairman of HSBC Holdings has emerged as the frontrunner to head the board at one of the City’s main lobby groups replacing fellow banker John McFarlane. Mark Tucker is set to be announced for the role at TheCityUK in the coming days as outgoing Barclays chairman McFarlane steps down in the spring, Sky News [...]
Audit watchdog ‘whitewashed’ my HBOS evidence, says whistleblower February 6, 2019 The UK audit watchdog has been accused of brushing-off a whistleblower who claimed HBOS had understated loan-loss provisions in its 2007 accounts. An MP described the handling of the case as “astounding”. Rob Kennedy, a former employee in the lender’s corporate division, was part of the team that worked directly to calculate the provision and [...]
Three ways to start fixing audit now February 6, 2019 We are living through a pivotal time in the history of audit. Last December saw the release of Sir John Kingman’s report into the operation of the Financial Reporting Council and the preliminary findings of the market study by the Competition and Markets Authority (CMA). This year we are seeing the Business, Energy and Industrial [...]
Watchdog boss: Auditors ‘clearly responsible’ for detecting company fraud February 5, 2019 The head of the UK’s beleaguered accountancy watchdog said auditors are “clearly responsible” for finding fraud in companies. Stephen Haddrill, chief executive of the Financial Reporting Council (FRC), said accountants too often buy into a “mythology” that they will not find wrongdoing while checking companies’ accounts. “The auditor is clearly responsible for finding fraud in [...]
‘We’re not looking for fraud’: New Grant Thornton boss clashes with MPs over audit expectations January 30, 2019 Grant Thornton’s new chief executive clashed with MPs today over whether his firm should detect fraud at companies it audits, in a debate that touched on the industry’s much-analysed expectations gap. David Dunckley told members of the Business, Energy and Industrial Strategy (Beis) Select Committee: “We’re not looking for fraud, we’re not looking at the [...]
KPMG boss confident in Carillion audit despite partner suspension January 30, 2019 KPMG’s UK boss said the firm remains confident in the quality of its audit work for collapsed construction firm Carillion, despite suspending a partner over concerns related to falsified documents. Earlier this month, the Big Four audit confirmed it had suspended the top audit partner Carillion, Peter Menshan, along with three other non-partner members of [...]
Audit watchdog unveils new code on stewardship January 30, 2019 Britain’s governance and audit watchdog has opened consultation on its new code for investor stewardship. The Financial Reporting Council (FRC) said the proposed new code “sets substantially higher expectations for investor stewardship policy and practice”. The consultation will run until 27 March. The FRC is under raised pressure to deliver changes this year, after the [...]
Audit watchdog should be scrapped ‘as swiftly as possible’ says Legal & General chair January 23, 2019 The government should act “as swiftly as possible” to abolish and replace the UK’s audit watchdog, MPs were told today. Sir John Kingman, who chaired a review into the operation of the Financial Reporting Council (FRC), said the regulator’s senior leadership should be overhauled in the meantime. “I would like to see the government get [...]
Patisserie Valerie shareholders consider legal action after company collapses January 23, 2019 Patisserie Valerie shareholders are planning to take legal action against the company after the high street chain collapsed into administration last night. Fundamental Asset Management co-founder Chris Boxhall told City A.M. that there is an “appetite” for action among investors after Patisserie Valerie chairman Luke Johnson failed to secure a cash lifeline from banks yesterday [...]
Manufacturers’ export hopes at their lowest since financial crisis, as Brexit limbo continues hampering industry January 23, 2019 Manufacturers' hopes for their export businesses are at their their lowest ebb since the 2008 global financial meltdown amid sustained Brexit uncertainty, according to the Confederation of British Industry (CBI). The organisation's latest monthly Industrial Trends Survey said output grew slightly faster than the long-run average in the three months to January with a balance of 16 [...]