I recreated all my favourite TV tropes, from crawling through pipes to being two kids in a trenchcoat
‘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 [...]
Patisserie Valerie enters administration after bank talks fail January 22, 2019 Patisserie Valerie collapsed into administration this evening after discussions with its lenders fell apart following the shock revelation of “significant fraud” at the high street cafe chain. Chairman Luke Johnson had been scrambling to come to an agreement with creditors to secure a cash lifeline after posting an update to the market last week admitting [...]
Watchdog investigation into KPMG’s Carillion audit at ‘critical stage’ January 22, 2019 The UK’s audit watchdog said its investigation into KPMG’s audit work for collapsed construction giant Carillion is at a “critical stage”. The Financial Reporting Council (FRC) issued an update this morning on its probe into the Big Four firm following “significant public interest” in the case. Carillion’s collapse in January last year has become a [...]
Patisserie Valerie reveals balance sheet was significantly manipulated in ‘devastating’ fraud January 16, 2019 Patisserie Valerie posted a bombshell update to the market this afternoon, admitting that its balance sheet was “significantly” manipulated and thousands of false entries were made into the high street baker’s books before a shock £40m black hole was discovered last year. The troubled firm has appointed RSM as auditors and KPMG has been hired to [...]
Experts pour cold water on CMA’s proposals for joint audits in first Beis committee hearing January 15, 2019 Audit academics and investment managers have called for caution over recommendations by the competition regulator to shake-up the audit sector. During the first in a series of Business, Energy and Industrial Strategy Select Committee hearings, held today, witnesses warned that the Competition and Markets Authority’s (CMA) recommendation could risk unintended consequences for auditing. Led by [...]