High-profile failures have eroded trust in audit sector, says watchdog October 8, 2018 The UK’s audit watchdog has announced a new strategic plan to address “falling trust in business and the effectiveness of audit”, after a series of scandals in the sector. The Financial Reporting Council (FRC) released its ‘Developments in Audit’ report today, raising concerns over public trust in the profession, and constricted competition at the top [...]
BDO reveals profit boost as it raises concerns over Brexit and audit break-up October 8, 2018 One of Britain’s largest professional services firms has warned that business leaders need clarity to prepare for Brexit and sounded a cautious note over reforms to the audit sector as it revealed rising profit and revenues. BDO posted an underlying revenue of £464.1m in its 2017/18 annual results, released today, an increase of 8.5 per [...]
Kensington and Chelsea councillor calls for new powers to take over ‘ghost homes’ October 6, 2018 Kensington and Chelsea council have reportedly signed off on a request for ministers to give them the mandate to take over so-called ghost homes, left empty by overseas buyers waiting for their value to increase. Deputy council leader Kim Taylor-Smith has written to housing minister Kit Malthouse to call for a change in legislation, according [...]
Plan to keep all of UK in EU customs union after Brexit welcomed by Dublin in Irish backstop row October 4, 2018 A radical plan to keep the whole of the UK in a customs union with the EU after Brexit has been welcomed by Dublin, it has been reported. The proposal, seen as a way of stopping a hard border being created on the island of Ireland, would be the 'backstop' arrangement if no other deal [...]
Theresa May declares ‘austerity is over’ as she lifts cap on how much councils can borrow for housebuilding October 3, 2018 Theresa May declared the end of austerity is in sight as she unveiled plans to let councils borrow more cash to tackle the housing crisis. In her speech to the Conservative conference on Wednesday, the Prime Minister hinted at a financial boost for the UK's public services after Brexit, in a bid to show the [...]
PwC global chair says firm ‘cannot rest on laurels’ as global revenues pass $40bn October 2, 2018 The global chairman of PricewaterhouseCoopers (PwC) has said audit remains “at the heart of what we do”, after global revenues at the professional services giant rose above $40bn (£30.66bn) for the first time despite a series of accounting scandals. Total revenue across PwC’s international network of firms hit $41.3bn, a seven per cent rise in [...]
Pressure mounts on the CMA to break up accountancy’s Big Four October 1, 2018 The UK’s competition body has been told to “bare its teeth” and investigate breaking up the Big Four accountancy firms, as it prepares to announce a decision on whether it will investigate the sector. Three senior politicians from across the main parties have called on the Competition and Markets Authority (CMA) to find ways to [...]
Cut taxes for new firms in towns under threat from robot revolution, says report September 27, 2018 Tax breaks should be handed to businesses setting up in 'left behind' towns vulnerable to the rise of automation, according to a new report. The Centre for Social Justice (CSJ) believes entrepreneurs should be handed financial incentives to attract them to ten northern towns at risk of further decline thanks to the impending technological [...]
Labour mulls break-up of Big Four accountancy firms September 21, 2018 The Labour party is weighing up radical plans to break up the Big Four accountancy firms, amid mounting pressure on the UK’s scandal-hit auditors. Shadow chancellor John McDonnell vowed to end what he described as a “cartel” among the country’s largest bean counters in the run-up to his party conference this weekend. “They have demonstrated [...]
Labour mulls break-up of Big Four accountancy firms September 21, 2018 The Labour party is weighing up radical plans to break up the Big Four accountancy firms, amid mounting pressure on the UK’s scandal-hit auditors. Shadow chancellor John McDonnell vowed to end what he described as a “cartel” among the country’s largest bean counters in the run-up to his party conference this weekend. “They have demonstrated [...]