Financial regulator publishes new principles for private companies in wake of high-profile collapses such as BHS June 13, 2018 The Financial Reporting Council (FRC) has today published a set of principles intended to improve governance at private companies in the wake of scandals such as the BHS collapse. The FRC, which regulates accountants, has published the proposed principles today after an extensive review led by construction boss James Wates. Read more: BHS and Carillion [...]
PwC faces record-breaking £10m fine over poor BHS audit June 12, 2018 Big Four accountancy giant PwC has been slapped with a record £10m fine from the Financial Reporting Council (FRC) for its work auditing retailer BHS prior to its sale for £1. The PwC partner who conducted the audit, Steve Denison, is also facing a personal fine of £500,000 from the FRC relating to his work [...]
PwC faces record-breaking £10m fine over poor BHS audit June 12, 2018 Big Four accountancy giant PwC has been slapped with a record £10m fine from the Financial Reporting Council (FRC) for its work auditing high street retailer BHS, prior to the chain's sale for just £1. The PwC partner who conducted the audit, Steve Denison, is also facing a personal fine of £500,000 from the FRC relating [...]
Italian political crisis spooks Europe as George Soros warns of existential threat to EU May 29, 2018 Billionaire investor George Soros yesterday warned that the European Union faces an “existential crisis” and must “reinvent itself” or risk triggering the next global financial meltdown as markets shuddered under the strain of Italy’s growing political turmoil. Italy may be forced to return to the polls as soon as July after Prime Minister designate Carlo [...]
Last Week in the City: England has an 8.5% chance of winning the World Cup May 18, 2018 Garry White, chief investment commentator, looks at the market-moving events that have shaped the UK equity markets this week (14 to 18 May 2018). UBS has used its City analysts’ predictive firepower to try and work out the winner of the upcoming World Cup in Russia – and England came surprisingly high in its league [...]
Carillion collapse: Fail to learn and ‘I don’t think we’ll have a profession in 20 years time’, says accounting chief May 16, 2018 Big Four giants Deloitte, PwC, EY and KPMG face extinction if they fail to learn the lessons from the failure of contracting giant Carillion, the head of Britain’s leading accountancy institution warned this morning. Carillion’s mid-January collapse is a “watershed moment” for accountants both big and small, Institute of Chartered Accountants in England & Wales [...]
Oleg Deripaska among Russian oligarchs slapped with new US sanctions May 3, 2018 The US has imposed sweeping sanctions against Russian oligarchs, as the Trump administration continues its assault against friends of President Vladimir Putin. Billionaires Oleg Deripaska, Viktor Vekselberg, Suleiman Kerimov and Kirill Shamalov, who the US said is married to one of Putin’s daughters, are on the hit list revealed by the US Treasury this afternoon. [...]
KPMG could face questions from auditor watchdog after Conviviality’s downfall April 22, 2018 The auditor of wine retailer and supplier Conviviality could face questions over its role in the company’s collapse. The Financial Reporting Council (FRC) confirmed to City A.M. that it was “looking closely at the reported accounting issues at Conviviality”. “If the relevant threshold tests are met in relation to accountants at the company and/or its [...]
Friends disunited: US imposes sanctions on Russian oligarchs including Oleg Deripaska April 6, 2018 The US has imposed sweeping sanctions against Russian oligarchs, as the Trump administration continues its assault against friends of President Vladimir Putin. Billionaires Oleg Deripaska, Viktor Vekselberg, Suleiman Kerimov and Kirill Shamalov, who the US said is married to one of Putin’s daughters, are on the hit list revealed by the US Treasury this afternoon. [...]
Legal & General boss Sir John Kingman in line to spearhead audit watchdog probe April 4, 2018 The chairman of Legal & General is on the shortlist to lead an investigation into Britain’s top accounting regulator, according to reports. Sir John Kingman, previously a prominent figure in Whitehall as Treasury second permanent secretary, is among those being considered to spearhead a review of the Financial Reporting Council (FRC). The candidate could be [...]