Judge tells Sports Direct to hand over documents in audit watchdog investigation September 11, 2018 A London judge today ruled that Mike Ashley's Sports Direct must hand documents to the accounting regulator to assist with an investigation into its 2016 financial results. Shares in the retailer fell as much as 9 per cent and closed five per cent down following the court judgement. The Financial Reporting Council (FRC) is investigating [...]
Lloyd’s of London hires former QBE chief John Neal as new CEO September 7, 2018 John Neal has been appointed as chief executive of Lloyd's of London, succeeding Inga Beale, who had been in the role since 2013. His appointment was ratified after a meeting of the Council of Lloyd's where his appointment was unanimously approved. He will begin his new role at Lloyd’s on 15 October 2018. Previously John Neal [...]
City watchdog chair Charles Randell says Big Four needs to improve audit quality ‘as a matter of urgency’ September 6, 2018 City watchdog chairman Charles Randell launched a withering attack on the Big Four accountancy firms today, calling for the profession to address audit quality "as a matter of urgency". In a speech marking 10 years since the start of the financial crisis, Randell said it was “very disappointing” to see that the Financial Reporting Council’s audit [...]
There’s nothing artificial about AI’s influence on the financial world August 31, 2018 Research by PwC estimates that global GDP will be 14 per cent higher in 2030 as a result of artificial intelligence (AI). That’s the equivalent of an additional $15.7 trillion, or more than the current output of China and India combined. If this is the case, how exactly will the City’s financial services sector change [...]
Grant Thornton hit with £3m fine for Vimto audit failures August 29, 2018 Accountancy firm Grant Thornton has been fined £3m for misconduct in the auditing of the owner of soft drink Vimto and the University of Salford. Regulator the Financial Reporting Council (FRC) fined Grant Thornton and four of its senior auditors for what it said were “widespread and serious inadequacies”. The fines relate to the audits of [...]
TfL welcomes Uber’s embrace of bikes over cars for future strategy August 27, 2018 Transport for London (TfL) has welcomed Uber's announcement that it will shift its focus from cars to electric bikes and scooters, saying it wants to encourage growth in a vital market for the capital. Electric bikes and scooters have become a boom market in London, with the city seeing a number of companies including Ofo and [...]
Pensions watchdog says Dominic Chappell knew BHS was insolvent when he bought it for £1 August 22, 2018 Dominic Chappell knew that BHS was insolvent when he bought it for just £1, the pensions watchdog has claimed. It follows fresh revelations in June that the retailer may not have been solvent in 2015, despite being signed off as a going concern by accountants. The Financial Reporting Council (FRC) has already fined PwC a record £10m [...]
KPMG hit with £2.1m fine for misconduct on Ted Baker audit August 20, 2018 KPMG has been fined £2.1m by the accountancy watchdog over its audit of fashion retailer Ted Baker. The Financial Reporting Council (FRC) has fined and “severely reprimanded” the accountancy giant following its admission of misconduct in relation to the audits between January 2013 and January 2014. Senior statutory auditor Michael Barradell has also been fined [...]
PwC slammed for ‘inadequate’ checks on BHS August 15, 2018 Auditing giant PwC has been slammed for multiple failings in its checks on BHS in the days before it was sold for a pound, only a year before the retailer collapse into administration. The firm carried out “inadequate” work on the business, with individuals being “too close to the management”, the Financial Reporting Council has [...]
Stocks care about policy, not personalities August 6, 2018 Chaos in the Trump White House! First, Gary Cohn resigned as Director of the National Economic Council. A couple days later, President Trump fired Foreign Minister Rex Tillerson. Then we saw Scott Pruitt also step down. Some claimed these losses would cause markets to lose confidence in the administration. Hogwash! These are examples of some [...]