UK inflation drops to 0.3 per cent as clothes and food prices sink December 16, 2020 The UK’s inflation rate fell sharply to 0.3 per cent as food and clothes prices eased during England’s month-long lockdown, according to the latest official figures. The headline CPI rate sank from 0.7 per cent in October to 0.3 per cent in November, data from the Office for National Statistics (ONS) showed. Clothes and footwear [...]
Moss Bros landlords approve retailer’s rescue plan December 15, 2020 Landlords have approved Moss Bros restructuring proposals as the menswear retailer aims to reduce costs due to the impact of the coronavirus pandemic. The high street store’s creditors gave the company voluntary arrangement proposals the green light today, after the plan was launched on 27 November. Moss Bros has not announced whether the proposals could [...]
German audit watchdog head faces investigation over Wirecard share trading December 11, 2020 Head of German audit watchdog Apas Ralf Bose is facing an investigation after admitting buying and selling shares in Wirecard while the regulator was investigating the troubled payments firm. Bose, who has headed up German audit watchdog Apas since 2016 and is a former senior partner at KPMG, told a German parliamentary inquiry into [...]
Lookers switches auditor from Deloitte to BDO after £19m vanishes from its books December 10, 2020 BDO will be appointed the next auditor of vehicle retailer Lookers after a difficult final year with Deloitte that saw £19m vanish from its books. Lookers had been audited by Deloitte for the previous 14 years. The Big Four firm first began auditing the business on 31 December 2006. Lookers’ ran into trouble with Deloitte [...]
Consumer spending rises ahead of Christmas but retailers still feeling the pinch December 8, 2020 Early Christmas shopping helped boost consumer spending last month but lockdown restrictions continued to hit retailers. Spending dropped 1.9 per cent last month as restrictions took effect but spending on essential items climbed 4.9 per cent, according to the latest data from Barclaycard. Supermarkets enjoyed a 17.9 per cent rise in sales with a staggering [...]
High profile retailer failures will ‘once again shine spotlight on auditors’ December 3, 2020 A possible avalanche of corporate failures could once again shine the spotlight on auditors, according to Menzies partner James Hadfield. The partner said he could foresee more failures coming, and believed it likely auditors would become a talking point in the process. The high street is having a particularly tough time at the moment, with [...]
Government slammed for relying ‘too much’ on management consultants in Brexit preparations December 1, 2020 The government relies “too much” on management consultants for work on Brexit preparations “that could be better done by civil servants”, the select committee on government spending has warned. In a wide-ranging report published today, the Public Accounts Committee slammed the government’s negligence of civil servants in preparing for Brexit, amid warnings that ministers are [...]
Roasted: Caffe Nero rejects Issa brothers bid in favour of CVA November 30, 2020 Roasted: Caffe Nero rejects Issa brothers bid in favour of rent deals and restructuring
Bah humbug! PwC staff to work an extra day this Christmas November 30, 2020 Staff at big four auditor PwC will have to work an extra day this Christmas in light of challenges brought about by the coronavirus pandemic. PwC staff are usually offered an extra day off at Christmas time, but this year the giant told staff it would not be able to offer such a perk. The [...]
To qualify or not to qualify? Auditors move to ditch risky clients November 30, 2020 Qualifying an audit could lead to unhappy clients and litigation risks, so it is safer to ditch clients instead, an expert has told City A.M., after several auditors dropped clients in October. Last month three separate auditors terminated contracts with clients in compromising circumstances. At the time the reputational risk of being associated with the [...]