Salary inflation hits 53-month high in London as shortage of EU candidates bites January 9, 2019 Salary inflation is at a 53 month high in London because of a shortage of EU candidates due to Brexit and an uncertain economic background leading to reluctance among workers to switch jobs. According to a survey published today by audit firm KPMG and the Recruitment & Employment Confederation (REC) and compiled by IHS Markit, [...]
Watchdog plans for audit sector shake-up set to draw backlash from businesses January 6, 2019 Finance bosses at some of Britain’s largest FTSE companies are set to hit out at new proposals put forward by the UK’s competition regulator, it emerged this evening. Plans by the Competition and Markets Authority (CMA) to make publicly listed firms appoint two sets of auditors are expected to receive a harsh backlash from a [...]
Unite union set to take legal action against Monarch over 450 job losses January 4, 2019 Union Unite is preparing to take legal action after around 450 workers were made redundant following the collapse of Monarch Aircraft Engineering (MAEL) this morning. The union said it would seek compensation on behalf of its members over the company’s alleged failure to consult with staff and called for an urgent meeting with administrators KPMG. Work [...]
Hundreds of jobs lost as Monarch airline’s engineering business collapses January 4, 2019 The engineering arm of Monarch airlines has gone into administration resulting in the loss of almost 500 jobs. Work at Monarch Aircraft Engineering’s (MAEL) base maintenance business, which undertakes aircraft overhaul and major heavy maintenance programmes, will be suspended immediately and around 250 employees have been made redundant. A further 200 members of staff based [...]
Greenwoods becomes latest retailer to close amid high street gloom January 2, 2019 Northern menswear shop Greenwoods has become the latest retailer to close its doors amid tough trading conditions on the high street. The Yorkshire-based chain, which was founded in 1860, has fallen into liquidation with the loss of more than 100 jobs, just 18 months after it was bought out of administration. A notice posted on [...]
Aston Martin begins search for new audit firm three months after IPO January 2, 2019 Aston Martin is on the hunt for a new audit firm just three months after it floated on the London Stock Exchange. The luxury car maker has begun to contact new accountancy firms after KPMG, which has carried out the work since 2007, declined the opportunity to re-pitch for the role, Sky News reported today. [...]
Music retailer HMV appoints KPMG as administrators after entering administration for second time since 2013 December 29, 2018 KPMG has been appointed administrator of music shop HMV after the retailer announced it would enter administration for the second time since 2013. At least 2,200 jobs are at risk if the 97-year-old entertainment store, which has 128 shops across the country, collapses. The administrators will continue to operate all stores while they explore business [...]
High street hopes for Boxing Day boost as spending expected to hit £4.75bn December 26, 2018 High street retailers will have their fingers crossed for a festive boost as shoppers take to the streets for the Boxing Day sales, while online sales are expected to rise 20 per cent year-on-year. British consumers are set to spend £4.75bn today, with £3.71bn of that expected to come from physical sales, according to research [...]
Audit sector faces huge shake-up as new reports make radical recommendations December 18, 2018 The stage has been set for a radical shake-up of the UK’s audit sector, following the release of two highly-anticipated reports. Britain’s audit watchdog, the Financial Reporting Council (FRC), should be scrapped and replaced with a new statutory body, Sir John Kingman’s review of the Financial Reporting Council (FRC) has said. Meanwhile, the Competition and Markets [...]
Report into audit sector commissioned by John McDonnell calls for break-up of Big Four December 14, 2018 A report into the audit sector commissioned by shadow chancellor John McDonnell has called for the break-up of the Big Four audit firms. The report, published today, recommended that the audit business of accounting firms must be legally separate from everything else and says it should be a criminal offence for auditors to perform non-audit [...]