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 [...]
MPs slam Carillion’s ‘rotten’ corporate culture and call for break up of the big four audit firms May 16, 2018 MPs today slammed Carillion’s “rotten” corporate culture and called for a break up of big four audit firms. A report published today by the Work and Pensions and Business, Energy and Industrial Strategy (BEIS) Committees said that Carillion’s collapse was a “story of recklessness, hubris and greed”. Read more: Failed outsourcer Carillion hid true level [...]
Barclays Africa sacks KPMG amid allegations of links to South African corruption scandal May 3, 2018 Barclays Africa today withdrew its recommendation to reappoint KPMG as one of two joint auditors. The move is the latest chapter in a saga which has seen the Big Four accountant’s South African arm become embroiled in a conduct scandal. In mid-April South Africa’s auditor general stripped KPMG of all its central contracts amid allegations [...]
City of London Police launch Cyber Griffin initiative to fight online crime in Square Mile May 2, 2018 The City of London Police have launched a new initiative to help protect businesses in the Square Mile from cyber attacks. Called ‘Cyber Griffin,’ the new programme will see specially-trained officers lead a series exercises which will include threat briefings, incident response training and more. The initiative is aimed at businesses within the City and [...]
Investment Association and KPMG team up to warn asset managers on threats of cyber breaches May 1, 2018 The Investment Association is teaming up with big four auditor KPMG to launch a report into cyber resilience for asset management as it launches a key conference in the City today. The trade body for asset managers will bring together law enforcement experts and government agencies to launch the joint report, titled “Building Cyber Resilience [...]
Interserve share price dives after being landed with £40m bill from accountants PwC EY and consultants Oliver Wyman FTI Consulting April 30, 2018 Under-fire accountants and consultants are to net almost £40m in fees as troubled outsourcer Interserve pulls itself back from the brink. Big Four bean counters such as PwC and EY as well as management consultants FTI Consulting and Oliver Wyman were paid £13.9m during 2017 with a further £25m to be paid in 2018, it [...]
Fashion retailer East to cease trading in May with loss of nearly 300 jobs April 23, 2018 High Street retailer East is due to cease trading next week after administrators failed to find a buyer, City A.M. can reveal. Almost 300 employees will be made redundant when the chain stops trading on 4 May. This follows the redundancies of 27 staff after the company fell into administration in January. Administrators at FRP [...]
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 [...]
House of Fraser brings in advisers to consider store closures April 19, 2018 House of Fraser has become the latest retailer to look into store closures and rent reductions. The department store chain has brought in advisers from KPMG, Sky News reported, putting a company voluntary arrangement (CVA) on the table. This could involve closing some of the company’s 59 stores, as well as reducing rents at other [...]
DEBATE: Should the weaker inflation figures stop the Bank of England from raising rates next month? April 19, 2018 Should the weaker inflation figures stop the Bank of England from raising rates next month? Samuel Tombs, chief UK economist at Pantheon Macroeconomics, says YES. Inflation’s rapid fall to 2.5 per cent in March – well below the MPC’s 2.8 per cent forecast – from 3.0 per cent at the start of this year should [...]