Explosive report published into Lloyds’s handling of HBos Reading fraud case June 19, 2018 Lloyds bank and consultancy giant KPMG came under renewed pressure today following the publication of a damning report into an historic fraud case at HBos’s Reading branch. The internal report by a Lloyds Banking Group employee, who has since departed the firm, details allegations of criminal misconduct by senior bank staff and auditors around the [...]
Big Four firm KPMG has been slammed by Britain’s accountancy watchdog June 18, 2018 Big four accountancy firm KPMG was slammed this afternoon for the “unacceptable deterioration” in the quality of its audit work. The industry’s watchdog, the Financial Reporting Council (FRC), said the firm, which audited Carillion before its collapse in January, will now face increased scrutiny. Half of KPMG’s FTSE 350 audits are “in need of more [...]
MPs to Lloyds Banking Group: ‘We will publish report on HBOS Reading fraud’ June 15, 2018 A cross-party group of MPs today said it will publish a report on an alleged cover-up by Lloyds executives of fraud at acquisition target HBOS at the height of the financial crisis. The All-Party Parliamentary Group on Fair Business Banking will put the report in the public domain within seven days of a letter sent [...]
Cyber warriors – the frontline defence against digital attacks June 7, 2018 COMPUTER hacking, ransomware, data breaches, fraud: cyber crime is a bigger problem than ever, and is a concern for everyone, from the humble consumer to the largest of corporations. Cyber warfare has even emerged as the latest military battleground – attacks on government agencies have increased, and both China and Russia have been accused of [...]
Cyber warriors and digital crime – chief information officers reveal what is keeping them awake at night in new survey June 7, 2018 Computer hacking, ransomware, data breaches, fraud: cyber crime is a bigger problem than ever, and is a concern for everyone, from the humble consumer to the largest of corporations. Cyber warfare has even emerged as the latest military battleground – attacks on government agencies have increased, and both China and Russia have been accused of [...]
Mothercare subsidiary Childrens World fails to get CVA approval June 4, 2018 Part of Mothercare's restructuring plans has been put to a halt after it emerged that it did not get full support from creditors. Shares in the company fell 6.5 per cent after lunchtime when the announcement was made. Last week creditors voted to approve Mothercare's company voluntary arrangement (CVA), which is likely to result in [...]
UK inflation dips to 13-Month low in April, adding to Mark Carney’s interest rate puzzle May 23, 2018 Inflation in the UK dropped to its lowest levels since March 2017 last month, according to the latest figures from the Office for National Statistics (ONS). Consumer price inflation cooled to 2.4 percent in April, down from 2.5 percent this March. The drop in consumer prices has once again dampened expectations of a Bank of [...]
The top threat to global business: protectionism May 22, 2018 Barely a day goes by without consultants and politicians urging businesses to embrace innovation or be left behind in the AI apocalypse. But while it is never a good idea to take your eye of the technology ball, there is a greater threat to the world of business: the rising tide of protectionism. KPMG’s 2018 [...]
EY, KPMG, PwC, Deloitte: After Carillion, breaking up the Big Four accountancy firms is not the answer May 21, 2018 Breaking up, as Neil Sedaka has said on more than one occasion, is hard to do. Saying you want to break up, though? Well, that’s a heck of a lot easier. When delivering their findings into Carillion’s demise last week, MPs realised that bayoneting the dead firm’s carcass was hardly a valuable exercise. Instead, they [...]
Labour shadow chancellor John McDonnell attacks audit firms for ‘lining their pockets’ and blames Carillion’s demise on regulator failings May 19, 2018 Labour has pledged to smash Britain’s accountancy firm “cartel” and today demanded a “complete overhaul” of the way company finances are policed. Shadow chancellor John McDonnell attacked larger audit firms, which “operate with impunity whilst lining their pockets”. Speaking at a Labour conference in London this afternoon, McDonnell launched a review of both the accountancy [...]