EY carve-up decision delayed as partners mull plans August 7, 2022 The planned break-up of ‘Big Four’ firm EY has been pushed back to the end of the year as bosses mull the practicalities of proposals to carve up its consultancy and audit practices, according to reports.
Next poised to snap up major stake in fashion firm Joules August 6, 2022 Retail giant Next is in talks to snap up a major stake in London-listed fashion firm Joules, according to reports today.
Big Four auditors up advisory fee incomes as challengers capture larger share of audit work August 5, 2022 The UK’s challenger auditing firms are increasingly capturing a larger share of Britain’s audit market, as the Big Four increasingly generate their revenues through non audit work, new data from the UK’s accounting watchdog shows. The research shows smaller auditors upped their audit fee incomes at almost twice the rate of the Big Four, as [...]
Auditors should stop ‘complaining’ about fines and improve the quality of their work, FRC chief says August 3, 2022 The head of the UK’s accounting watchdog has said Britain’s major auditors should stop “complaining” about fines and start improving the quality of their work instead. In an interview with the Financial Times, Financial Reporting Council (FRC) chief executive Sir Jon Thompson said “the solution” to auditors’ problems with fines is “entirely” in their own [...]
KPMG’s UAE business holds meeting with clients to restore confidence in firm August 2, 2022 The chief executive of KPMG’s business in the United Arab Emirates (UAE) has held a series of face-to-face meetings with key clients, in an effort to restore confidence in the accounting firm’s management, following reports a coup within the Emirati firm. Nader Haffer, chief executive of KPMG Lower Gulf, hosted the client meetings after partners [...]
Octopus Energy calls for £1bn hedging support to finalise Bulb Energy deal July 31, 2022 Bulb's future could finally be settled in the coming weeks, provided the Government coughs up £1bn in taxpayer funds.
The Metaversal evolution will not be centralised July 28, 2022 Web3 is Metavolutionary Some have questioned whether Web3 offers much in the way of utility. Web3 is the build-out platform for evolutionary economic and governance models. For a Web3 company to succeed, it not only needs a great product, an established userbase, but also an attack-resistant system of governance. While there will be plenty of [...]
High profile scandals saw UK’s audit watchdog hand out record £46.5m in fines last year July 28, 2022 The UK’s Financial Reporting Council (FRC) issued a record £46.5m in fines over the past year, after the audit watchdog handed out a series of huge fines to Britain’s top accounting firms in the wake of a series of high-profile accounting scandals. The value of fines issued by the UK’s Financial Reporting Council (FRC) [...]
Record £14m fine for KPMG over Carillion and Regenersis audits with partner Peter Meehan banned from ICAEW July 25, 2022 The UK’s accounting watchdog has fined KPMG £14.4m and told it to pay £3.95m in costs for providing false and misleading information during its audits of Carillion and Regenersis. The UK’s Financial Reporting Council (FRC) also fined four of KPMG’s former auditors, banned them from the accounting sector’s professional membership body, and severely reprimanded another [...]
KPMG to rerun vote for head of UAE firm after partners raise governance concerns July 21, 2022 The head of KPMG’s business in the United Arab Emirates (UAE) has said the firm will rerun the election for his position, and bring in an external law firm to oversee the process, after partners attempted a coup aimed at ousting him from the firm. The election rerun comes after two senior partners at KPMG [...]