Auditors make their move but their homework needs checking May 29, 2022 Compiling a list of all the scandals, cock-ups and mistakes that auditors have been implicated in over the past decade would take up more space than this column allows. Even a high bar for only the most catastrophic would still require us to pursue the errors in the audits of Patisserie Valerie, Conviviality, Carilion and [...]
KPMG to cut back audit clients in bid to boost standards May 29, 2022 Big four firm KPMG will scale back its audit operation to focus on improving standards after being hit by a string of fines over audit failings in recent years.
Big Four accountancy firm EY considers floating advisory business on the stock exchange May 28, 2022 EY is considering listing its global advisory business on the stock market, as part of ambitious plans to separate out its audit operations to create two separate firms. The plan could see EY float its tax, consulting, and deals advice business on the stock exchange, as the firm considers breaking itself up to escape the [...]
EY working to spin off its audit business in biggest shakeup of any Big Four firm in two decades May 27, 2022 EY is working on splitting its business in two, to separate out its audit and advisory operations. The accountancy firm is planning the biggest shakeup to the Big Four in two decades, by spinning off its audit business into a separate firm, according to the Financial Times. EY’s plans come as part of ambitious efforts [...]
Exclusive: KPMG to hire 3,500 tech workers to staff newly launched digital products business May 27, 2022 KPMG today launched a new digital solutions business which is set to see the firm more than double the size of its 3,000 strong technology focused workforce by hiring 3,500 new data scientists and engineers. The UK arm of the Big Four firm said it plans to create 1,000 London tech jobs, in its efforts [...]
UK surges ahead of Europe to retain crown as venture capital ‘epicentre’ May 24, 2022 The UK has retained its crown as Europe’s venture capital epicentre with 351 local investors now actively pumping cash into the country’s startups, new data has revealed
KPMG fined £3.4m over Rolls Royce audit failings May 24, 2022 Big four firm KPMG has been fined £3.4m over its audit of Rolls Royce. The company was slapped with the penalty by the financial regulator over its failings to address problems at the company in a 2010 audit. This is the fourth fine imposed on KPMG in 2022 according to the FT. The Financial Reporting [...]
KPMG to make unconscious bias training compulsory for UK staff May 22, 2022 KPMG is set to make unconscious bias training compulsory for its 15,800 staff, just a year after company chairman Bill Michael stepped down from his position after saying he does not believe unconscious bias training works. The auditor’s plan could see staff stripped of their bonuses and come under scrutiny from their bosses, if [...]
KPMG should take blame for Carillion scandal, not junior accountant Pratik Paw, critics say May 20, 2022 Critics have said the Big Four accountancy firms should flatten their hierarchies and ensure junior colleagues are able to challenge their superiors, to ensure low ranking workers are not blamed for accounting scandals. The comments come as regulators have called for KPMG junior Pratik Paw to be fined £50,000 over his role in the scandal [...]
KPMG plans to hikes fees by up to 20 per cent due to higher cost of staffing May 19, 2022 Big Four accountancy firm KPMG has warned clients it is planning to substantially increase its audit fees, in order to pay for higher salaries. The auditor told its clients it plans to increase fees by between 5 per cent and 20 per cent due to facing higher costs linked to new industry rules and the [...]