UK accountancy watchdog fines KPMG £1.25m over audit of bar chain Revolution March 8, 2022 Britain’s accountancy watchdog today fined KPMG £1.25m over its audit of bar chain company Revolution. The UK’s Financial Reporting Council (FRC) fined Big Four accountancy giant KPMG £1.25m and former-KPMG director Michael Neil Frankish £50,000, over failures in the audit of Revolution Bars Group’s accounts for the financial year 2015/16. The fines come after FRC [...]
International Women’s Day: ‘Empower women to have more confidence in having a voice and stepping up’ March 8, 2022 Samantha Frost CA, Director at Think Consulting and Think Wellbeing, discusses gender bias in the workplace, shifting attitudes towards career breaks, the power of mentoring and the pressure that’s placed on women to act as role models. Why did you decide to become a CA? A lot of us who studied economics at university didn’t [...]
Pandemic spending habits settle to ‘new normal’ after online shopping boom March 8, 2022 Pandemic spending habits have “settled into a new normal” with people returning to bricks and mortar stores to ‘try before you buy’ last month. Total retail sales were up 4.9 per cent in February, compared to the same month in 2020, according to the British Retail Consortium (BRC) and KPMG retail sales monitor. Sales continued [...]
Deloitte becomes last of the Big Four to exit Russia March 7, 2022 Accountancy and audit heavyweight Deloitte has become the last of the Big Four to pull out of Russia, following its invasion of Ukraine – joining EY earlier today. PwC and KPMG announced similar moves last night, citing the Russian government’s actions in Ukraine. Deloitte confirmed last week that it was reviewing its “business and presence [...]
PwC announces separation of Russian firm in first Big Four exit March 6, 2022 Pricewaterhousecoopers (PwC) will no longer have a member firm in Russia, with the multinational due to announce its decision tomorrow to separate its Russian company from the rest of its global network in the wake of Putin’s invasion of Ukraine. The move by the Big Four giant will affect 3,700 partners and staff in Russia, [...]
City Moves: Who’s switching jobs in the Square Mile this week? March 4, 2022 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. MCA The Management Consultancies Association (MCA), a trade association, has announced that an EY veteran will be its next president. Yunus Ozler, EY UK&I energy and resources consulting leader and partner, who currently sits on the MCA [...]
Real estate developer Firethorn sells logistics assets to Cain for £550m March 2, 2022 Real estate developer Firethorn Trust has inked a deal to sell its UK logistics portfolio to investment firm Cain International for £550m. The portfolio includes seven sites in the UK, totalling 3.25m sq ft across 22 assets, including two newly built developments. The sale also includes five consented land sites that are on set for [...]
Sanctions will force consultancies to drop Russian clients, consultancy trade body says March 2, 2022 The trade body for management consultancies has said the UK government’s sanctions on Russia and Belarus will “inevitably” mean some consultancies will be forced to cut links with some of their clients. In a statement, Tamzen Isacsson, Chief Executive of the Management Consultancies Association (MCA), said: “Our firms are strictly abiding by the updated changes [...]
Big Four auditors KPMG, EY, and PwC seek to distance themselves from Russia March 1, 2022 The Big Four auditors have sought to distance themselves from Russia, after the UK government told City of London companies not to work on behalf of the Putin regime. In a post on Linkedin, Jon Holt, chief executive of KPMG’s UK division, said KPMG will be “ending” some of its client relationships in order to [...]
University education can’t deliver the skills we need for the economy of the future March 1, 2022 TOO many jobs, wage inflation, and an abundance of flexible working opportunities. Compared to the threat of mass unemployment when the pandemic began two years ago, these feel like better problems to have. But labour market figures released last month revealed one serious problem: an exodus of older workers. Since March 2020, the number of [...]