Lords told big four auditors pose systemic risk to British economy November 2, 2010 THE dominance of the “big four” auditing firms poses a systemic risk, the House of Lords Economic Affairs Committee was told yesterday. Managing partner of auditor BDO Simon Michaels said: “If one of the big four were to exit the market, without a plan B, there could be chaos.” The lords were asking about the [...]
Lords query lack of audit competition November 1, 2010 THE House of Lords’ Economic Affairs Committee will today question industry representatives on whether lack of competition among auditors could have contributed to the financial crisis. Representatives from RSM Tenon, Grant Thornton, Mazars and BDO will face questions in the afternoon on whether the dominance of the “big four” auditing firms – Deloitte, KPMG, PricewaterhouseCoopers [...]
Body armour firm goes under October 20, 2010 Shieldtech, which supplies body armour to soldiers in Afghanistan and 25 police forces around the UK has gone into administration. More than 60 staff at the firm and its subsidiary Aegis Engineering have been made redundant after RSM Tenon Recovery was brought in as administrators. Gareth Roberts, one of the joint administrators, said all of [...]
Start-ups growing despite cuts October 20, 2010 THE PROSPECT of budget cuts have not deterred entrepreneurs this year with the number of start-ups in the UK growing at its fastest rate since 2007, according to the latest Simply Business start-up index released yesterday. London experienced the fastest growth at seven per cent, substantially faster than the rest of the UK. The upswing [...]
FSA?doles out more fines in Lehman saga September 22, 2010 THE FINANCIAL Services Authority (FSA) has imposed three more fines relating to Lehman Brothers-backed mortgage products, the watchdog sa id yesterday. Legal outfit Thorntons Law was fined £35,000 for misleading customers about the risks of mortgage-backed securities. Michael Royden, a partner at the Dundee-based firm, was separately fined £10,500. The FSA said the company had [...]
RSM Tenon in profit boost September 22, 2010 ACCOUNTANCY?firm RSM Tenon posted a 37 per cent increase in full-year adjusted pre-tax profit yesterday, thanks to two acquisitions. The accountancy and advisory firm, which moved to London’s main market in May, said adjusted pre-tax profit was £24.1m, up from £17.6m a year ago. It raised its dividend by seven per cent to 1.6p per [...]
RSM Tenon September 22, 2010 SO far so good. Tenon’s buyout of RSM appears to be having the desired effect, with cost synergies on track to total more than £10m a year. Getting accountants from both companies to gel was always going to be tricky, but the business is performing well. Some government contracts will be chopped come October’s spending [...]
RSM Tenon hikes dividend as profit rises September 22, 2010 British business adviser RSM Tenon Group posted a 37 per cent increase in full-year adjusted pretax profit, boosted by acquisition of RSM Bentley Jennison and certain assets of troubled peer Vantis. The accountancy and advisory firm said it raised dividend by seven per cent to 1.6 pence per share. “Organic sales growth and margin improvements [...]
RSM Tenon hikes dividend as profit rises September 22, 2010 British business adviser RSM Tenon Group posted a 37 per cent increase in full-year adjusted pretax profit, boosted by acquisition of RSM Bentley Jennison and certain assets of troubled peer Vantis. The accountancy and advisory firm said it raised dividend by seven per cent to 1.6 pence per share. “Organic sales growth and margin improvements [...]
CITY MOVES | WHO’S SWITCHING JOBS September 16, 2010 Oppenheimer Investments Iain Morpeth, one of Clifford Chance’s most senior private equity lawyers, is joining the Swiss project financing adviser as its new chief operating officer, based in London. Morpeth has been at Clifford Chance for the past 23 years and specialises in the real estate sector. His track record includes advising on Meridian Delta [...]