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) [...]
Global split could let EY bring in extra $10bn in Silicon Valley advisory fees, firm chief says July 20, 2022 A global split could let EY bring in an extra $10bn in advisory fees from the world’s major tech companies, by freeing it from rules that block the Big Four firm from both auditing and selling advice to Silicon Valley’s largest firms, EY’s global chief executive has said. EY’s plans to separate out its audit [...]
UK accounting watchdog calls on top auditors to put in place measures to stop cheating on exams July 18, 2022 The UK’s accounting watchdog has called on the country’s major audit firms to put measures in place to prevent employees from cheating on exams. Following a series of high-profile cheating scandals in Canada, Australia and the US, the UK’s Financial Reporting Council (FRC) has told British auditors to set out their plans to prevent similar [...]
PwC set for record revenues as global chief rejects plans for split July 18, 2022 The global head of PwC has said the accounting firm is set to post record revenues of around $50bn this year, after speaking out against plans to follow in the footsteps of EY by separating out PwC’s audit and advisory businesses. In an interview with the Financial Times, PwC global chairman Bob Moritz said the [...]
ESG faces reckoning after being ‘hijacked’ by marketeers, EY sustainability chief warns July 14, 2022 EY’s sustainability chief said the ‘environmental, social and governance’ (ESG) label had been “hijacked” by marketeers today as the firm called for greater scrutiny and regulation of the space to prevent it falling into “disrepute”.
EY to brief UK partners on plans to split up business in biggest Big Four shakeup in decades June 30, 2022 EY is set to brief its UK partners on plans to break up the firm as the accounting firms pushes forwards with plans for the biggest shakeup in the Big Four for decades. The Big Four accountancy firm has invited more than 780 of its UK partners to a summit at a central London hotel, [...]
EY agrees record $100m settlement with US regulator over ethics exam cheating scandal June 28, 2022 EY has reached $100m (£82m) settlement with the US Securities and Exchanges Commission (SEC) over claims the Big Four firm’s auditors cheated on accounting exams and later misled the watchdog’s investigators. The US financial watchdog said in a statement that EY had agreed to pay the highest penalty ever imposed on an audit firm by [...]
Tory MP warns of ‘conflicts of interest’ in UK’s accounting watchdog after FRC hired EY to advise on plans June 26, 2022 A Tory MP has warned of potential conflicts of interest inside the UK’s accounting watchdog, following reports that Britain’s Financial Reporting Council (FRC) brought in consultants from EY to advise on one of its plans. Tory MP Kevin Hollinrake hit out at the FRC for hiring advisors from the Big Four auditor, as the watchdog [...]
EY partners could get $8m in shares each following Big Four firm’s split June 21, 2022 Partners at EY could be in line to receive windfalls worth $8m (£6.5m) each, if the accountancy firm pushes forwards with plans to split out its audit and advisory operations into two separate firms. Thousands of the Big Four firm’s partners could receive millions in windfall payments each, as part of EY’s plans to break [...]
Deloitte denies claims it is set to follow EY by splitting its business in two June 9, 2022 Deloitte has said claims it is considering splitting itself up, and spinning off its consulting business, are “categorically untrue”. The Big Four accountancy firm denied claims it is mulling over a split, after the Wall Street Journal yesterday reported that Deloitte is exploring the options of separating out its global audit and consulting practices. Instead, [...]