Former FRC chairman Simon Dingemans joins Carlyle June 15, 2020 The former chairman of the Financial Reporting Council (FRC) who stepped down last month has taken a new role at private equity firm Carlyle. Simon Dingemans, who left the accounting watchdog in May, will join Carlyle as a managing director in charge of UK buyouts, first reported by the Financial Times. He will also reportedly [...]
PwC to face Hong Kong probe over Evergrande audit August 15, 2022 Hong Kong’s audit watchdog has launched an investigation into PwC over its audit of embattled Chinese real estate developer Evergrande. The city-state’s Financial Reporting Council (FRC) today said it had opened an investigation into the Big Four accountancy firm’s audit of the heavily-indebted property firm’s 2020 results. The probe comes after PwC signed off [...]
UKH Hacker Young sanctioned after Laura Ashley audits July 13, 2022 UKH Hacker Young has been “severely reprimanded” and slapped with a £350,000 fine by the accounting watchdog over its audit of Laura Ashley. The Financial Reporting Council has imposed serious sanctions on the firm for its audit of the fashion retailer for the 2018 and 2018 financial years. The retailer, which had 155 UK stores [...]
Mazars hit with £250,000 fine over audit failure January 6, 2022 One of Britain’s largest accountancy firms has been slapped with a £250,000 fine over auditing failures of a local authority’s 2019 financial statements. The Financial Reporting Council (FRC), the accounting regulator, said that Mazars’ audit of an unnamed local authority “fell far short of the applicable standards and regulations” and had the “potential to undermine [...]
KPMG faces record £14.4m fine after auditors misled watchdog during Carillion inspection May 12, 2022 KPMG is set to be hit with a record £14.4m fine after a tribunal found five of its former staff deliberately misled the UK’s audit watchdog by forging documents during routine inspections of their work. The tribunal heard the UK’s Financial Reporting Council (FRC) had agreed to reduce KPMG’s fine from a sum of £20m, [...]
UK accounting watchdog probes PwC over Kier and Galliford Try audits February 7, 2022 The UK’s accounting watchdog is investigating PwC’s audits of two of Britain’s biggest construction companies. Big Four accountancy firm PwC is being investigated by the UK’s Financial Reporting Council (FRC) over its audits of construction giants, Kier and Galliford Try, according to The Financial Times. The FRC’s probe into PwC’s audit of Galliford Try comes [...]
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 [...]
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 [...]
Ex-KPMG partner blames junior colleagues for fabricated documents January 18, 2022 A former partner at KPMG, who led the audit of Carillion, has blamed junior colleagues for fabricating documents given to the Financial Reporting Council (FRC), during an industry tribunal into claims that papers were forged to deceive the industry regulator. Former KPMG partner, Peter Meehan, who left the KPMG on “agreement” in January 2021 after [...]
Westminster committee backs du Plessis as new audit watchdog chair January 28, 2022 UK law makers have endorsed the appointment of former BT boss Jan du Plessis as the new chair of the UK's audit watchdog.