Ban auditors from immediately selling new services to outgoing clients, says sector body November 6, 2018 Accountancy firms should be banned from immediately selling other services to lapsing audit clients, an industry body has said. The Association of Chartered Certified Accountants (ACCA) has told regulators they should consider introducing a “cooling off” period of two years, in which auditors are banned from the lucrative practice of selling additional products to firms [...]
Beleaguered audit watchdog boss may be forced out within weeks, says senior MP November 13, 2018 Stephen Haddrill, the beleaguered boss of the Financial Reporting Council (FRC) may be forced to resign within weeks after a report into the widely-criticised audit sector regulator is released, a top Labour MP has said. Rachel Reeves, chair of the Business, Energy and Industrial Strategy (BEIS) Select Committee, said Haddrill, who has announced his intention [...]
Interview: Rachel Reeves drags audit into the light November 13, 2018 Rachel Reeves doesn’t fit the typical mould of a select committee chair. Where her counterparts leverage their positions of parliamentary power to try to forcibly move their party’s position (see Nicky Morgan), or to launch populist crusades to fix society’s ills (see Damian Collins), Reeves has taken a less attention-seeking approach to the chair, and [...]
Deloitte calls for audit market cap and ban on selling extra services to audit clients November 8, 2018 Two of the world’s biggest accountancy firms have backed a ban on UK auditors selling extra services to their audit clients, setting the stage for a huge shift in the embattled sector. Deloitte and KPMG – two members of audit’s Big Four – have backed the move, which would potentially put hundreds of millions in fee income [...]
Audit’s perfect storm: How bean counters found themselves at the centre of a public uproar October 21, 2018 On the the surface, there is little reason for audit to get the blood pumping. The reality, however, is quite different, and threatens to present the sector’s biggest players – sprawling multi-nationals used to finding that all news is good news when you count the beans – with the toughest challenge they have seen in [...]
Mazars opts for Verity to lead the firm for the next four years January 16, 2017 Many workers in the Square Mile may be dusting off their CVs, thinking a change will assuage downbeat sentiment experienced on Blue Monday. But the head of one accountancy firm may beg to differ and is proof that sticking with one firm can pay dividends. Phil Verity has been re-elected as the senior partner of mid-sized accountancy firm [...]
FTSE 100 follows Asia and Wall Street in third day of global equity rout February 6, 2018 The FTSE 100 plunged as trading opened at the London Stock Exchange, following the lead of equity markets in Asia and Wall Street in a third day of turmoil. The FTSE 100 lost 3.5 per cent at the open, before recovering to a loss of just under two per cent at the time of writing. [...]
Crunching the numbers: Mazars completes on deal with Corality Financial Group August 1, 2016 Get ready for a whole bunch of number crunching: Accountants Mazars has completed its acquisition of financial modelling and training firm Corality Financial Group. As part of the deal, Corality's training academy and financial modelling services will be rebranded as Corality by Mazars. The new brand will be led by Rickard Warnelid, previously Corality Group's chief executive who will now [...]
Exclusive: How much the Financial Conduct Authority spent on its RBS GRG small business unit report March 12, 2017 The long-awaited report into Royal Bank of Scotland's Global Restructuring Group (GRG) cost the City watchdog more than £40,000 for the associated prep and monitoring work alone. The Financial Conduct Authority (FCA) revealed under a Freedom of Information request submitted by City A.M. that it ran up a bill of £40,722.68 for scoping, overseeing the review and [...]
Mazars merges with Chinese audit firm ZhongShen ZhongHuan January 18, 2016 Professional services firm Mazars announced today that it completed a merger with Chinese audit firm ZhongShen ZhongHuan in December last year. The newly-merged firm will operate in 77 countries, including 15 offices with 1,800 professionals in mainland China that were originally run by ZhongShen ZhongHuan. Mazars, which has had a presence in China for almost two decades, [...]