Audit watchdog boss Stephen Haddrill set to step down amid probe October 28, 2018 The chief executive of the Financial Reporting Council (FRC), Stephen Haddrill, is reportedly preparing to step down amid a government probe into the watchdog’s operations. Haddrill is planning to leave within months, Sky News reported. He has led the FRC, which monitors and regulates the audit sector, since 2009. Citing an anonymous source, Sky said [...]
Interserve finance boss throws in the towel weeks after administration April 24, 2019 Interserve’s finance chief will quit the company just weeks after it fell into the hands of its lenders having buckled under the weight of a £730m debt pile. Read more: FRC investigates Grant Thornton audits of Interserve Mark Whiteling, chief financial officer at the outsourcing giant for just 18 months, informed colleagues this week that [...]
Major companies could be exempt from joint audit rules in competition watchdog report April 14, 2019 The UK’s competition watchdog reportedly could exclude some major companies from a new rule that would require many business to appoint joint auditors. Sky News reported that the Competition and Markets Authority (CMA) is set to publish its long awaited report into the audit sector this week. According to the report, the CMA has been [...]
Here are the six (yes, six) reviews the audit sector is currently facing November 14, 2018 As 2018 continues to be the annus horribilis of audit, bean counters are finding that sector reviews are, as the saying goes, like buses. With news this week that MPs are going to launch their own super-inquiry, the sector now faces six reviews. If that seems like more than you’ve got to grips with, here’s a [...]
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 [...]
Patisserie Valerie searching for new auditor November 27, 2018 Patisserie Holdings, the parent firm of embattled cafe company Patisserie Valerie, has begun hunting for a new auditor to replace its under-fire accountant Grant Thornton. The bakery chain is in talks to find a successor to Grant Thornton, according to Sky News, days after the Financial Reporting Council (FRC) said it was probing the beancounter over [...]
Patisserie Valerie reveals balance sheet was significantly manipulated in ‘devastating’ fraud January 16, 2019 Patisserie Valerie posted a bombshell update to the market this afternoon, admitting that its balance sheet was “significantly” manipulated and thousands of false entries were made into the high street baker’s books before a shock £40m black hole was discovered last year. The troubled firm has appointed RSM as auditors and KPMG has been hired to [...]
FCA to investigate Wasps rugby club over financial statements April 12, 2019 Wasps Rugby Club is reportedly under investigation by the Financial Conduct Authority (FCA) over whether it misled the market about its financial position. Read more: City watchdog strengthens post-Brexit ties with Australian regulator The UK's financial regulator is looking into the Premiership side's financial results from 2017 after it was revealed that the club had [...]
Amey ‘makes fresh £300m bid’ for freedom from Birmingham roadworks contract April 14, 2019 Outsourcer Amey has offered £300m to Birmingham city council in a bid to free itself from a 25-year contract to repair roads in the city, according to reports. Read more: FRC investigates Grant Thornton audits of Interserve The struggling UK company has been trying to buy its way out of the troublesome contract for months, after [...]
BBC retains troubled outsourcer Interserve to provide security across its UK sites April 26, 2019 Embattled public sector outsourcer Interserve has been tasked with guarding the BBC’s entire UK estate for the next three years, in a contract award worth £47m. Read more: FRC investigates Grant Thornton audits of Interserve The announcement, seen by City A.M. last night, means Interserve’s security brand First Security will continue providing services for the [...]