Santander chair on shortlist to lead new government-backed audit review October 22, 2018 The chair of Santander UK has been shortlisted to lead a new, government-backed review into the future of Britain’s audit sector, following a series of scandals. Baroness Vadera, a former investment banker and key ally of Gordon Brown, whom she served as a minister, was named by the Times as a candidate to lead the [...]
MPs launch inquiry into future of ‘broken’ audit sector November 12, 2018 A powerful parliamentary committee will launch an inquiry into the “broken” audit market today, aimed at ensuring an ongoing competition probe ends the “overwhelming market domination” of the Big Four. Labour MP Rachel Reeves will announce the inquiry – by the Business, Energy and Industrial Strategy (BEIS) Select Committee which she chairs – during a [...]
KPMG hit with £2.1m fine for misconduct on Ted Baker audit August 20, 2018 KPMG has been fined £2.1m by the accountancy watchdog over its audit of fashion retailer Ted Baker. The Financial Reporting Council (FRC) has fined and “severely reprimanded” the accountancy giant following its admission of misconduct in relation to the audits between January 2013 and January 2014. Senior statutory auditor Michael Barradell has also been fined [...]
Competition watchdog launches review of audit sector October 9, 2018 The competition watchdog today confirmed it has launched a probe into the UK's audit sector, ending weeks of speculation. The Competition and Markets Authority (CMA) said it will review whether the sector is competitive and resilient enough to maintain high standards. Calls to review the sector and possibly break up the "Big Four" of PwC, KPMG, Deloitte and EY [...]
Companies dragging feet on encouraging boardroom diversity, report claims September 16, 2018 Corporate governance regulator the Financial Reporting Council (FRC) has criticised top British companies for having a lax attitude on encouraging boardroom diversity, accusing businesses of taking a “tick-box” approach. A report conducted by the FRC by the University of Exeter Business School found that only 15 per cent of FTSE 100 companies were in full compliance [...]
Companies dragging feet on encouraging boardroom diversity, report claims September 16, 2018 Corporate governance regulator the Financial Reporting Council (FRC) has criticised top British companies for having a lax attitude on encouraging boardroom diversity, accusing businesses of taking a “tick-box” approach. A report conducted by the FRC by the University of Exeter Business School found that only 15 per cent of FTSE 100 companies were in full compliance [...]
Patisserie Valerie finance director arrested and released on bail as fraud probe launched October 12, 2018 Suspended Patisserie Valerie company finance director Chris Marsh has been arrested and released on bail, the company announced this morning, as the Serious Fraud Office (SFO) opened a criminal investigation into potential fraud at the company. Marsh was suspended on Wednesday after the high street cake shop revealed it had been notified of "significant and [...]
Patisserie Valerie shareholders consider legal action after company collapses January 23, 2019 Patisserie Valerie shareholders are planning to take legal action against the company after the high street chain collapsed into administration last night. Fundamental Asset Management co-founder Chris Boxhall told City A.M. that there is an “appetite” for action among investors after Patisserie Valerie chairman Luke Johnson failed to secure a cash lifeline from banks yesterday [...]
Mark Kleinman: Financial Reporting Council must offer clarity on Haddrill’s future November 2, 2018 The 900 UK partners at PwC were unable to deduce much from a voicemail left for them this week by their boss, Kevin Ellis, about its plans for the future of the UK audit market. His message was “very top-level”, according to one person who heard it: the details of its blueprint, submitted to the [...]
Mitie Group share price drops as it reveals another FRC investigation and announces drop in profit and revenue November 20, 2017 Mitie Group has revealed the accounting watchdog has opened another investigation into the group’s financial statements, as it unveils its first half results. The figures Revenue was up four per cent in the first half of 2017, from £922.6m to £959.7m. Operating profit dropped 38.1 per cent to £14.8m from £23.9m. Basic earnings per share [...]