MP demands FRC investigates BHS directors April 29, 2016 An MP has written to the head of the Financial Reporting Council (FRC), calling for an investigation into the directors of BHS. Richard Fuller, MP for Bedford, urged Stephen Haddrill to probe the “conduct of directors and advisers, and other relevant interested parties” relating to the sale of BHS by Sir Philip Green to Retail [...]
Oscars Best Picture screw-up: City stalwart is investigating how the award was handed to the wrong film February 27, 2017 Last night's Oscars ceremony took a surprising and extremely awkward turn when the big prize – the Best Picture award – was mistakenly handed to the wrong film. Stars Warren Beatty and Faye Dunaway announced that La La Land had won, as was widely expected. The film's producers were midway through their acceptance speeches when Beatty interrupted [...]
The Financial Reporting Council (FRC) issues new guidance on company solvency and going concern basis April 18, 2016 The accountancy watchdog has today issued new guidance for companies on how to make it clear in their accounts whether their business can afford to keep running for the foreseeable future. The report published by the Financial Reporting Council (FRC) aims to help directors to understand the going concern basis in accounting alongside the relevant disclosure requirements. The [...]
Deloitte fined a record £4m by accountancy watchdog over audit of Aero Inventory November 10, 2016 Deloitte has been fined a record £4m by the accountancy watchdog for misconduct in its audit of AIM listed Aero Inventory in the run up to its administration in 2009. In particular, the Financial Reporting Council (FRC) claims the accountancy giant, along with partner John Clennett, fell short of the standard expected when auditing the company in [...]
BT’s accounting black hole to be investigated by Italian prosecutors January 25, 2017 Italian prosecutors have launched an investigation into BT’s £530m accounting black hole, according to reports. The scale of the scandal today wiped £7bn off the telecom giant’s market capitalisation. BT’s shares fell over 20 per cent yesterday, closing at 303p. And after markets closed, Reuters cited two sources saying Milan prosecutors have started a probe into the [...]
Former Co-operative Bank boss admits misconduct October 28, 2016 A former boss of the Co-operative Bank has admitted misconduct and agreed to pay out £20,000 to the Financial Reporting Council (FRC). Barry Tootell, the chief financial officer and chief executive of the Co-Operative Bank between 2009 and 2013, was accused of not exercising due skill, care and diligence in managing the firm for which he [...]
Fraud squad eyes end of Tesco investigation November 13, 2016 The fraud squad is expected to announce within weeks what its next steps for Tesco will be, as it wraps up its investigation into the black hole in the retailer's accounts. The Serious Fraud Office (SFO) launched its probe into the supermarket giant's accounting practices in October 2014, and brought charges against three individuals, Carl Rogberg, [...]
MPs turn up the heat on FRC over KPMG enquiry February 3, 2016 Influential MP and chairman of the Treasury select committee (TSC) Andrew Tyrie has increased the pressure on the accountancy watchdog over its supervision of big four auditor KPMG’s role in the collapse of HBOS. Last month the Financial Reporting Council said it would look into whether to open an investigation against KPMG, having previously decided not [...]
Sports Direct accounts probe announced by watchdog November 28, 2016 The accountancy watchdog has today launched an investigation into Sports Direct, probing into claims surrounding the relationship between the retailer and a firm run by chief exec and founder Mike Ashley's brother. In particular, the Financial Reporting Council (FRC) is taking a closer look at the accounts for the 52 weeks to 24 April and whether [...]
Ex-Tesco finance chief cleared over accounting scandal August 31, 2016 Tesco's former finance chief Laurie McIlwee has been cleared by the Financial Reporting Council (FRC) over the supermarket's accounting scandal two years ago. The FRC was investigating McIlwee after it emerged in 2014 that the company had been overstating its profits in its accounts stretching back to 2012. McIlwee resigned his position as chief financial officer in April 2014, five [...]