Sir Win Bischoff: Trustworthy information isn’t enough – trustworthy behaviour in a company is equally as important September 20, 2016 What can business do to rebuild public trust? There may be no silver bullet, but there is no doubt that corporate behaviours need to be closely aligned with long-term value creation for all stakeholders. With the government and others taking a close interest in issues that portray business as out of touch, firms face a [...]
Accountancy watchdog launches probe into Deloitte over Serco audit off back of fraud squad investigation June 8, 2016 The accountancy watchdog today launched an investigation into Deloitte over the audit of Serco Group, off the back of information uncovered by an ongoing investigation by the Serious Fraud Office (SFO). The Financial Reporting Council (FRC) has said it will be investigating the big four firm in relation to the preparation, approval and audit of the outsourcing company’s [...]
Accounting giant PWC posts global revenue rise of $35.9bn October 4, 2016 Accounting and professional services giant PWC last night toasted $35.9bn (£27.9bn) in global revenues in its latest year to 30 June. The tally represents a 1.5 per cent increase on the same period last year and close to 7.5 per cent growth at constant exchange rates. However, that revenue growth has slowed from the 9.9 per [...]
Accounting watchdog announces investigation into KPMG over HBOS June 27, 2016 The accountancy watchdog has launched an investigation into KPMG over its audit of HBOS. Specifically, the Financial Reporting Council (FRC) is looking into the conduct of KPMG Audit relating to its audit of HBOS for the year ended 31 December 2007. In 2008, HBOS collapsed and needed to be bailed out by Lloyds, shortly after the [...]
Watchdog issues new rules ahead of auditor merry-go-round April 27, 2016 The accountancy watchdog has today issued its final draft of guidance for auditors ahead of a significant piece of EU legislation coming into force this summer. The final drafts of updates to the Financial Reporting Council's (FRC) UK Corporate Governance Code, Guidance on Audit Committees, and Auditing and Ethical Standards are designed to better secure the independence [...]
UK pensions freedoms: Number of defined benefit (DB) to defined contribution (DC) pension transfers lower than expected, finds Financial Reporting Council report March 21, 2016 We hope you didn't bet your pension pot on there being a big switchover from defined benefit (DB) to defined contribution (DC) schemes when the pension freedoms came into force last year – research published today by the Financial Reporting Council (FRC) discovered that there has been relatively low levels of scheme swapping. The study by [...]
Round two of shareholder spring? Centrica, Anglo American and HSBC Holdings all set for annual general meetings this week against background of grumbles from investors April 17, 2016 Three major household names are all set to test the sentiment of shareholders as they gather for their annual general meetings (AGM) this week. British Gas parent company Centrica will meet tomorrow, while miner Anglo American will host its AGM on Thursday. Bank HSBC will meet on Friday. Last Thursday, an unprecedented 59.29 per cent of [...]
Audit watchdog’s new powers signal shift February 15, 2016 The Financial Reporting Council (FRC) is still dealing with the fallout from the financial crisis. The accountancy regulator has attracted criticism recently for its decision not to investigate KPMG over its role in the collapse of banking giant HBOS in 2008. Chief executive Stephen Haddrill is in the middle of drafting a response to the chairman [...]
The Investment Association reveals productivity plan aimed at bolstering the UK economy through long-term investment March 22, 2016 The Investment Association has today unveiled its plans to boost the UK's productivity through long-term investment. Among the Productivity Action Plan's key areas of focus for removing barriers to long-term investment are improving investor engagement, enhancing company reporting to better show to what extent firms are contributing to the economy and contributing more to the debate on tax [...]
City Moves for 22 March 2016 | Who’s switching jobs March 22, 2016 RPC Consulting RPC Consulting – the insurance consultancy arm of RPC – has appointed four senior insurance actuarial professionals to its team in London and Cambridge. Pete Lee, James Norman and Tony Lovick all worked at EMB (now Willis Towers Watson). Natasha Regan joins from the Financial Reporting Council (FRC). Pete has over 25 years’ [...]