BDO faces FRC investigation over audit of collapsed construction firm October 21, 2021 Accountancy firm BDO is being investigated by the UK accounting regulator over its audit of collapsed construction company NMCN. The Financial Reporting Council confirmed on Thursday it was examining the BDO’s audit of NCMN’s financial statements and its final set of accounts before it filed for administration on October 4. BDO resigned as the group’s [...]
City Moves: Who’s switching jobs in the Square Mile this week? February 17, 2022 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. Fulcrum Asset Management Fulcrum Asset Management has poached its latest responsible investment associate from EY. Samriddhi Sharma departs the Big Four firm after holding the role of senior consultant in the sustainable finance team. Reporting to partner and chair Matt Roberts, Sharma will support [...]
UK government to set out plans for audit watchdog overhaul imminently after years of delays February 14, 2022 UK government ministers will set out their plans to reform regulation of the UK’s auditing industry within the coming weeks, after calls for an overhaul first emerged in 2018 in response to the collapse of UK construction contractor Carillion. The proposals are currently being circulated and are set to be signed off imminently, according to [...]
EY partners set to take pay cut after growth slows November 19, 2019 EY UK partners are set to take a pay cut this year after the audit firm today announced anaemic revenue growth of 1.5 per cent. Average partner pay for the year ended 30 June slipped to £679,000 from £693,000 the previous year. The firm said investments in tech and audit quality and an increase in [...]
Audit reform: FRC asks for power to cap Big Four’s audit clients October 12, 2021 The chief executive of the UK’s accounting watchdog has asked ministers for the authority to enforce a cap on the number of large companies that any one accountancy firm can audit, in an attempt to break up the dominance of the Big Four firms. Sir Jon Thompson went on to question the likelihood of the [...]
Chris Woolard on BNPL, regulatory run-ins and getting financial rulemaking right February 2, 2023 The regulatory veteran wants a rulebook for the 21st century, but getting it right might trump speed, Charlie Conchie writes. Urgent. That was the word used by the former-interim chief of the City watchdog Chris Woolard when he gave his verdict on regulation of buy-now pay-later services in a landmark review two years ago today. [...]
Exclusive: BDO’s managing partner on audit reforms, staffing issues and the company Christmas party December 3, 2021 This week accounting giant BDO saw its profits jump to over three quarters of a million pounds per partner, putting them ahead of their peers at rival firms EY and KPMG. At £760,000 per BDO partner, the firm leads the payout battle as EY partners were paid an average of £749,000 this year and KPMG [...]
‘Stagflation’ fears mount as UK manufacturing hit by shortages October 1, 2021 Chronic shortages of materials caused by supply chains buckling under the weight of a resurgence in global demand are intensifying the spectre of “stagflation” looming over the UK economy. A sharp slowdown in growth in Britain’s manufacturing industry has prompted Rob Dobson, director at IHS Markit, a producer of a closely watched economic survey, to [...]
France calls for day-long ceasefire amid post-Brexit fishing saga November 1, 2021 French president Emmanuel Macron has given the UK until the end of climate negotiations at COP26, to fix the ongoing fishing row. “The British are going to come back to us tomorrow with further proposals. We’ll see where we are at the end of the day,” Macron told reporters in Glasgow. “We won’t be bringing [...]
Channel 4 bring in ex-Ofcom chief in bid to fight privatisation August 15, 2021 Channel 4 has brought in the former head of media watchdog Ofcom to help try and fight off the network’s planned privatisation. Flint Global, a firm founded by former Ofcom boss Ed Richards, has been drafted in by the network as it tries to avoid being sold in private hands. The Sunday Telegraph also reports [...]