Government faces calls for reform as data shows dominance of Big Four audit firms October 29, 2019 Data published yesterday by the audit watchdog showed that the Big Four accounting firms increased their market share of the UK audit market in 2018. The lack of competition in the sector has come under the microscope following scandals such as the failures of outsourcer Carillion and department store BHS which both received clean bills [...]
Lane Clark and Peacock plots takeover of KPMG pensions arm August 26, 2019 Lane Clark and Peacock (LCP), one of the UK’s largest independent financial consultancy firms, is preparing a £200m takeover of KPMG’s pensions advisory arm. The company, which is backed by buyout firm Inflexion, is among a small group of bidders that have made it through to the second round of the auction, Sky News reported. [...]
Is the future of the Big Six advertising agencies under threat? March 2, 2020 Navel-gazing about the future is becoming increasingly fashionable in adland. The last few years have been tricky for the industry, as profits have faltered and clients have demanded more and more of the major players. It has led to concerns that the Big Six, the marketing giants which have dominated the sector for the last [...]
Interoperability and regulation: the key to DLT mass adoption June 23, 2020 If we were to rank all emerging technologies for their power to transform the world, DLTs (distributed Ledger technologies) would be right up there. And, among the many different types of innovation, blockchain would probably be nominated as the most significant because of its potential for creating secure, real-time communication networks with the ability to [...]
Rat race: City workers scramble as new jobs numbers halve July 8, 2019 City workers had to fight harder for new jobs last quarter as the amount of available opportunities halved. Research shows that the number of available jobs decreased 50 per cent year-on year, and 33 per cent quarter-on-quarter. Meanwhile, jobseekers fell by 22 per cent. It contrasts against the technology sector, which has 60 per cent [...]
Big Four could force judicial review into competition watchdog audit reforms April 28, 2019 Several of the Big Four accountancy firms could attempt to force a judicial review of the competition regulator’s proposals to shake up the sector. Earlier this month the Competition and Markets Authority (CMA) called for the introduction of joint audits, meaning companies would have to appoint one of PwC, EY, Deloitte or KPMG, alongside a so-called [...]
Wellbeing is the new health and safety January 28, 2020 A new decade focuses minds on the future and new strategies to encourage companies and individuals to thrive. And if there’s one commitment that the City should make in the 2020s, it’s to treat the mental health of staff as seriously as their physical health and safety. Everything from the harnesses used by window cleaners [...]
Sports Direct pleads with big four auditors to check its books September 10, 2019 Sports Direct, the retailer founded by Mike Ashley, is pleading with the big four accountancy firms to audit its books as it worries smaller accountants would not be up to the task. Over the last fortnight the company has sent overtures to the auditors ahead of its annual general meeting tomorrow, Sky News reported. Grant [...]
BDO still leads the beancounter charts with most clients on Aim July 29, 2019 BDO has extended its lead as the beancounter with the most clients on London’s alternative investment market (Aim), according to a new report from Adviser Rankings. Read more: Accountancy firm of the year Big four accountancy group PwC also nudged up into third place on the table by total constituent numbers, while RSM has moved [...]
Wrightbus in rescue talks as 1,400 jobs at risk September 14, 2019 London bus maker Wrightbus will hold talks with Irish transport executive Darren Donnelly this weekend in a bid to avoid administration. Donnelly is the leading contender to acquire Wrightbus, according to Sky News, but the bus maker could be forced to appoint administrators if a rescue deal is not concluded by next week. Read more: [...]