PwC to examine possible fraud in govt coronavirus loan programme January 12, 2021 The government-owned British Business Bank (BBB) has brought on PwC to examine cases of possible fraud in its Covid-19 business loans programme. The loan programme was established to help smaller businesses impacted by coronavirus. According to website Consultancy.co.uk, BBB tapped PwC to look into possible fraud, having previously worked with the Big Four firm and [...]
Watchdog lambasts accountants for ‘basic’ cash flow mistakes November 17, 2020 The Financial Report Council (FRC) has lambasted the accountancy industry for basic errors in cash flow statements. The watchdog said it continues to identify errors in cash flow statements, and as a result has published a review on the subject that examines many of the issues faced in their preparation, and provides information on how [...]
Buyer beware! The metrics suggest Bitcoin could drop even further June 30, 2022 Crypto AM columnist Dr Chris Kacher warns that, despite Bitcoin's current downturn, there may be further to fall.
Unlocking what makes AI tick – part one August 4, 2023 Dr Chris Kacher with part one of his epic overview on how artificial intelligence works, and its future within blockchain technology.
TCI files criminal complaint against Wirecard executives in Munich May 19, 2020 TCI Fund Management has today filed a criminal complaint against Wirecard executives in Munich, escalating the activist campaign against the payments group. The filing of a complaint with the Munich prosecutors piles further pressure on Wirecard’s chief executive Markus Braun, who TCI has called on to resign. TCI fund manager Sir Christopher Hohn last month [...]
Grant Thornton sued whopping £200m for Patisserie Valerie accounting failures January 8, 2021 Grant Thornton is being sued for £200m by the liquidators of Patisserie Valerie after the cake shop chain collapsed following suspected fraud. Liquidators FRP Advisory said Grant Thornton was negligent in the preparation and conduct of 2014 to 2017 financial statements. As a result the liquidator is suing the mid-tier audit firm for damages of [...]
KPMG stung with £5m fine for Co-op Bank audit failures as breakup talks roll on May 8, 2019 KPMG has been hit with a £5m fine for misconduct relating to an audit of Co-op Bank. Audit partner Andrew Walker was also fined £125,000, with both “severely reprimanded” by the Financial Reporting Council (FRC). Read more: Watchdog slaps KPMG with £6m fine over insurance audit The Big Four audit giant and Walker admitted their [...]
EY prepared ‘unqualified audit’ for Wirecard last month July 24, 2020 EY reportedly prepared an unqualified audit opinion on Wirecard’s accounts in early June, just weeks before the company collapsed. The auditing firm delivered a draft version of its official audit opinion, according to the Financial Times. Accountants usually share a draft to give clients the opportunity to look over the numbers and assessments. The draft [...]
Shopping centre owner Intu appoints administrators in back-up rescue plan June 23, 2020 Intu has told investors today it has lined up administrators in case ongoing talks regarding the shopping centre owner’s future fail. It has appointed Big Four accountancy firm KPMG as administrator as part of a “contingency plan” as it continues to engage lenders about new funding. The owner of the Trafford and Lakeside shopping centres [...]
Government spends £624m on consultancy contracts during pandemic May 4, 2021 The government has awarded contracts worth at least £624m to private firms for consulting, marketing and research purposes during the pandemic, despite criticism it has been too reliant on private firms during the crisis. In total some £30.2bn in contracts have now been awarded by the UK government in response to Covid-19, the latest figures [...]