The outlook for business post-pandemic July 16, 2021 As we work towards exiting the pandemic we’ve spoken to insolvency expert, Blair Nimmo CA, on the outlook for businesses post-pandemic. Blair, the former UK Head of Restructuring and Global Head of Insolvency at KPMG, is Interpath’s Chief Executive Officer. As well as leading the strategic direction of the Interpath business, Blair also takes an [...]
MPs demand update on audit reform progress from business secretary October 21, 2020 An influential committee of MPs has written to business secretary Alok Sharma to demand an update on the government’s progress implementing audit reforms following a series of high-profile accounting scandals. In a letter dated yesterday, Business Energy and Industrial Strategy (BEIS) committee chair Darren Jones asked Sharma to outline which reforms recommended by two recent [...]
UK GDP soars in second quarter as Covid unlocking turbo-charges economy : CityAM August 12, 2021 The burst in consumer spending triggered by the gradual lifting of Covid prevention measures in April and May boosted the UK economy in the second quarter, according to fresh official data released today. Figures from the Office for National Statistics reveal the UK economy grew 4.8 per cent in the second quarter of this year, [...]
Germany to shake up accounting industry following Wirecard collapse June 28, 2020 Germany is set to overhaul its accounting industry as part of measures to soften the fallout from the collapse of payments fintech Wirecard last week. Wirecard, which premiered on Germany’s main Dax index with a €24bn (£21.8bn) valuation just two years ago, filed for insolvency last week after auditors found a €1.9bn black hole in [...]
Big Four continue to dominate FTSE 100 despite growing pressure March 2, 2020 The dominance of the Big Four serving the FTSE 100 continued in the first quarter despite growing regulatory pressure. The Big Four were the only auditing firms to serve the FTSE 100 last quarter with PwC retaining the top spot with 27 clients, closely followed by KPMG’s 26. Deloitte and EY served 25 and 22 [...]
It’s time for business leaders to be educated about dyslexia May 4, 2021 Emily Cheyne CA, Manager, Transaction Services at KPMG, discusses having dyslexia, comparing herself to others and how it’s time to stop thinking that one way of working is appropriate for everyone. When were you diagnosed with dyslexia? I was in Primary 5 at school – so 10 years old. The reason I was tested was [...]
Driverless Tube trains would cost £7bn, report shows October 27, 2020 A leaked document has shown that it would cost £7bn to introduce driverless trains onto London’s Tube network. Automating trains on the capital’s underground network is a pet project of PM Boris Johnson, who has pushed for progress on the development. Back in July, he said that driverless Tube trains should be a condition of [...]
Banks not ready for negative interest rates, says Natwest chairman October 15, 2020 British banks are not ready to implement negative interest rates, the chairman of Natwest said today. “We’re not completely ready for it,” Howard Davies said during an interview. “There would be technical issues and many contractual issues.” The chairman said he was not in favour of negative rates being introduced, telling Bloomberg Radio there was [...]
Retail sales suffer worst year on record as lockdowns bite January 12, 2021 UK retail sales suffered their worst year on record in 2020 as Covid-19 lockdown measures decimated customer numbers. In-store sales of non-food items — which includes all non-essential retailers — dropped by almost a quarter last year compared to 2019. For 2020 overall, total sales declined 0.3 per cent on the previous year, marking the [...]
Accounting watchdog floats strengthening auditors’ obligation to spot fraud October 21, 2020 The UK’s accounting regulator has proposed increasing the requirements on auditors to detect fraud in company accounts following a spate of high-profile accounting scandals. The Financial Reporting Council (FRC) has launched a review into the international accounting standard outlining auditors’ responsibilities to identify fraud. The watchdog is proposing revisions to the standard to provide “increased [...]