EY agrees record $100m settlement with US regulator over ethics exam cheating scandal June 28, 2022 EY has reached $100m (£82m) settlement with the US Securities and Exchanges Commission (SEC) over claims the Big Four firm’s auditors cheated on accounting exams and later misled the watchdog’s investigators. The US financial watchdog said in a statement that EY had agreed to pay the highest penalty ever imposed on an audit firm by [...]
Tory MP warns of ‘conflicts of interest’ in UK’s accounting watchdog after FRC hired EY to advise on plans June 26, 2022 A Tory MP has warned of potential conflicts of interest inside the UK’s accounting watchdog, following reports that Britain’s Financial Reporting Council (FRC) brought in consultants from EY to advise on one of its plans. Tory MP Kevin Hollinrake hit out at the FRC for hiring advisors from the Big Four auditor, as the watchdog [...]
EY partners could get $8m in shares each following Big Four firm’s split June 21, 2022 Partners at EY could be in line to receive windfalls worth $8m (£6.5m) each, if the accountancy firm pushes forwards with plans to split out its audit and advisory operations into two separate firms. Thousands of the Big Four firm’s partners could receive millions in windfall payments each, as part of EY’s plans to break [...]
Deloitte denies claims it is set to follow EY by splitting its business in two June 9, 2022 Deloitte has said claims it is considering splitting itself up, and spinning off its consulting business, are “categorically untrue”. The Big Four accountancy firm denied claims it is mulling over a split, after the Wall Street Journal yesterday reported that Deloitte is exploring the options of separating out its global audit and consulting practices. Instead, [...]
EY to capitalise on booming private equity market via $1bn investment over the next four years June 8, 2022 EY today set out plans to capitalise on the $5trn private equity (PE) market, with a view to bolstering its PE offerings by investing $1bn (£800m) into its business over the next four years. The Big Four accountancy firm said it aims to solidify its “leading market position” by investing the $1bn sum into expanding [...]
EY faces $2.7bn lawsuit over NMC Health audit May 28, 2022 The administrators of collapsed healthcare group NMC Health’s bankruptcy proceedings have filed a $2.7bn (£2.1bn) lawsuit against Big Four accountancy firm EY, over claims the auditor failed to spot a multi-billion-dollar fraud at the former-FTSE 100 firm. The High Court lawsuit claims EY failed to spot NMC Health’s accounts had been fraudulently misstated, that the [...]
Big Four accountancy firm EY considers floating advisory business on the stock exchange May 28, 2022 EY is considering listing its global advisory business on the stock market, as part of ambitious plans to separate out its audit operations to create two separate firms. The plan could see EY float its tax, consulting, and deals advice business on the stock exchange, as the firm considers breaking itself up to escape the [...]
EY working to spin off its audit business in biggest shakeup of any Big Four firm in two decades May 27, 2022 EY is working on splitting its business in two, to separate out its audit and advisory operations. The accountancy firm is planning the biggest shakeup to the Big Four in two decades, by spinning off its audit business into a separate firm, according to the Financial Times. EY’s plans come as part of ambitious efforts [...]
Accountancy firms ask for exemptions from ban on providing services to Russia May 24, 2022 Accountancy firms have asked the UK government to offer exemptions to professional services firms from rules blocking them from working with Russian clients. The calls come after the government this month set out plans to block British accountants, business consultants, and PR managers from providing their services to Russians, in response to the country’s invasion [...]
UK’s audit sector trade bodies would not object to giving Big Four fines to the government May 19, 2022 Two of the UK’s biggest audit industry trade bodies have said they would welcome any plans to see money raised through fines against auditors given over to the UK government, in order to fund Britain’s regulatory bodies. The Institute of Chartered Accountants in England and Wales (ICAEW) and Association of Chartered Certified Accountants (ACCA) both [...]