UK’s accountancy sector turnovers soar to record highs May 12, 2022 The UK’s accountancy firms generated more cash in March than in any other month on record, new Office of National Statistics (ONS) figures show. Turnover in Britain’s accountancy sector jumped 14 per cent from February to March to record highs of £4.13bn. The multi-billion sum comes as a new high for the UK’s accountancy industry, [...]
EY faces $2.5bn lawsuit over NMC Health audit April 30, 2022 Big Four accountancy firm EY faces a $2.5bn (£2bn) lawsuit over its audit of collapsed healthcare company NMC Health, after bankruptcy administrators yesterday said they had filed a claim against the auditor. The lawsuit comes after Abu Dhabi firm NMC Health went into administration in 2020, after the firm was accused of understating more than [...]
UK government drops audit reform from Queen’s Speech agenda April 30, 2022 The UK government is expected to announce further delays to its shakeup of the audit sector, after dropping a draft bill on audit reform from the Queen’s Speech. A draft bill to introduce a raft of measures aimed at reforming the UK’s audit industry, including by replacing the UK’s audit watchdog with a new more [...]
EY Germany vows to improve working conditions in wake of Wirecard scandal April 28, 2022 EY Germany has vowed to cut staff workloads and improve company working conditions, in response to its role in the multi-billion-euro Wirecard scandal. The German arm of the Big Four accountancy firm said it plans to reduce workplace stress and the overburdening of its workers, by limiting overtime and hiring more people. The pledge comes [...]
Thousands of consultants now working to achieve Chartered status, one year after qualification’s launch April 27, 2022 London consultants are increasingly seeking to certify their professional achievements by attaining Chartered Consultant status, following the launch of the professional qualification last year. More than 3,000 consultants are currently working towards gaining Chartered status, while more than 600 have already got it, according to new figures from the Management Consultancies Association (MCA). The news [...]
UK’s audit watchdog set to reclaim control over licensing of major accountancy firms April 12, 2022 The UK’s audit watchdog is preparing to strengthen its powers to sanction Britain’s major accountancy firms. The Financial Reporting Council (FRC) is readying itself to take back control over the registration of the UK’s auditing firms, sources told the Financial Times. In doing so, the FRC would be given new powers to strip licenses from [...]
EY to double size of consulting team by hiring 5,100 consultants over the next four years April 5, 2022 Big Four accountancy firm EY is set to double the size of its UK consulting team, by hiring 5,100 new consultants over the next four years. The accountancy giant said it plans to double the size of 5,100 strong consulting team, with a view to having more than 10,200 consultants on its books by 2026. [...]
Big Four cut ties to China’s debt-ridden property giants as developers delay results March 30, 2022 The Big Four auditors have begun cutting their links to China’s heavily indebted property developers, amid mounting concerns over the sector’s debt crisis. Accountancy giants Deloitte and PwC have both pulled out of auditing at a slew of Chinese property developers over the past three months. The exits come as PwC is reportedly set to [...]
Accounting vacancies boom will benefit London as job openings bounce back to pre-pandemic levels March 24, 2022 The number of job openings for accountancy positions has rebounded after dropping sharply during the pandemic. Vacancies in accounting are set to jump 6.9 per cent between this quarter and the next, to land at levels more 50 per cent higher than in Q2 2021. Following a lull in the hiring during the fourth quarter [...]
Major shakeup is needed to fix the Big Four, expert says March 18, 2022 A prominent academic has called on the government to expedite its audit reforms, after arguing a serious shakeup is needed to prevent an “appalling” situation from getting worse. Speaking to City A.M. accountancy expert Professor Atul Shah said, “the record of the UK’s auditing industry has been appalling over the last two decades and it’s [...]