KPMG launches £100m cost-cutting programme October 21, 2019 KPMG has launched a £100m cost cutting exercise called Project Zebra. The accountancy firm has launched the efficiency drive amid a £200m investment in its audit practice. The investment in its audit practice followed a scathing audit quality report from watchdog the Financial Reporting Council in 2018 in addition to its role as auditor to [...]
Accountancy sector lagging behind business on diversity says watchdog October 21, 2019 The accountancy and audit profession is lagging behind business when it comes to the diversity of senior management, new research showed today. A report by audit watchdog the Financial Reporting Council (FRC) found a massive drop off between women at manager level and partner level at accountancy firms. Read more: Auditors slapped with rising fines [...]
Watchstone shares jump 40 per cent after it settles Slater & Gordon fraud claim October 21, 2019 Insurance firm Watchstone and law firm Slater & Gordon have settled a long running fraud claim just hours before a nine-week High Court trial was due to begin. Watchstone’s shares jumped 45 per cent today to 156p after the settlement was announced. The claim dates from listed Australian law firm Slater & Gordon’s acquisition of [...]
However worthy their cause may be, eco-rebels are not above the law October 17, 2019 Imagine a city in the grip of a crime wave, where the hard-pressed police have to draft in officers from other parts of the country to maintain order in an increasingly fractious situation, where ordinary citizens find their daily journeys to work and school disrupted, and where local businesses suffer the effects of day after [...]
Sir John Kingman says lack of government action putting audit reform at risk October 15, 2019 The author of a report into the future of the audit regulator warned today that lack of government action risks letting the watchdog “drift on, half-reformed”. Former mandarin Sir John Kingman undertook the report into the Financial Reporting Council (FRC) following the failure of outsourcer Carillion in 2018. Kingman expressed his concerns in a letter [...]
Auditors slapped with rising fines after turbulent year October 14, 2019 Britain’s beancounters faced rising fines over the last year, as the industry’s watchdog upped its penalties following a series of major accountancy scandals. The Financial Reporting Council (FRC) fined audit firms roughly £24.3m in the year to the end of September, rising 44 per cent on the previous year, according to new Thomson Reuters research. [...]
Longer prison sentences given out for tax evasion October 14, 2019 Prison sentence lengths for tax evasion rose by 10 per cent on average last year as the taxman pushed for tougher punishments to dodgng payments. The average sentence for the deliberate non-payment of tax rose to two years and seven months in 2018 – an increase of two months on 2017’s figures – according to [...]
Ex-Freshfields partner escapes strike off after sexual misconduct allegations upheld October 10, 2019 An ex-Freshfields partner escaped being struck off today after a tribunal found he had engaged in sexual activity with a heavily intoxicated junior lawyer. Ryan Beckwith, 41, tearfully hugged and kissed his wife after the sanction was handed down. The Solicitors Disciplinary Tribunal (SDT) fined Beckwith £35,000 and ordered him to pay costs of £200,000. [...]
Shares in recruiter Pagegroup tumble as it warns on profits for second time October 8, 2019 Recruiter Pagegroup delivered its second profit warning of 2019 today sending shares tumbling, blaming challenging trading conditions in the UK, France and China and deteriorating economic conditions in markets such as Germany. The recruiter cut its forecast for 2019 operating profit to between £140m and £150m, down from earlier market estimates of between £156.5m and [...]
BDO profits jump as partners enjoy pay rise October 7, 2019 BDO has reported a double-digit rise in profit and revenue for the last 12 months, as the accountancy giant ramped up the pressure on its larger under-fire Big Four rivals The beancounter enjoyed its seventh consecutive year of growth after profits rose 26 per cent to £134m and revenues jumped 25 per cent to £578m. [...]
