Search Results for: FRC
KPMG Audit plc’s audit of HBOS plc
January 22nd, 2016
The Financial Reporting Council’s (FRC) Conduct Committee has reviewed the full report from the PRA and FCA into the failure of HBOS plc. and has asked the FRC’s Executive Counsel to undertake preliminary enquiries under the Accountancy Scheme, the ...
‘Big Four’ audit firms never examined over illegal tax plans
January 18th, 2016
Regulators fail to act as they are dominated by the companies they are supposed to police, say critics Audit and accountancy firms who devise tax-avoidance schemes ruled unlawful have never faced official reprimand, The Independent can reveal. None of the so-called ...
Investigation announced in respect of Grant Thornton’s audits of Globo plc
December 21st, 2015
The Financial Reporting Council (FRC) has launched an investigation under the Accountancy Scheme into Grant Thornton UK LLP’s audits of the consolidated financial statements of Globo Plc for the years ended 31 December 2013 and 31 December 2014. 1. ...
KPMG in hot water over HBOS collapse
December 16th, 2015
The “big four” auditing firm KPMG has found itself under renewed pressure over its role in signing off HBOS’s books in the years before the bank collapsed. The Bank of England/Financial Conduct Authority report did not specifically evaluate KPMG’s ...
HBOS and KPMG tensions exposed by report
November 24th, 2015
TENSIONS between HBOS’s senior management and the bank’s auditor KPMG have been exposed in the long-awaited bumper report into the financial institution’s epic failure. The 500-page tome, which took over three years and £7m to compile, reveals that the ...
Formal Complaints against Mr Stephen Harrison and PwC, and Mr Stephen Hill and David Wells relating to Connaught plc
October 13th, 2015
The Financial Reporting Council’s Executive Counsel has delivered two disciplinary Formal Complaints in connection with the conduct of: Stephen Harrison (PwC’s Senior Statutory Auditor and Audit Engagement Partner) and PwC in relation to the audit of the financial statements ...
How the Big Four have returned to consulting with a bang
October 2nd, 2015
Whether by acquisition, organic growth or the recruitment of experienced hires, the Big Four have established consultancy groups that singly and collectively are a force to be reckoned with. According to analyst firm Gartner, spending on management consultancy services increased ...
Update on the implementation of the EU Audit Directive and Regulation
September 1st, 2015
The Department of Business Innovation and Skills has published an update on the implementation of the EU Audit Directive and Regulation: “Following Baroness Neville-Rolfe’s Written Ministerial Statement of 20 July 2015, which named the Financial Reporting Council (FRC) as the ...
KPMG facing probe as Quindell restates accounts
August 10th, 2015
KPMG is facing an investigation by the accounting watchdog over its work auditing the accounts of troubled AIM-listed insurer Quindell. The Financial Reporting Council inquiry was confirmed hours after Quindell revealed it had plunged to a £68m loss last year ...
Institutes retain regulatory powers over auditors
July 23rd, 2015
Acounting institutes will retain their role as regulators of the accounting profession and the structure of audit regulation will be maintained and will not be subject to statutory legislation when the government implements the EU Audit Directive and Regulation. In a ...
