Challengers turn their backs on ‘shared audits’ of the largest companies May 27, 2021 So-called ‘challenger’ audit firms BDO and Grant Thornton are reportedly considering not pitching for shared audits of FTSE 100 companies, in a move that could jeopardise the government’s plans to water down Big Four dominance. The two challengers are instead considering focusing on increasing the number of FTSE 250 companies they audit on a solo [...]
Audit watchdog admits it was not up to the job amid major company collapse May 27, 2021 The boss of the Financial Reporting Council (FRC) has admitted the audit regulator was asleep at the wheel following large scale business collapses that shook confidence in the sector. Sir Jon Thompson, chief executive of the FRC, said he agreed with criticism of the regulator following the collapse of Carillion and Patisserie Valerie. Speaking to [...]
As accounting firms prep for busy period, non-Big Four players spot new opportunities May 26, 2021 The majority of 2020 was a slow year for the UK’s deals market, with mergers and acquisitions depressed by the Coronavirus pandemic and its subsequent lockdown restrictions. This trend, however, now seems to be in reverse with a number a big deal in the private sector, including Virgin Media and O2’s £31bn mega merger, and [...]
Home Office loses immigration data case against 3.6m EU citizens in UK May 26, 2021 Campaigners have won a Court of Appeal challenge over an “unlawful” exemption to data protection rules in immigration cases. The Open Rights Group and the3million said the “immigration exemption” introduced in the Data Protection Act (DPA), which came into force in May 2018, denies people access to their personal records in immigration cases. The exemption [...]
Claims against top City law firm Dechert ‘the stuff of conspiracy theories’ May 25, 2021 Allegations that a top City lawyer leaked confidential information about a Kazakh mining giant under investigation for alleged corruption are “the stuff of conspiracy theories”, the High Court has heard. Eurasian Natural Resources Corporation (ENRC) is suing its former lawyers and the Serious Fraud Office over an SFO investigation into claims of bribery, corruption and [...]
Listed law firm DWF announces two acquisitions as trading beats expectations May 25, 2021 City law firm DWF has resumed M&A activity, acquiring two businesses after a strong year of trading amid the pandemic. The listed firm this morning announced it had acquired compliance training business Zing 365 Holdings for £1.8m, as well as reaching an agreement to acquire BCA Claims & Consulting. DWF said completion of the £2.2m [...]
EY staff to work two days a week from home post pandemic May 24, 2021 EY has today confirmed that the majority of its staff will work from home for two days a week for good, the latest big business to eschew a return to the traditional office life. The Big Four firm’s 17,500 staff will spend three days a week in the office or at client sites, with the [...]
Serious Fraud Office encouraged ‘Machiavellian’ top City lawyer to leak client’s file, court told May 24, 2021 The Serious Fraud Office encouraged a “Machiavellian” top City lawyer to leak confidential information about his client while it was under investigation for alleged bribery, corruption and fraud, the High Court heard today. Eurasian Natural Resources Corporation (ENRC) is suing the SFO for alleged misfeasance in public office over an investigation into the Kazakh mining [...]
ENRC opens £70m claim against SFO and top law firm Dechert May 24, 2021 A multi million pound claim against a top City law firm and the Serious Fraud Office for an alleged breach of contract will be heard at the High Court today. Mining firm Eurasian Natural Resources Corporation (ENRC) is suing law firm Dechert and one of its former partners Neil Gerrard for an alleged breach of [...]
Exclusive: City commuters lives in Walton-on-Thames at risk as fourth Grenfell anniversary nears May 21, 2021 City commuters lives may be at risk nearly four years on from the Grenfell disaster after an official dossier uncovered a major housing association failing to carry out key remedial works. Official documents seen by Morning Wire reveal that PA Housing Association in Walton-on-Thames, Surrey, a commuter hotbed for brokers, bankers and consultants, has so [...]