Audit watchdog calls for better risk forecasts to improve public trust in business October 30, 2019 The audit watchdog today called for firms to provide more information on strategic risks to help improve public trust in business. High-profile failures like travel agent Thomas Cook and outsourcer Carillion have led to fingers pointed at companies and their auditors with questions raised over why risks were not set out in the company’s accounts. [...]
What problems do savers face when transferring their pensions? October 30, 2019 If you want to transfer your pension to another company, you could find it quicker to fly to Mars. That’s not an exaggeration – in some instances, it can take six months for your provider to process your request, so it’s hardly surprising that some people simply don’t bother trying to move their money at [...]
DEBATE: As the Big Four firms continue to dominate audit, have government efforts so far to reform the market failed? October 30, 2019 As the Big Four firms continue to dominate audit, have government efforts so far to reform the market failed? David Herbinet, global head of audit at Mazars, says YES. The Financial Reporting Council’s latest figures show that, despite all efforts, the audit market is actually narrowing. A diverse market is vital for audit quality and [...]
After the Woodford saga, here are four signs that your fund is in trouble October 29, 2019 The industry is still reeling from the news of the Woodford fund closure, with investors left in limbo as to when they will get their money back. But the saga has also brought two more general considerations into sharp focus: first, whether star fund managers are the answer at all, and second, what red flags [...]
Government faces calls for reform as data shows dominance of Big Four audit firms October 29, 2019 Data published yesterday by the audit watchdog showed that the Big Four accounting firms increased their market share of the UK audit market in 2018. The lack of competition in the sector has come under the microscope following scandals such as the failures of outsourcer Carillion and department store BHS which both received clean bills [...]
Men dominate investment banking deals, research finds October 28, 2019 A new ranking of Europe’s top investment bankers reveals that no women were included in the top 10 by number of deals over £100m. According to the research by data platform Mergerlinks , the top deal doer in Europe in the year ended the first half of 2019 was Rothschild & Co banker Dominic Hollamby [...]
M&C Saatchi set to appoint PwC as its auditor following accounting scandal October 28, 2019 Advertising agency M&C Saatchi is set to appoint Big Four accountancy firm PwC as its new auditor following an accounting scandal that wiped out more than half of its share price. In August the advertising agency network said it had set aside £6.4m after it had spotted an error in its accounts. Its previous auditor [...]
EY accused of failing to report drug gang’s gold bar money laundering October 28, 2019 Big Four accountancy firm EY failed to report evidence of smuggling by a criminal gang that was using black market gold to launder dirty money, according to a new investigation. The crime gang allegedly collected money from drug dealers across the UK and Europe and then laundered the money by buying and selling black market [...]
Nearly half of in-house lawyers asked to advise on unethical issues October 28, 2019 A survey of in-house lawyers published today has found that 45 per cent have been asked to advise on something ethically debatable. The study shines a light on the tightrope in-house lawyers have to walk between acting commercially and upholding professional ethics. Read more: Firms must stop using NDAs to cover up harassment, say MPs [...]
Can Freshfields’ young guns retain the Magic Circle firm’s private equity crown? October 27, 2019 Freshfields Bruckhaus Deringer’s youthful private equity team are on the frontline of the struggle between UK and US law firms to control the City legal market. The firm has led the European private equity deal rankings for the last three years, seeing off the challenge of both Magic Circle and US rivals. However, the shock [...]