Watchdog boss: Auditors ‘clearly responsible’ for detecting company fraud February 5, 2019 The head of the UK’s beleaguered accountancy watchdog said auditors are “clearly responsible” for finding fraud in companies. Stephen Haddrill, chief executive of the Financial Reporting Council (FRC), said accountants too often buy into a “mythology” that they will not find wrongdoing while checking companies’ accounts. “The auditor is clearly responsible for finding fraud in [...]
From London to Beirut: leading City lawyer takes ministerial post in new Lebanese government February 5, 2019 The head of US law firm Dechert’s London office is leaving the firm’s partnership to take a role in Lebanon’s new government. Capital markets specialist Camille Abousleiman, who was named the American Lawyer magazine’s 2018 dealmaker of the year, has been appointed minister for labour in Lebanon's new government. Abousleiman is the second high profile [...]
Two Barclays employees killed in Italian avalanche February 5, 2019 Barclays confirmed today that two of its employees were killed in an avalanche in the Italian Alps on Sunday. Matt Ziegler, 43, an in-house lawyer at Barclays, and Katherine Clarke, 39, a director in Barclays private bank and overseas service, were among four people killed in the avalanche on Sunday. A spokesperson said in a [...]
Auditors should not be ‘policemen’ – but that could change, MPs told February 4, 2019 A government-commissioned review will examine how far auditors should go in detecting fraud at companies. London Stock Exchange chair Sir Donald Brydon said there was a need for “greater clarity” on the subject, after the new boss of Grant Thornton, David Dunckley, clashed with MPs over the topic last week. “Is it [auditors’] job to [...]
Home secretary Sajid Javid approves extradition of Indian tycoon Vijay Mallya February 4, 2019 Home secretary Sajid Javid has approved the extradition of Vijay Mallya, the Indian tycoon behind Kingfisher, who is facing criminal fraud charges in India over the collapse of his airline. Last December a UK court ruled that Mallya should be extradited to India and left the decision in the hands of Javid, who has today approved the decision. [...]
Born in the purple: Cadbury drops trademark amid battle for wrapper colour February 4, 2019 Cadbury’s legal battle to protect its distinctive shade of purple has come to an end after the chocolate maker gave up its trademark. In December the Court of Appeal ruled against the confectionery company, which had tried to trademark the shade of purple used on its wrappers. Read more: The colour purple: Cadbury loses latest court battle [...]
BDO completes its merger with Moore Stephens February 4, 2019 BDO has completed its merger with Moore Stephens, forming a new fifth-largest UK audit firm. The announcement arrives alongside new audit contract figures for the Alternative Investment Market (Aim) clients, which show the accountancy firm has expanded its junior market dominance. The new firm – which will operate under the BDO moniker as part of [...]
The taxman collected an extra £3.75bn from VAT investigations into small businesses last year February 4, 2019 The taxman collected an extra £3.75bn from small and mid-sized businesses (SMEs) last year through investigations into the underpayment of VAT, up 12 per cent on the previous year. The extra revenue HM Revenue and Customs (HMRC) collected through VAT investigations made up half of all revenue collected through investigations into SMEs in 2017/18, according to [...]
Court rules in favour of Asda workers in equal pay claim against supermarket giant January 31, 2019 Asda workers have been handed a victory in their equal pay claim against the supermarket giant after the Court of Appeal ruled that store workers' roles are comparable to jobs in its warehouses. Tens of thousands of store workers claimed they had been discriminated against in being paid less than their male counterparts who predominantly [...]
Sweating under today’s tax return deadline? It might be time to let your accountant go… January 31, 2019 Left your tax return until the last minute? Desperate to avoid a fine? Take a few tips from me, an award-winning financial technology journalist. Well, okay, the “award” came from Guildford Magistrates Court – in the form of compensation against my useless accountant at the end of a small claims hearing. That verdict was an [...]