KPMG South Africa appoints new boss as it tries to put scandals behind it November 28, 2018 The troubled South African arm of audit giant KPMG today announced a new chief executive from outside the firm. It appointed the deputy chief executive of PwC’s South African arm, Ignatius Sehoole, as its new boss, taking over from Nhlamulo Dlomu, who is stepping down after a year. KPMG has been rocked by a series [...]
Finally, the inheritance tax system is getting cleaned up – here’s what you need to know November 28, 2018 Inheritance tax (IHT) is not a modern phenomenon – in fact, the first “death tax” dates back to the late 1700s. Since then, IHT has been tweaked and amended, adding layer upon layer of rules. Now, in 2018, we’re caught in a system that is ridiculously confusing, riddled with legacy issues, and in desperate need [...]
Shipping executives convicted in North Sea oil bribery scheme November 27, 2018 Two former executives of shipping company FH Bertling have been convicted for their part in a corrupt scheme to win a ConocoPhillips freight forwarding contract worth over £16m as part of a North Sea exploration project. The Serious Fraud Office (SFO) said today that Stephen Emler and Giuseppe Morreale had pleaded guilty to their part in [...]
BDO’s Paul Eagland on why his firm is Aim-ing for the top November 27, 2018 It’s a bold time to make a merger in the audit sector, but with market reforms and Brexit on the horizon, BDO’s Paul Eagland sees that there can be strength in numbers. Yesterday, the professional services group – currently the sixth-largest in the UK – confirmed it is in “advanced talks” to merge with ninth-place [...]
Mayfair art dealer Mark Weiss gets green light to inspect Sotheby’s exchange over $10.7m fake Frans Hals painting November 26, 2018 A Mayfair art dealer who is locked in a legal battle with Sotheby's over a fake Frans Hals painting today won the right to inspect internal documents shared between the auction house and art experts. The New York-based auction house is suing Mark Weiss Ltd for repayment of the $10.7m (£8.3m) selling price after the painting, purported [...]
Boss says BDO still on the lookout for deals as it confirms ‘advanced’ merger talks with Moore Stephens November 26, 2018 The managing partner of BDO said the firm is still on the lookout for further mergers and acquisitions, after it confirmed plans to join forces with audit sector rival Moore Stephens. The firms have confirmed they are in “advanced” merger talks, which they say would “improve competition and quality” at the top end of the audit [...]
Stress in the City: How the UK’s top law firms manage employee wellbeing November 26, 2018 The legal world has been rocked by the recent suicide of a US partner which has led to an examination of the high-stress, long-hours culture prevalent in elite law firms. The widow of Sidley Austin partner Gabe MacConaill, who killed himself last month, wrote a heartbreaking open letter in the American Lawyer magazine detailing the [...]
BDO and Moore Stephens merger will create Britain’s fifth-largest accountancy firm November 25, 2018 BDO is preparing to merge with smaller accountancy rival Moore Stephens, in a move that will create a new fifth-largest auditor in the UK, bumping Grant Thornton off the spot. Partners at BDO, which currently holds the number six position, has approved a merger with Moore Stephens, currently the ninth-largest professional services firm in Britain, [...]
Big Four investigate their own clients on behalf of software giants November 23, 2018 The UK's top four accounting firms have been accused of a conflict of interest by investigating their own clients' use of software on behalf of technology firms. The so-called Big Four – PwC, KPMG, EY and Deloitte – carry out software audits on their clients on behalf of vendors such as Microsoft, SAP and IBM to see if firms [...]
Johnston Press administrator says creditors will face a ‘significant’ cash shortfall November 23, 2018 The administrator of struggling publishing company Johnston Press has said there will be “a significant shortfall” of money for creditors after being sold out of pre-pack administration last week. Alix Partners, the company’s administrators, warned in their first report that although funds would be available to secured bondholders and to unsecured creditors, there would still [...]