Watchdog probes KPMG over Wood Group audit Business The audit watchdog has opened an investigation into Big Four giant KPMG and two accountants over the accounts belonging to engineering and consulting firm John Wood Group. The Financial Reporting Council (FRC) revealed on Thursday that it officially launched two separate regulatory investigations concerning the financial reporting and statutory auditing of the former London-listed group. [...]
Grant Thornton partners pocket £35m from private equity deal Prof Services Equity partners at professional services giant Grant Thornton’s UK arm received a £35.2m payout after a large stake in the firm was bought by private equity-backer Cinven. According to Companies House filings, as seen by Morning Wire, a considerable one-time payout of £35.2m was made to “certain individuals” who are equity partners at the firm. [...]
EY and London managing partner fined over £1.3m for audit failure Big Four Big Four giant EY and its London office managing partner have been hit with a nearly £1.3m fine by the financial watchdog for audit failings related to retailer Made.com in 2021. The Financial Reporting Council (FRC) said the sanction follows an investigation into Julie Carlyle, who manages the City office and a portfolio of many [...]
Regulator flags BDO’s ‘unacceptable’ audit issues for fifth year in a row July 22, 2026 Accountancy giant BDO has been flagged for an “unacceptable” standard of audit quality by the watchdog for a fifth year in a row. The Financial Reporting Council (FRC) said in its yearly audit quality report that BDO’s overall audit quality fell below expected standards and “has received unsatisfactory results from regulatory inspections” consistently for five [...]
PwC slapped with multi-million fine for audit failures at FTSE 100 firm Babcock July 16, 2026 Big Four giant PwC and a former partner have been fined over £5.5m for the audit failures of London-listed engineering giant Babcock International. The Financial Reporting Council (FRC) issued disciplinary action against the firm and its audit partner, John Waters, following numerous serious audit breaches during the financial years 2019 and 2020 audits of the [...]
FRC Chair-in-waiting grilled over holding seven other board roles July 15, 2026 MPs have raised concerns over whether the former chief executive of Virgin Money can realistically juggle her role as Chair of the Financial Reporting Council (FRC) alongside seven other board and chair positions. Dame Jayne-Anne Gadhia was named by the government on Monday as the next Chair of the accounting watchdog, set to take over [...]
Former Virgin Money chief set to lead Financial Reporting Council July 13, 2026 The former chief executive of Virgin Money has been selected as the government’s preferred candidate to lead the UK’s accountancy regulator following the expected departure of Sir Jan du Plessis. Dame Jayne-Anne Gadhia was named by Business and Trade Secretary Peter Kyle to replace du Plessis for a four-year term overseeing the Financial Reporting Council [...]
Battersea Power Station misreporting claims scrutinised by accounting watchdog July 10, 2026 The City’s accounting watchdog is scrutinising claims of financial misreporting at Battersea Power Station after the former chief executive alleged he was dismissed from his role for blowing the whistle on inflated property valuations, Morning Wire understands. The Financial Reporting Council (FRC) is reportedly looking at claims made by the former boss of the iconic [...]
Watchdog opens probe into auditors of collapsed lender MFS June 11, 2026 The Financial Reporting Council (FRC) has launched an investigation into the conduct of three accountancy firms and individual accountants involved in auditing the accounts of collapsed mortgage lender, Market Financial Solutions. The accountancy watchdog said it has opened four probes into Magus Chartered Accountants, Berkeley Finch Limited, and Silver Levene (UK), and into a number [...]
P&O Ferries to be probed over possible audit failings June 10, 2026 The Financial Reporting Council (FRC) has opened a probe into the conduct of an accountant at P&O Ferries over the accuracy of information they provided to auditors. The FRC said it has opened the investigation to assess the financial information provided to the auditor of P&O Ferries Holdings Limited and its subsidiaries between December 2020 [...]