Accountancy news

• UK FRC's fines increased by 44% in a year to record high of of £24.3m http://www.internationalaccountingbulletin.com/News/uks-frc-fines-jump-to-record-high-7454344 …

  15-10-2019 13:06 via twitter.com
  UK FRC's fines increased by 44% in a year to record high of of £24.3mhttp://www.internationalaccountingbulletin.com/News/uks-frc-fines-jump-to-record-high-7454344 …
  
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• ‘Incredible failure’: KPMG rejects claims it assessed ‘the wrong company’ before $423m payment to Paladin

  23-02-2024 20:00 via theguardian.com
  
  Exclusive: Firm’s denial comes after weeks of intense criticism, including accusations that it misled parliament • Get our morning and afternoon news emails, free app or daily news podcastConsultancy firm KPMG Australia has rejected claims it conducted due diligence on “the wrong company” before the federal government gave nearly half a billion dollars to a controversial company with no track record.The firm’s objection to comments by a member of a Senate inquiry exa
  
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• EY Oceania accused of potential conflict of interest over government contracts on climate policy

  23-01-2024 15:00 via theguardian.com
  
  Exclusive: consultancy firm supported oil and gas industry lobbying while being paid for independent advice on Albanese’s signature climate policyFollow our Australia news live blog for latest updatesGet our morning and afternoon news emails, free app or daily news podcastConsultancy firm EY Oceania was supporting the oil and gas industry’s lobbying efforts while being paid by the federal government for independent advice on its signature climate policy and gas emissions.The firm, wh
  
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• Morgan Stanley and Allen & Overy helping oligarch’s efforts to seize Russian oil firm

  08-01-2024 11:02 via theguardian.com
  Exclusive: Sergey Kolesnikov has supplied building materials to Russian military and for use in occupied UkraineAn oligarch who has supplied building materials to the Russian military machine and for construction in occupied areas of Ukraine is being assisted by Morgan Stanley and Allen & Overy in his attempt to gain control of a huge Russian oil asset, the Guardian can reveal.Sergey Kolesnikov, originally from Russia but now a Maltese citizen under its “golden passport” scheme i
  
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• Watchdog investigates accountant at bankrupt Thurrock council

  03-01-2024 15:29 via theguardian.com
  Financial Reporting Council looking into compliance of ex-official at council that ran up £500m deficitThe UK’s accounting watchdog has launched an investigation into an accountant at Thurrock council after the Conservative-run local authority’s failed investment spree landed it in effective bankruptcy.The Financial Reporting Council (FRC) said its move related to an individual’s compliance with governance, reporting, regulations and professional standards at the Essex co
  
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• FBI to help Cypriot police investigate sanction-busting for Russian oligarchs

  06-12-2023 07:00 via theguardian.com
  Agents will explore how lawyers and accountants in Cyprus helped shield assets of Kremlin-linked business peopleFBI agents tasked with investigating sanctions-busting have been dispatched to Cyprus as the global crackdown against Russian oligarchs, and the web of enablers who have helped hide their wealth, intensifies.The 24-strong team was expected to start “assisting Cypriot police” with immediate effect after arriving on the eastern Mediterranean island late Sunday. Continue readi
  
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• MPs condemn payment of millions to consultants over federally funded grant schemes

  22-11-2023 23:00 via theguardian.com
  Politicians and union say assessment of applications should no longer be outsourced to private companiesGet our morning and afternoon news emails, free app or daily news podcastConsultants have been paid millions of dollars to help design federally funded grant schemes and assist in assessing applications to such programs, drawing bipartisan rebuke from MPs concerned about potential conflicts of interest.The politicians and a union believe the assessment of grant applications is “core work
  
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• EY fired Australian partner accused of promoting tax minimisation scheme, letter published by Senate inquiry reveals

  17-11-2023 06:12 via theguardian.com
  The former partner is accused of receiving more than $700,000 in unauthorised payments from clients, letter saysFollow our Australia news live blog for latest updatesGet our morning and afternoon news emails, free app or daily news podcastConsulting giant EY fired an Australian partner accused of promoting a tax minimisation scheme and receiving more than $700,000 in unauthorised payments from clients, according to a letter published by a Senate inquiry.According to the letter, EY was aware of t
  
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• PwC Cyprus moved £1bn for Russian tycoon on day he was put under sanctions

  14-11-2023 17:00 via theguardian.com
  Leaked files raise questions over timing of deal as government of Cyprus reveals ‘ongoing’ criminal investigationOne of the world’s biggest accountancy firms helped Russia’s “richest” oligarch attempt to transfer £1bn in a public company on the day he was placed under EU sanctions, leaked documents suggest. The disclosure raises serious questions about the role played by PwC Cyprus in a potential sanctions breach.Details of the blue-chip accountant&rsquo
  
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• PwC defends plans to cut 600 jobs rather than bosses’ pay

  07-11-2023 14:48 via theguardian.com
  
  News come months after PwC revealed more than 1,000 UK partners would be paid £906,000 eachPwC’s chairman has defended plans to cut up to 600 jobs rather than cut partner pay amid a slowdown in client demand, saying it was important to offer “competitive” pay packages to senior staff.The accounting and consultancy firm said it was trying to right-size the business following weaker growth, rising costs and a drop in the number of employees quitting on their own accord, in
  
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• KPMG lodges complaint after AI-generated material was used to implicate them in non-existent scandals

  03-11-2023 06:10 via theguardian.com
  
  Senate inquiry into Australian consultancy industry concedes its integrity has been undermined by reliance on case studies generated by Google Bard AI toolFollow our Australia news live blog for latest updatesGet our morning and afternoon news emails, free app or daily news podcastA Senate committee has warned artificial intelligence may have seriously undermined its integrity, after consultancy giant KPMG lodged an official complaint about factually inaccurate information receiving parliamentar
  
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• Australian academics apologise for false AI-generated allegations against big four consultancy firms

  02-11-2023 15:08 via theguardian.com
  
  Case studies created by Google Bard AI as part of submission to parliamentary inquiry proven to be factually incorrectGet our morning and afternoon news emails, free app or daily news podcastA group of academics have agreed to offer an unreserved apology to the big four consultancy firms after admitting they used artificial intelligence to make false allegations of serious wrongdoing in a submission to a parliamentary inquiry.The accusations have been met with scorn by the firms, concerned that
  
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• Bleak day for UK jobs as firms including Rolls-Royce and KPMG plan to cut 4,000 roles

  17-10-2023 15:58 via theguardian.com
  
  British jet engine maker to cut workforce as Swedish electric truck firm Volta files for bankruptcyBusiness live – latest updatesMore than 4,000 jobs have been put at risk by big employers including the UK jet engine maker Rolls-Royce, the consultancy KPMG and the Swedish electric truck firm Volta on a dark day for British industry.Rolls-Royce plans to cut up to 2,500 jobs as part of a move to a simpler organisation “that is fit for the future”, according to its new chief execu
  
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• Rolls-Royce, KPMG and others put more than 4,000 jobs at risk

  17-10-2023 15:21 via theguardian.com
  
  British jet engine maker to cut workforce as Swedish electric truck firm Volta files for bankruptcyBusiness live – latest updatesMore than 4,000 jobs have been put at risk by big employers including the UK jet engine maker Rolls-Royce, the consultancy KPMG and the Swedish electric truck firm Volta on a dark day for British industry.Rolls-Royce plans to cut up to 2,500 jobs as part of a move to a simpler organisation “that is fit for the future”, according to its new chief execu
  
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• Carillion and the government’s shameful inertia on reform | Nils Pratley

  12-10-2023 18:54 via theguardian.com
  
  Outsourcer’s collapse revealed disgraceful failures at auditor KPMG, yet six years on where is tough new regulator we were promised?Even at the distance of half a decade, the chaotic collapse of Carillion shocks. One of the country’s biggest construction and contracting firms, embedded in schools and hospitals, failed with liabilities of £7bn and just £29m in cash. The company’s pension schemes were underfunded. Almost 3,000 employees lost their jobs and the implosi
  
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• Carillion and the government’s shameful inertia on reform

  12-10-2023 18:54 via theguardian.com
  
  The outsourcer’s collapse revealed disgraceful failures at its auditor, KPMG, yet six years on where is the tough new regulator we were promised?Even at the distance of half a decade, the chaotic collapse of Carillion shocks. One of the country’s biggest construction and contracting firms, embedded in schools and hospitals, failed with liabilities of £7bn and just £29m in cash. The company’s pension schemes were underfunded. Almost 3,000 employees lost their jobs an
  
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• KPMG boss says Carillion auditing was ‘very bad’ as firm is fined record £21m

  12-10-2023 17:51 via theguardian.com
  
  Jon Holt says some employees ‘simply didn’t do their job properly’ in run-up to one of UK’s biggest corporate failuresThe UK boss of KPMG has said he “simply cannot defend” the firm’s auditing work on the failed government contractor, Carillion, describing it as “very bad,” as the accounting giant was hit with a record £21m fine by Britain’s accounting watchdog.The fine comes almost six years after the outsourcing firm collapsed w
  
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• KPMG fined record £21m over Carillion audit failures

  12-10-2023 08:54 via theguardian.com
  
  Collapse of construction and building services firm in 2018 prompted root and branch review of auditing standardsBritain’s accounting regulator has fined KPMG a record £21m for audits of Carillion, the builder that imploded in 2018 and prompted a root and branch review of auditing standards.“The number, range, and seriousness of the deficiencies in the audits of Carillion during the period leading up to its failure was exceptional and undermined that credibility and the public
  
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• KPMG boss says auditing of Carillion was ‘very bad’ as firm is fined record £21m

  12-10-2023 08:54 via theguardian.com
  
  Jon Holt says some employees ‘simply didn’t do their job properly’ in run-up to one of UK’s biggest corporate failuresThe UK boss of KPMG has said he “simply cannot defend” the firm’s auditing work on the failed government contractor, Carillion, describing it as “very bad,” as the accounting giant was hit with a record £21m fine by Britain’s accounting watchdog.The fine comes almost six years after the outsourcing firm collapsed w
  
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• Boss says KPMG’s auditing of Carillion was ‘very bad’ as firm is fined £21m

  12-10-2023 08:54 via theguardian.com
  
  Jon Holt says some employees ‘simply didn’t do their job properly’ in run-up to one of UK’s biggest corporate failuresThe UK boss of KPMG has said he “simply cannot defend” the firm’s auditing work on the failed government contractor, Carillion, describing it as “very bad,” as the accounting giant was hit with a record £21m fine by Britain’s accounting watchdog.The fine comes almost six years after the outsourcing firm collapsed w
  
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• PwC Australia blocked from breaking up business by global management in 2018, Senate inquiry hears

  12-10-2023 06:18 via theguardian.com
  
  Former CEO Luke Sayers says ‘Project Kookaburra’ sought to sell off consultancy business amid concerns about conflicts of interestsFollow our Australia news live blog for latest updatesGet our morning and afternoon news emails, free app or daily news podcastPwC Australia recommended the firm be broken up to avoid conflicts of interest and address concerns about declining audit quality in 2018, but was blocked by the global executive, its former chief executive Luke Sayers has told an
  
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• PwC expected to face Senate inquiry over alleged wrongdoings as global CEO travels to Australia

  02-10-2023 08:16 via theguardian.com
  
  Labor’s Deborah O’Neill believes visit from Bob Moritz is a ‘PR exercise’ that comes amid fresh allegations against the firmFollow our Australia news live blog for latest updatesGet our morning and afternoon news emails, free app or daily news podcastLeaders of the embattled consulting giant PwC are expected to be called before a Senate inquiry later this month as fresh allegations emerge of more confidentiality breaches.Meanwhile the firm’s global CEO, Bob Moritz,
  
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• Average income of Deloitte UK partners tops £1m for third year in a row

  29-09-2023 01:01 via theguardian.com
  
  Payouts rose by 5% after operating profits increased to £756m and pension advisory business was soldThe average income of Deloitte’s more than 640 equity partners in the UK rose to £1.1m this year, despite a recent slowdown in spending and company deals.Deloitte UK said revenue grew 14% to £5.6bn in the year to May, as buoyant markets in the first six months of its financial year bolstered demand for audit and advisory work. It helped offset the “increased caution&r
  
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• PwC tax leak scandal not isolated to Australia, senators claim

  28-09-2023 17:00 via theguardian.com
  
  Accounting firm says no evidence confidential information used by partners outside Australia for commercial gainGet our morning and afternoon news emails, free app or daily news podcastThe politicians who exposed PwC’s leak of government secrets have claimed the scandal is not isolated to Australia, citing emails that reveal global partners knew they received confidential material and provided assistance.Confirmation that PwC Australia partners shared confidential details about multination
  
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• PwC’s ‘rainmaker’ partners often pursue profits ahead of ethics, scathing review finds

  27-09-2023 04:43 via theguardian.com
  
  Internal review led by former Telstra boss Ziggy Switkowski finds ‘whatever it takes’ culture at accounting firm contributed to serious ethical failure PwC partners who make the firm money are known as “untouchables” and “rainmakers” to whom “the rule don’t always apply”, according to a scathing cultural review that confirms the pursuit of profit often outweighed ethical responsibilities.The review by former Telstra boss, Ziggy Switkowski, fo
  
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• Poundland moves to buy 71 Wilko sites with possible jobs guarantee for staff

  12-09-2023 17:33 via theguardian.com
  
  PwC says owner plans to reopen stores under Poundland brand throwing lifeline to as many as 1,800 staffPoundland is to acquire up to 71 Wilko sites that it intends to reopen under its own brand in a deal that could throw a lifeline to some of the about 1,800 staff who will lose their jobs at the stricken retailer.Under the deal struck by administrators PricewaterhouseCoopers (PwC) with Poundland’s parent company Pepco, the sites will be acquired only after all 408 Wilko stores are shut and
  
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• PwC partners to be paid £906,000 this year

  22-08-2023 14:50 via theguardian.com
  
  Payment is a slight fall on last year’s £1m record as profits fall despite rising revenuesBusiness live – latest updatesPartners at the UK division of “Big Four” accounting firm PwC will be paid £906,000 this year, a slight fall on last year’s record payout as profits fell despite rising revenues.Unaudited accounts released by the company showed that PwC’s UK profit fell from £1.5bn to £1.3bn in 2022, although last year’s figure w
  
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• Conflict of interest or a very cunning plan? | Fiona Katauskas

  08-08-2023 06:49 via theguardian.com
  
  The consultancy business model is catching onContinue reading...
  
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• Labor launches crackdown on tax adviser misconduct following PwC scandal

  06-08-2023 04:01 via theguardian.com
  
  Government says it will increase penalties for promoting tax avoidance schemes and bolster regulators’ powers Follow our Australia news live blog for latest updatesGet our morning and afternoon news emails, free app or daily news podcastPenalties for promoting tax avoidance schemes will be increased tenfold and financial regulators will get much stronger powers as the federal government seeks to fix “severe shortcomings” in the nation’s financial systems exposed by the Pw
  
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• PwC scandal: PwC Australia reached confidential settlement with ATO months before tax scandal fallout revealed

  26-07-2023 09:39 via theguardian.com
  
  Embattled consultancy would not divulge details of deal, which was struck two months before the federal government referred the matter to the AFPEmbattled consultancy firm PwC Australia reached a settlement with the Australian Tax Office months before the true scale of a scandal involving the misuse of confidential tax policy was publicly revealed.Details of the settlement and the events that triggered it are not known and would not be divulged by PwC, but the timing of the deal has led the NSW
  
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