KPMG, Big Four

25 June, 2018

Audit industry to face fresh “root and branch” review by UK government

The UK government is to undertake a review of the audit industry, asking whether the current model for audit is fit for purpose. However, The Times reports this morning that the government...
KPMG, audit, Big Four

19 June, 2018

Watchdog spotlights KPMG for ‘deterioration’ in audit quality

KPMG, the auditor under investigation for its work on the collapsed construction giant Carillion, has been told by the UK's audit watchdog that half its FTSE 350 audits last year required "more than j...
Big Four, PwC, Deloitte, EY, KPMG

17 May, 2018

Big Four auditors ‘prepared’ if regulators push for split

The UK’s largest accounting firms are preparing themselves for a potential breakup of their offerings. After two influential committees of MPs
Carillion

16 May, 2018

MPs call on competition regulator to review audit market post-Carillion

Auditors are under renewed pressure for change following a scathing report from a committee of MPs calling for the UK government to refer the Big Four firms to competition regulators. The call come...
FRC

17 April, 2018

‘Root and branch’ review of FRC launched by government

A “root and branch review” of the UK’s accounting and finance regulator is to be led by former Treasury head Sir John Kingman. The Financial Reporting Council (FRC) will have its governance, ...
City of London, audit

11 April, 2018

Watchdog to step up monitoring of largest audit firms

A watchdog is to step up its monitoring of the UK's six biggest audit firms, in particular their leadership arrangements. The Financial Reporting Council (FRC) said that among a collection of five ...
Big Four, PwC, Deloitte, EY, KPMG

1 April, 2018

Grant Thornton’s decision throws a cloud over audit market

After a huge effort to reform the audit market with European Union legislation, it now appears that auditors and audit in the UK seem to be struck by profound uncertainty all over again. A successi...
FRC new website

22 March, 2018

Financial Reporting Council to face ‘competency inquiry’ by government

Accounting’s regulator faces the prospect of an inquiry into its competency by the government. Business secretary Greg Clark MP told a parliamentary committee investigating the collapse of Carill...
Carillion, FRC

20 March, 2018

Former FDs at Carillion face probe over financial statements

Two finance directors are to be investigated for their conduct in preparation of financial statements at the collapsed construction giant Carillion. Zafar Khan and Richard Adams, both former group ...
Carillion, FRC

14 March, 2018

Carillion collapse reveals gaps in supply chain accounting

Flaws in the way companies account for supply chain finance may have contributed to the collapse of Carillion because it failed to reveal the true extent of the construction giant's debt, according to...