UK accounting regulator fines KPMG £2.1 million after misconduct admission – OUT-LAW.com

Posted August 21st, 2018 in auditors, financial regulation, fines, news, professional conduct by sally

‘The UK’s accountancy regulator, the Financial Reporting Council (FRC) has fined KPMG £2.1 million after an investigation into audits of fashion company Ted Baker.’

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OUT-LAW.com, 20th August 2018

Source: www.out-law.com

Watchdog berates PwC over ‘misleading’ BHS accounts – The Guardian

Posted August 16th, 2018 in accountants, auditors, financial regulation, news, reports by sally

‘BHS’s accounts were misleading and featured unrealistic forecasts before Sir Philip Green sold the now collapsed department store chain, according to a report into the role of the retailer’s auditor, PwC.’

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The Guardian, 15th August 2018

Source: www.theguardian.com

R (Taveta Investments Ltd) v Financial Reporting Council – Blackstone Chambers

Posted August 9th, 2018 in auditors, injunctions, news, sanctions by sally

‘Following an investigation in relation to an audit of BHS, the FRC reached a settlement with the auditors whereby they admitted misconduct and accepted the imposition of fines and other sanctions. The FRC and the auditors entered into a settlement agreement which included a 38-page “Particulars of Fact and Acts of Misconduct” setting out the “facts” as agreed between these parties.’

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Blackstone Chambers, 29th June 2018

Source: www.blackstonechambers.com

Sir Philip Green launches legal bid to gag BHS-related report – The Guardian

Posted June 22nd, 2018 in auditors, injunctions, news, reports by tracey

‘Sir Philip Green is seeking a gagging order to prevent the full publication of a watchdog’s report that casts fresh light on the BHS scandal. On Thursday, Green launched a high court bid to stop the Financial Reporting Council publishing its damning report on the failures of the auditors responsible for checking BHS’s accounts.’

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The Guardian, 21st June 2018

Source: www.theguardian.com

Watchdog fines former Quindell auditor £1m for misconduct – Daily Telegraph

Posted January 24th, 2018 in auditors, fines, news, professional conduct by tracey

‘A former auditor of scandal-hit insurance software firm Quindell has been fined £1m and reprimanded by the accounting watchdog for “misconduct” in its handling of the company’s finances. The Financial Reporting Council said Arrandco Audit, formerly known as RSM Tenon, failed to “exercise sufficient professional scepticism” and to ensure the company’s financial statements in the year to January 2011 were free from inaccuracies. One of its partners, Jeremy Filley, was also slapped with an £80,000 fine.’

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Daily Telegraph, 23rd January 2018

Source: www.telegraph.co.uk

CQC improving but must tackle issues in regulation activities: watchdog – Local Government Lawyer

Posted October 20th, 2017 in auditors, community care, health, news, standards by sally

‘The Care Quality Commission (CQC) has improved as an organisation, but must overcome “some persistent issues with the timeliness of some of its regulation activities”, the National Audit Office (NAO) has found.’

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Local Government Lawyer, 19th October 2017

Source: www.localgovernmentlawyer.co.uk

Regulations broaden financial sanctions reporting obligation – OUT-LAW.com

‘New UK regulations have been published that significantly extend the duty to report financial sanctions breaches. Previously only banks, financial institutions, certain EEA credit institutions, and currency exchange businesses were obliged to report, but the duty now applies to a far broader range of professions and sectors.’

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OUT-LAW.com, 14th August 2017

Source: www.out-law.com

PwC fined £2.3m over auditing of subprime lender Cattles – The Guardian

Posted September 1st, 2016 in accountants, auditors, costs, financial regulation, fines, news by sally

‘PricewaterhouseCoopers has been fined £2.3m by the accountancy watchdog over its auditing of the subprime lender Cattles and its biggest division, Welcome Financial Services, in 2007.’

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The Guardian, 31st August 2016

Source: www.guardian.co.uk

Public interest report calls for all legal advice to be commissioned by legal team – Local Government Lawyer

‘Derby City Council should ensure that all legal advice is commissioned through its chief legal officer or her staff, and departments should not commission legal advice direct, auditors Grant Thornton have recommended in a public interest report.’

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Local Government Lawyer, 21st June 2016

Source: www.localgovernmentlawyer.co.uk

UK competition authorities to be given ‘more powers’ – OUT-LAW.com

Posted May 23rd, 2016 in auditors, bills, competition, consultations, EC law, enforcement, news by sally

‘Competition authorities in the UK are to be given new powers to combat anti-competitive behaviour, according to plans set out in the Queen’s Speech on Wednesday.’

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OUT-LAW.com, 19th May 2016

Source: www.out-law.com

New forensic science service planned – BBC News

‘A new forensic and biometrics service is planned by the Home Office, four years after it controversially abolished its predecessor.’

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BBC News, 12th March 2016

Source: www.bbc.co.uk

‘Big Four’ audit firms never examined over illegal tax plans – The Independent

Posted January 18th, 2016 in accountants, auditors, financial regulation, news, tax avoidance by tracey

‘Audit and accountancy firms who devise tax-avoidance schemes ruled unlawful have never faced official reprimand, The Independent can reveal. None of the so-called “Big Four” firms – PricewaterhouseCoopers (PwC), KPMG, Deloitte & Touche and Ernst & Young – has ever faced regulatory investigation for such schemes. Court rulings condemning unlawful avoidance schemes are regularly overlooked by regulators.’

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The Independent, 18th January 2016

Source: www.independent.co.uk

Collapse of Olympus fraud case fuels calls for UK law reforms – The Independent

Posted November 11th, 2015 in accounts, auditors, fraud, news, prosecutions, whistleblowers by sally

‘Legal experts have called for an overhaul of UK corporate laws to hold companies to account after the Serious Fraud Office (SFO) dropped its prosecution of Japanese optical giant Olympus Corporation.’

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The Independent, 11th November 2015

Source: www.independent.co.uk

Quarter of billion in court fines written off – Daily Telegraph

Posted April 28th, 2014 in auditors, compensation, costs, courts, delay, enforcement, fines, news, victims by sally

‘Millions of pounds in fines and victim compensation cancelled because offenders can no longer be traced.’

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Daily Telegraph, 26th April 2014

Source: www.telegraph.co.uk

Mid-Staffs scandal: Nursing and Midwifery Council criticised – BBC News

Posted March 31st, 2014 in auditors, disciplinary procedures, midwives, news, nurses, reports, standards by sally

‘The Nursing and Midwifery Council is facing more criticism over its handling of disciplinary cases in a report by the Professional Standards Authority.’

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BBC News, 31st March 2014

Source: www.bbc.co.uk

G4S may still face criminal proceedings over tagging scandal – justice secretary – The Guardian

‘G4S, the troubled giant private security company, still faces the possibility of criminal proceedings over its alleged overcharging of at least £24m on electronic tagging and prisoner escort contracts, the justice secretary, Chris Grayling, has said. His reminder comes as G4S makes a concerted attempt to have the current ban on bidding for fresh government contracts lifted.’

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The Guardian, 11th March 2014

Source: www.guardian.co.uk

Local Audit and Accountability Act 2014

Posted January 31st, 2014 in auditors, health, legislation, local government by sally

Local Audit and Accountability Act 2014 published

Full text of Act

Source: www.legislation.gov.uk

Confiscation orders take only 26p in every £100 from criminals, NAO finds – The Guardian

‘Confiscation orders designed to ensure crime does not pay provide neither value for money nor a credible deterrent as perpetrators keep all but 26p in every £100 generated by the criminal economy, according to a damning report.’

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The Guardian, 17th December 2013

Source: www.guardian.co.uk

Watchdog warning over ‘unnecessary’ gagging clauses – BBC News

“The use of ‘gagging clauses’ risks stopping employees from speaking out about failures in the public sector, the National Audit Office has warned.”

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BBC News, 8th October 2013

Source: www.bbc.co.uk

Council and watchdog in standoff over lawfulness of libel claim indemnity – Local Government Lawyer

Posted October 1st, 2013 in auditors, defamation, illegality, indemnities, local government, news by sally

“A local authority and a finance watchdog are at loggerheads over whether certain expenditure – including the grant of an indemnity to the chief executive to bring a libel counter-claim – was unlawful.”

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Local Government Lawyer, 30th September 2013

Source: www.localgovernmentlawyer.co.uk