Governance under the spotlight – Law Society’s Gazette

Posted July 2nd, 2019 in auditors, government departments, local government, news, standards by sally

‘As Roman satirist Juvenal was always asking down the pub: ‘Sed quis custodiet ipsos custodes?’ (But who guards the guards themselves?). For the Ministry of Housing, Communities & Local Government (MHCLG) the answer is the redoubtable House of Commons Public Accounts Committee (PAC).’

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Law Society's Gazette, 1st July 2019

Source: www.lawgazette.co.uk

MPs and lawyers call for investigation into privatised visa system which allows firms to make millions – The Independent

Posted June 24th, 2019 in auditors, contracting out, immigration, Law Society, news, parliament, visas by tracey

‘Cross party politicians back demands for urgent review into Home Office partnership with French firm Sopra Steria following warnings legal migrants risk being ‘thrown into the hostile environment’

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The Independent, 23rd June 2019

Source: www.independent.co.uk

Investigation into the response to cheating in English language tests – National Audit Office

Posted May 24th, 2019 in auditors, examinations, fraud, immigration, press releases, statistics, visas by tracey

‘The National Audit Office (NAO) has today published its investigation into the Home Office’s response to widespread cheating by international students in English language tests. Clearly widespread cheating did take place but some people may have been wrongly accused and in some cases, unfairly removed from the UK.’

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National Audit Office, 24th May 2019

Source: www.nao.org.uk

Lydia Banerjee Writes “The Professional Obligations Owed By Auditors Have Been Under The Spot Light in Two Recent Case” – Littleton Chambers

Posted February 19th, 2019 in appeals, auditors, building societies, mortgages, negligence, news by sally

‘On 30 January 2019 the Court of Appeal gave their judgment in the case of Manchester Building Society v Grant Thornton UK LLP [2019] EWCA Civ 40. The following day judgment was handed down by the Honourable Mr Justice Bryan in AssetCo Plc v Grant Thornton UK LLP [2019] EWHC 150.’

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Littleton Chambers, 14th February 2019

Source: www.littletonchambers.com

SAAMCO revisited: information, advice and assumption of responsibility – Hardwicke Chambers

Posted February 19th, 2019 in appeals, auditors, building societies, mortgages, negligence, news by sally

‘In Manchester Building Society v Grant Thornton UK LLP [2019] EWCA Civ 40, the Court of Appeal yet again had to consider the application of the SAAMCO principle. Perhaps most significantly, the decision underlines the need to distinguish between ‘information’ and ‘advice’ cases when assessing the extent of a defendant’s liability for professional negligence.’

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Hardwicke Chambers, 14th February 2019

Source: hardwicke.co.uk

Accountancy watchdog criticised over legal services procurement – Law Society’s Gazette

Posted December 19th, 2018 in accountants, auditors, competition, legal services, news, ombudsmen, public procurement by sally

‘The accountancy regulator should adopt a more open procurement policy when tendering for legal and professional services, a review assessing its clout has found.’

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Law Society's Gazette, 18th December 2018

Source: www.lawgazette.co.uk

Patisserie Valerie auditor Grant Thornton faces probe over financial irregularities – The Independent

Posted November 21st, 2018 in auditors, fraud, inquiries, news by tracey

‘The accounting watchdog has launched an investigation into Grant Thornton’s audits of Patisserie Valerie over the three years from 2015 to 2017, after financial irregularities were uncovered at the cafe chain earlier this year.’

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The Independent, 21st November 2018

Source: www.independent.co.uk

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