Accounting
KPMG UK partners score 9% pay increase
The firm cut hundreds of jobs last year as demand for advisory slowed
Government urged to consider one-off wealth tax to pay for Covid-19 crisis
A wealth tax levied at 1% above £500,000 would require a couple to have net wealth of more than £1m before any wealth tax would be payable
2 min read
City Watchdog to censure Carillion and its directors for reckless behaviour in run-up to collapse
Carillion's collapse led to calls for reform of the UK audit sector
2 min read
EY facing $4bn lawsuit over NMC Health audit work
NMC Health collapsed earlier this year after a $4bn hole was found in its accounts
1 min read
Impact of Covid-19 on financial statements needs better explanation, FRC says
The FRC reviewed 17 companies’ interim and annual financial statements and found there was 'room for improvement'
2 min read
Germany investigates possible money laundering by Wirecard execs
Wirecard has long been dogged by allegations from investors that the company used third-party partners to generate fake revenue, or claimed to hold cash that wasn’t there
3 min read
Wirecard under criminal scrutiny by US authorities as part of probe into alleged bank-fraud conspiracy
Federal prosecutors, FBI examining Wirecard’s work as payment processor, merchant bank in alleged $100m fraud involving cannabis company
6 min read
KPMG audit shines light on Wirecard losses — report
The German payments business is at the centre of an accounting scandal that has rocked the financial services sector
1 min read
Luckin Coffee investigation says chairman knew or should have known of fabricated transactions
Report detailing the internal probe also said Charles Lu didn’t fully cooperate with investigation, according to a person familiar with the matter
4 min read
Banks demand clarity over Covid-19 relief, dealing with defaults
Banking leaders are urging the government to clarify its plans for the sector ahead of closure of the support measures, expected in October and November
2 min read
Germany to overhaul accounting oversight amid Wirecard scandal
The justice ministry on 29 June also cancelled its contract with the country’s accounting watchdog, the Financial Reporting Enforcement Panel, effective Dec. 31, 2021
Wirecard puts spotlight on auditor EY
The auditor had questions related to unorthodox financial arrangements in 2016
Disciplinary hearing against Deloitte for Autonomy audit to resume virtually
The formal complaint relates to Deloitte’s audit of the company's 2009 and 2010 financial statements
Wirecard shows financial flaw in Germany’s system
Wirecard benefited from the obvious hands-off approach of German regulatory authorities, which prompted the head of the banking watchdog BaFin to admit that 'a whole range of public and private entities including [his] own' hadn’t been effective enough
‘Massive’ forgery helped hide $3bn hole in energy trader’s accounts
The two-month investigation found the group overstated assets and pointed to a $2.23bn shortfall in payments due from customers, while inventory stockpiles were apparently inflated by $812m
3 min read
FCA confirms one-month extension for half-year results
The FCA said the temporary relief would help firms face the challenges of corporate reporting during the coronavirus crisis
1 min read
Global accounting chiefs relax rental rule to help Covid-hit companies
The amendment will be effective from 1 June, easing accounting rules for companies with billions in lease agreements affected by the Covid crisis
4 min read
Investigation launched into EY audit of NMC Health
The troubled hospital firm asked to be delisted from the London Stock Exchange last week
1 min read