All the updated news related to financial reporting

All the news related to financial reporting updated in real time

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City

PwC fined over Kier Group and Galliford Try audits

Audit giant PwC and one of its employees have been fined a combined £3.1 million for mistakes that forced construction giant Galliford Try to restate its finances by tens of millions of pounds. The two were also fined another £2.1 million for their ...

07 Jun 2022 at 09:25

City

KPMG and auditor hit with £910,000 in fines after Revolution Bars failures

Auditing giant KPMG and one of its former staff have been hit with fines totalling £910,000 after mistakes they made when checking the accounts of Revolution Bars. The Financial Reporting Council (FRC) said that the auditors had missed errors in ...

08 Mar 2022 at 10:25

City

Water bosses ‘should have pay scrutinised’ after rivers found to be dirty

Water bosses whose companies dump sewage in the UK’s waterways should have their bonuses reined in, the head of regulator Ofwat has said. In a letter to company boards, David Black said they need to ensure chief executives are given bonuses ...

21 Feb 2022 at 13:55

City

Deloitte fined £1.45m by watchdog over Mitie Group audit

The accounting watchdog has fined Deloitte £1.45 million after failures in its audit of outsourcing giant Mitie Group. The Financial Reporting Council (FRC) also handed a £40,056 fine to John Charlton, who worked on the audit for the ...

21 Apr 2022 at 09:25

City

Deloitte under investigation by accounting watchdog over Go-Ahead audits

Accountancy giant Deloitte is being investigated by the industry watchdog over its audits for scandal-hit bus and train group Go-Ahead. The Financial Reporting Council (FRC) said it had launched a probe into Deloitte’s auditing of ...

12 Apr 2022 at 16:25

City

Ministers to rip up transparency rules for small firms to encourage job creation

The Government has launched a review which could lead to it ripping up transparency rules on what information some of the UK’s small companies must publish. Ministers have also revealed the creation of a new authority which it ...

31 May 2022 at 01:01

City

Audit watchdog ‘in poor state’, says candidate for chair

The Government’s candidate to lead the Financial Reporting Council (FRC) has said that the situation at the top of the regulator is in “a pretty poor state”. Businessman Sir Jan du Plessis said that he would address the ...

25 Jan 2022 at 13:55

City

Deloitte fined £906,000 by watchdog over SIG accounts

The auditing watchdog has fined Deloitte £906,250 over failings in its accounting for building materials firm SIG. The Financial Reporting Council (FRC) first launched an investigation into the Big Four auditor in 2018 ...

22 Dec 2022 at 08:11

City

PwC hit with £5.6m fine for ‘serious failures’ over Babcock audit

Accounting giant PwC has been slapped with a £5.6 million fine by the UK’s auditing regulator over serious failures in handling the accounts of defence company Babcock. The Financial Reporting Council (FRC) said that ...

08 Mar 2023 at 12:04

City

Record number of firms sign up to sustainably invest UK savers’ money

A record number of companies have pledged to sustainably invest money on behalf of UK savers and pensioners. The Financial Reporting Council (FRC) announced on Wednesday that more firms than ever before are signed ...

30 Aug 2023 at 12:13

City

Hold firms signed up to sustainability code to higher standards, watchdog urged

The Financial Reporting Council (FRC) should hold firms signed up to a sustainable investment code to higher standards, campaigners have said. The reporting watchdog announced that a record number of companies ...

31 Aug 2023 at 15:30

MPs warn audit backlog threatens transparency over £100 billion spend

A huge backlog in auditing accounts across local government has increased the risk of more councils failing financially and undermined accountability for £100 billion of annual spending, MPs have warned. A ...

23 Jun 2023 at 00:01

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