Virgin Atlantic lenders appoint Deloitte & more…Keep up to date with the latest accountancy and finance news in our weekly round-up…

UK regulator opens probe into PwC and KPMG audits of Eddie Stobart

The UK accounting watchdog is investigating audits carried out by PwC and KPMG of Eddie Stobart, the UK logistics and haulage company that came close to collapse last year.

Virgin Atlantic lenders appoint Deloitte to assess restructure impact

A syndicate of lenders to Virgin Atlantic has appointed Deloitte to advise on their financial exposure in the event of a restructuring of the airline, according to reports.

Matalan founder suing PwC for ‘ineffective tax avoidance advice’

The multimillionaire founder of Matalan is suing his accountants for allegedly giving him ineffective tax avoidance advice – weeks after his retail empire received tens of million of pounds of taxpayer support during the Covid-19 pandemic.

Former KPMG auditors agree to suspensions over test cheating

Three former partners at KPMG agreed on 18 May to temporary suspensions from public accounting roles over cheating on training exams, the Securities and Exchange Commission said.

EY creates dedicated head of UK audit to focus on standards

EY is introducing a dedicated UK head of accounting in a move that falls short of calls from lawmakers for top accounting firms to run auditing as a standalone business to improve standards.