FRC cracks down on auditor misconduct & more…Keep up to date with the latest accountancy news in our weekly round-up…
Calls for Government to extend insolvency bill
Consulting and advisory firm RSM has called on the Government to urgently consider extending the Corporate Insolvency and Governance Act beyond the end of September. The firm is asking for the legislation to be extended by three months until the end of December.
KPMG excluded from industrial relations summit after allegedly leaking details
KPMG has been excluded from the government’s industrial relations consultations after publishing a discussion paper that was deemed a leak from the secret talks.
FRC fines BDO £200,000 over insurance audit failings
BDO has been fined £200,000 and sanctioned by the Financial Reporting Council for lapses in its auditing of insurer AmTrust Europe Ltd which included failing to report its evaluation of independent experts’ assessments.
KPMG confirms staff pension cuts and redundancies proposal
KPMG has begun a consultation on reducing pensions contributions, effecting around 20% of staff if agreed on, Professional Pensions finds.
EY warned Wirecard that special audit risked misinterpretation
EY told Wirecard that the draft of an independent audit report by KPMG lacked “context” and could lead to wrong conclusions about the business at the heart of an accounting scandal that has shaken corporate Germany.
City watchdog drafts in BDO to aid Wirecard monitoring
The Financial Conduct Authority has drafted in a team from BDO to work on its response to the Wirecard crisis. A person close to the regulator said BDO had been appointed to ensure Wirecard’s compliance with a series of restrictions, including keeping relevant funds safeguarded in accounts overseen by British banking supervisors.
Grant Thornton faces legal action over Patisserie Valerie audit
Grant Thornton is reportedly facing legal action over its auditing of café chain Patisserie Valerie, which collapsed last year following allegations of suspected fraud.
