Business

Insight / CMA to push for pension management reform

The Competition and Markets Authority (CMA) has announced a range of reforms to the investment consultancy sector, following a market investigation undertaken at the request of the Financial Conduct Authority (FCA)

Audit / PwC in auditor driving seat at Eddie Stobart

Eddie Stobart, one of the UK’s leading supply chain, transport and logistics companies, has announced it has appointed PwC as its new auditor, replacing KPMG

Insight / IAESB consults on updating tech education standards

The International Accounting Education Standards Board (IAESB) has launched a consultation on possible changes to international standards for the teaching of IT skills, following increased demand for proficiency and the disruptive effects of new technology in many sectors

Accounting / Jersey opens up US-style LLC status for companies

James Willmott, partner at Carey Olsen, examines Jersey’s recent decision to allow the creation of limited liability companies (LLCs), which will allow the island to attract more US-based clients and offers more flexibility than the current partnership status based on English law 

Insight / BDO global network revenues hit $9bn

BDO saw a global combined fee income from its international network of independent member firms of $8.99bn (£7.13bn) for the year ended 30 September 2018, representing a year on year growth of 10.7% in US dollars and 8.3% at constant exchange rates

Accounting / Crackdown on abuse of Scottish partnerships for money laundering

The government is to take action on the abuse of Scottish limited partnerships (SLPs) with a package of measures designed to introduce more stringent checks and greater transparency, including closer monitoring by Companies House

Insight / SME late payment costs swell to £6.7bn

The costs SMEs face in collecting late payments have rocketed, up from £2.6bn a year ago to £6.7bn currently, according to research by Bacs Payment Schemes (Bacs), part of UK retail payments authority Pay.UK

Insight / Charity Commission alert on think tanks

The Charity Commission has issued an alert to remind trustees of their legal obligations and duties in relation to think tanks which have charitable status, pointing out that these are generally established for educational purposes and the charity must be politically neutral

Insight / Deloitte fires 20 partners in four years

David Sproul, outgoing Deloitte senior partner and chief executive, has highlighted the need for ‘direct and visible action’ to ensure an inclusive culture within accountancy firms, after revealing about 20 UK partners have been fired over the past four years for inappropriate behaviour

Audit / Two thirds of FTSE 100 CFOs ex Big Four audit firms

Despite increased scrutiny, there is still an inextricable link between the boards of the FTSE 100 and the UK’s Big Four audit firms with almost two thirds of FTSE 100 CFOs and audit committee chairs being former partners or staff, according to Accountancy’s annual FTSE 100 and Big Four alumni survey

Insight / Nissan and ex-chair face charges over pay reporting

Japanese car giant Nissan and its former chairman Carlos Ghosn and an adviser, representative director Greg Kelly, have been indicted for violating the Japan Financial Instruments and Exchange Act, by making false disclosures relating to the executive’s pay in annual securities reports

Insight / Value of FCA fines down 88% in a year

The value of fines handed down by the Financial Conduct Authority (FCA) has decreased by 88% in a year, but fines for individuals have almost trebled on average, according to research from global law firm Clyde & Co

Insight / Quarter of UK workers not giving their best

UK workers are less enthusiastic about their work and less productive than their European counterparts, according to research from Deloitte which also found that almost half say their job has already been affected by automation

Insight / Outsourcer Interserve reports £600m debt

Fears are growing around the fate of Interserve, one of the biggest suppliers of services to the government, which is in financial crisis as it tries to renegotiate an estimated £600m of debt, with concerns it could collapse in a similar fashion to outsourcer Carillion

Audit / Wates corporate governance code for private companies finalised

The Financial Reporting Council (FRC) has published the final version of a new code for the corporate governance of large private companies, called the Wates principles, which can be used on an ‘apply or explain’ basis to meet new legal requirements and is intended to encourage greater transparency
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