Practice & Industry

Audit / AJ Bell drops KPMG auditors for BDO

FTSE 250 investment manager AJ Bell appoints BDO as its new auditor for 2020, replacing KPMG after 10 years

Insight / CIOT names Whiteman as chief executive replacing Fanning

The Chartered Institute of Taxation (CIOT) has appointed Helen Whiteman as the Institute’s new chief executive, replacing Peter Fanning, who is retiring

Audit / Thomson Reuters acquires Confirmation audit service

Thomson Reuters is expanding its audit offering with the acquisition of Confirmation, a provider of secure audit confirmation services, primarily for banking and financial services

Insight / MHA Moore and Smalley reports 7% revenue growth to £17.7m

Digital services and cross-border tax help drive fee growth at North West firm as it plans further expansion in bid to break in to top 40 firms

Audit / Grant Thornton invests £7m to rebuild audit practice

In a bid to restore confidence in its audit business, Grant Thornton plans to set up an audit quality board and increase audit staff numbers with a mix of external senior hires and an increase in trainee numbers

Accounting / SFO arrests over Patisserie Valerie accounting fraud

The Serious Fraud Office has stepped up its investigation into café chain Patisserie Valerie with the arrest of five people over the accounting fraud uncovered last autumn

Audit / Cineworld drops KPMG after 15 years as auditor

International cinema giant Cineworld replaces KPMG with PwC after Big Four firm refuses to bid in new audit tender, reports Philip Smith

Insight / ACCA launches computer-based exam practice platform

ACCA (Association of Chartered Certified Accountants) has launched a brand new accountancy exam practice platform for computer-based exams (CBE) targeted at training providers

Accounting / Big businesses face fines for late payment to SMEs

For the first time large businesses could be fined for failing to pay smaller suppliers on time as part of a robust package of measures launched by small business minister Kelly Tolhurst, but there will be no change to the 60-day payment term set out in the voluntary Prompt Payment Code

Insight / Facebook to launch Libra cryptocurrency

Facebook has moved into the crypto currency market with plans to launch Libra, a new global currency powered by blockchain technology, which will be available as a payment method on WhatsApp and Messenger

Insight / Xeinadin accounting consolidator snaps up KJG

Accountancy consolidator Xeinadin has expanded with the acquisition of Kay Johnson Gee (KJG), a Manchester-based firm of chartered accountants and business advisers, and has signed up a further Irish firm

Insight / UK CEOs lose confidence in global growth

Less than half of UK CEOs are confident about growth prospects for the global economy, but despite continuing Brexit uncertainties, a significant proportion of global CEOs still see the UK as an attractive investment destination, a KPMG survey has found

Audit / KPMG slammed with £40m fine for changing audit results in US

The Securities and Exchange Commission has charged KPMG LLP in the US with altering past audit work after receiving stolen information about inspections of the firm that were conducted by the Public Company Accounting Oversight Board (PCAOB)

Tax / HMRC set to open Edinburgh mega centre in 2020

Work is on schedule for the opening of HMRC’s new Scottish headquarters in Edinburgh in spring 2020, which will form the centrepiece of a newly built, high-tech government hub

Insight / SMP Group completes MBO with regulatory approval

Isle of Man based trust and tax experts, SMP Group Limited, has confirmed that it has secured all necessary regulatory approvals from UK and offshore jurisdictions, and has completed a management buyout (MBO)