Financial and Accounting News

• May 10, 2019 FRC Hands KPMG a £5m Fine over Co-Operative Bank’s Audit Failings The UK watchdog Financial Reporting Council (FRC) initially required KPMG to pay £5m as fine as well as to comply with additional requirements on its audits of credit institutions for at least next 3 years, for a ...
• May 8, 2019 Kraft Heinz Reveals $181m in Accounting ‘Misstatements’ Food giant Kraft Heinz has revealed that it discovered certain misstatements in its financial statements after an internal review was conducted by the company. As a result of these findings the company will now have to ...
• May 7, 2019 IASB consults Regarding Accounting Changes Concerning Interest Rate Benchmarks The International Accounting Standards Board (IASB) is consulting with regards to making changes to the accounting standards that deals with financial instruments, IFRS 9 and IAS 39, in wake of the reform to major ...
• May 6, 2019 IAASB Consults on Simplifying Auditing Standards for Small Entities with Less Complexities The International Auditing and Assurance Standards Board (IAASB) is expected to be planning towards simplifying the use of auditing standards for the audit of less complex business entities. The board has launched a ...
• May 6, 2019 Anglo American Replaces Deloitte with PwC as its External Auditor Multinational mining company Anglo American has replaced Deloitte with PwC as its new auditor. As a result of the decision made by Angelo American, PwC will take over the position of external auditor to the mining company ...
• May 3, 2019 KPMG Hit with a £6m over Audit of Lloyds Syndicate Financial Reporting Council (FRC) has fined KPMG £6m following the conclusion of an investigation which was carried by the UK regulator into the big four firm’s audit of Lloyds syndicate (Equity Red ...
• May 2, 2019 Property Dealer Banned over £5.6m Accounting Failure A property developer who received millions of council cash to redevelop the sixfields stadium home to Northampton town football club, has now been banned from running any kind of company for 10 years, after an investigation ...
• May 1, 2019 ETL UK Snaps up SRLV Business Advisory and Accountancy Firm The UK wing of ETL Global has acquired part of business advisory and accountancy firm with the name of SRLV for an undisclosed amount. The said transaction marks another acquisition made by the UK wing of the aforementioned ...
• May 1, 2019 SEC uncovers $20m Accounting Fraud at Celadon Group Indianapolis-based Celadon Group has been charged with a 20m accounting fraud by the Securities and Exchange Commission (SEC). The US regulator has alleged that US truckload company avoided disclosing significant ...
• April 29, 2019 Deloitte Resigned as Ferrexpo Auditor over Concerns Regarding Misappropriation of Charity Funds The big four firm Deloitte resigned from its position as external auditor of Swiss-based mining and commodity trading group Ferrexpo citing concerns with regards to possible discrepancies in group’s bank statements relating ...