Financial and Accounting News

• February 7, 2019 Victims of Investment Scams Lost Average of £29,000 Investment scam victims lost an average of more than £29,000 in the year 2018 as per data from Action Fraud.  Financial Conduct Authority (FCA) is calling for investors to increase supervision in the light of the ...
• January 29, 2019 EY Replaces Deloitte as Capital Group’s New External Auditor EY has replaced Deloitte as new external auditor of the FTSE 250 firm Capital Group (ICG) for the fiscal year ending March 31, 2021. ICG had previously said that it must appoint a new external auditor for the ...
• December 3, 2018 Need to ‘think small’ on audit standards As per ACCA (Association of Certified Chartered Accountants), Standard setting bodies/ institutions should make sure that the standards on auditing should have a simpler structure and language in order to address the ...
• November 27, 2018 Deloitte Replaces PwC as Lloyds Bank New External Auditor PwC has been replaced by Deloitte as Lloyds banking group’s new external auditor for the fiscal year ending December 31, 2021. The said decision resulted in ending of a 153-year relationship between the Lloyds banking ...
• November 21, 2018 Oman Regulator Suspends KPMG from Beginning New Audits for a Year Securities regulator in Oman has suspended the big four firm KPMG from auditing entities for a year following an investigation that found major financial irregularities at some listed companies. The regulator has ...
• November 20, 2018 Paul May Resigns as CEO of Café Chain Patisserie Valerie Patisserie Valerie has announced the appointment of Stephen Francis as its new CEO following resignation given by its former CEO Paul May. The resignation from Paul May comes only a few weeks after the shareholders ...
• November 19, 2018 London Grocer Found Guilty in £120k VAT Fraud A London based individual found guilty of setting up fake business entities, including a holiday villas firm and a jewellery shop as part of VAT fraud of £120,000 has now been sentenced to serve jail period of three ...
• November 16, 2018 South Korean Financial Regulator Accused Samsung BioLogics of Accounting Violations South Korea’s financial regulator has said that Samsung BioLogics has violated accounting rules with regards to the treatment it has adopted to account for its holdings in one of its subsidiary. The company in question ...
• November 15, 2018 IASB Confirms One-year Delay for IFRS 17 The International Accounting Standards Board (IASB) has proposed to extend the effective date for IFRS 17 Insurance Contracts by one year. IASB is also planning to extend the temporary exemption available for ...
• November 14, 2018 Redrow Appoints KPMG as its New Statutory Auditor FTSE 250 firm Redrow has replaced PwC with KMPG for the financial year commencing July 1, 2019. The appointment of the big four firm KPMG is subject to shareholders approval at the company’s next annual general meeting ...