Financial and Accounting News

• June 13, 2018 Monitoring Group Declares Widespread Support for Reform of the Audit Standard Setting Process The Monitoring Group is planning to go ahead with suggestions relating to reform of the process as per which standards for audit and assurance are set globally, including suggestions that will make the standard setting ...
• June 12, 2018 PCAOB sanctions former Senior Partners of Deloitte Turkey over altered documents The US watchdog, Public Company Accounting Oversight Board (PCAOB) sanctioned former senior partners at Deloitte who knew about the attempts made by people within the accounting firm to improperly make changes to ...
• June 10, 2018 ACCA Signs MoU with the CFA Institute CFA Institute, the global association of investment professionals, and ACCA (the Association of Chartered Certified Accountants), the global body for professional accountants, recently agreed a three-year MoU (Memorandum ...
• June 8, 2018 Australian Bank to Pay Fine Amounting to A$700m for Not Complying with Money laundering and Counter-terror Financing Laws Commonwealth Bank of Australia (CBA), the biggest bank in Australia, his expected to pay A$700m as fine after the bank was found to be in breach of the counter-terror financing (CTF) and anti-money laundering (AML) laws ...
• June 2, 2018 Deloitte Partners Face Formal Complaints by FRC over Autonomy Accounts Scandal The Financial Reporting Council (FRC) has brought formal complaints against two of Deloitte’s senior audit engagement partners over their failure to uncover practices at autonomy that led to accounting irregularities and ...
• May 29, 2018 Homebase Purchased for £1 by Hilco from its Australian Owners Restructuring firm Hilco has purchased DIY chain Homebase for just £1 from Australia based westfarmers. The Australian giants ended their disastrous foray into the UK business scene with this transaction with ...
• May 25, 2018 VAT Fraud Leads Father and Son Duo to Jail A father and son duo has been handed over to the UK by the authorities in Spain after they were caught in Spain for stealing around £1m in VAT. Jamie Colwell was given prison sentence of 5 years and 3 months while ...
• May 22, 2018 IESBA Issues Consultation on Improving Professional Scepticism Standards The International Ethics Standard Board of Accountants (IESBA) has issued consultation on how the standards relating to professional scepticism could be improved, and whether to make these standards mandatory to be ...
• May 21, 2018 Excessive Costs Leads to Insolvency of Restaurants to Increase by 20% in 2018 The restaurant sector has seen a drop of 11% with regards to job vacancies over the last six months in the UK, according to a research study conducted by Moore Stephens. The firm said that the main reason that could be ...
• May 18, 2018 Tax fraud Leds Recycling consultant to jail for a period of 21 months John Hamill, an Ayrshire based recycling consultant, operated as a sole proprietor for his business named GH Consulting. Hamill made profits amounting to £1.3m from his business however he did not pay any tax on this ...