Only big fines will change how the auditors audit

Splitting a firm’s audit and consulting functions has merit but only large penalties will affect proper change•Watchdog finds work of Patisserie Valerie auditor unacceptableThis time last year the Financial Reporting Council tried to read the riot act …

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The big four auditors are failing – and the watchdog’s report won’t change that | Prem Sikka

The near-collapse of BHS, Carillion and the bailed-out banks wasn’t spotted. The CMA’s remedy shows it is not fit for purposeWhat do BHS, Carillion, Conviviality, Quindell, Aero Inventory, the Co-op Bank, and London and Capital Finance have in common? …

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Watchdog calls for UK’s big four accountancy firms to be split up

Competition regulator says huge outfits should also have to work with smaller rivalsThe “big four” accountancy firms could be partially split up and forced to work with smaller rivals, under proposals made by the competition watchdog following a number…

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UK bankers on standby as City readies no-deal contingency plans

JP Morgan and Goldman Sachs poised to move staff to EU offices by 29 MarchHundreds of UK bankers at JP Morgan and dozens from Goldman Sachs are on standby for relocation to EU offices by 29 March, regardless of Parliament’s vote to delay Brexit.The exo…

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Big four accounting groups escape breakup threat from CMA

Regulator instead proposes changes to give smaller groups access to the largest clientsThe big four accounting groups, KPMG, Deloitte, PwC and EY, have escaped the threat of a breakup after the competition regulator stopped short of calling for radical…

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EU clamps down on Isle of Man tax loophole for private jets and yachts

European commission writes to UK over ‘abusive practices’ in crown dependencyThe European commission has launched infringement proceedings against the Isle of Man and Italy over what it says are illegal tax breaks given to some of the world’s wealthies…

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