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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Consumer spending at weakest since mid-90s amid Brexit chaos – BRC

Retailers say total sales fell by 1.3% in June while annual rate of growth slowed to 0.6%Fears that Britain’s economy has come to a standstill have been heightened by a report from retailers showing annual consumer spending at its weakest since their r…

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‘Zombie firms’ a major drag on UK economy, analysis shows

One in seven companies would have collapsed were it not for low interest rates, says KPMGA rising number of underperforming “zombie firms” are creating a major drag on the UK economy and threaten to exacerbate a future downturn, says a new analysis by …

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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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