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The Latest Breaking News from FRC

KPMG fined £3.4m over ‘serious failures’ in Rolls-Royce audit

Regulator says accountants’ audit of jet engine maker failed to report payments to Indian intermediaries

The Guardian - UK

KPMG fined £3.37m over Rolls-Royce audit failures

The original fine was reduced after the accountancy firm made admissions relating to the case

Birmingham Post

KPMG to be fined £14m for forging documents over Carillion audit

Regulator confirms settlement after former staff falsified material over audits of Carillion and Regenesis

The Guardian - UK

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A North Sea oil windfall tax won’t raise much but every little bit helps

Tesco’s boss says oil producers are unfazed by a one-off levy to help households pay energy bills

The Guardian - UK

FRC launches inquiries into audits of four Liberty Steel companies

Watchdog to investigate King & King’s statutory audits of companies, owned by metals tycoon Sanjeev Gupta

The Guardian - UK

Modern slavery backlash fears slow British company disclosures, regulator says

The Financial Reporting Council (FRC) sampled 100 reports of major companies

The Independent UK

Deloitte fined £1.45m by watchdog over Mitie Group audit

The Financial Reporting Council also handed a £40,056 fine to John Charlton, who worked on the audit for the corporate finance firm.

The Independent UK

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Deloitte handed £1.45m fine over Mitie Group audit

The financial watchdog said its initial fine of £2m was reduced after early admissions by the company

Birmingham Post

$1000 Invested In First Republic Bank 10 Years Ago Would Be Worth This Much

First Republic Bank (NYSE:FRC) has outperformed the market over the past 10 years by 4.94% on an annualized basis producing an average annual return of 17.46%. Currently, First Republic Bank has a market capitalization of $29.61 billion.

Benzinga

Deloitte to be investigated by watchdog over audit of transport group Go-Ahead

The accountancy giant is under investigation by the Financial Reporting Council over the Newcastle-based transport group's 'breach of trust' in a rail franchise

Birmingham Post

Accounting watchdog investigates Deloitte over Go-Ahead audits

Deloitte says it will cooperate with FRC investigation after Go-Ahead was embroiled in accounting scandal

The Guardian - UK

Five Yemeni Houthi-Run Areas on Verge of Famine

An international organization specialized in assessing food security has warned of possible famine in five Yemeni areas controlled by the Iran-backed Houthi militias. It also warned that the war in Ukraine, which supplies Yemen with about 30% of its annual wheat needs, threatens to further deteriorate the situation in the…

Asharq Al-Awsat

Labor says the Coalition has a plan to expand the cashless debit card to age pensioners. Is there any evidence?

From humble beginnings, a campaign driven by Labor MPs has grown, implying the Coalition has a plan to expand the cashless debit card to age pensioners. Is there any evidence, or is it a scare campaign?

ABC News

KPMG fined £1.25m over 'serious' Revolution Bars Group audit failures

Both the fines for KPMG and a former director have been reduced

Birmingham Post

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Evening Standard

KPMG fined £1.3 million for ‘serious’ breaches over Revolution Bars audit

KPMG’s failings related to three areas, including one that the Financial Reporting Council had previously warned posed ‘particular audit risk’.

Benzinga

Ominous Death Cross Forms On First Republic Bank's Chart

If history is any guide, there may be trouble ahead for shares of First Republic Bank (NYSE:FRC). A so-called "death cross" has formed on its chart and, not surprisingly, this could be bearish for the stock.

Evening Standard

KPMG hit with £3 million fine over Conviviality collapse in latest audit scandal

The boss of KPMG UK was today forced to apologise after the accounting watchdog fined the auditor £3 million for “serious” failings with its work on collapsed drinks business Conviviality.

The Guardian - UK

KPMG fined £3m for ‘serious failings’ in Conviviality audit

Accountant also reprimanded severely for failing to check firm’s claims in latest blow to reputation

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The Guardian - UK

Carillion tribunal: KPMG ex-partner denies forging documents

Evidence focuses on KPMG’s ‘misleading’ disclosures about audit of company that collapsed in 2018

Birmingham Post

Watchdog extends probe into PwC audit of defence giant Babcock

Financial Reporting Council wants to see accounts for 2019 and 2020 as part of investigation into audit of operator of Devonport and Rosyth dockyards

Evening Standard

PwC faces extended FRC investigation into Babcock audit work

A probe into PwC’s work with Babcock has been extended after the defence giant was forced to take major write-downs last year.

The Independent UK

Watchdog extends investigation into PwC’s audits of defence firm Babcock

The move comes after Babcock announced a review into contract profitability and its balance sheet last year.

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