Keep up with the latest accounting and finance news in our weekly round-up…
The billionaire retailer Philip Green is asking for taxpayer help to prop up his crumbling fashion empire, with 14,500 employees set to be paid out of the government’s emergency wage support scheme.
Restructuring specialists at accountancy firm RSM said media reports that 800,000 to 1m UK businesses could collapse as a result of the coronavirus are ‘alarmist at best’.
UK’s FTSE 100 fell on Friday as oil stocks retreated after a strong showing in the previous session, while insurers tumbled after their European Union counterparts were asked to suspend dividend payments to weather the economic hit from the coronavirus crisis.
The FRC has fined KPMG UK £700,000 and reprimanded KPMG UK’s former senior partner for Manchester, Nicola Quayle for a “failure to apply sufficient professionalism scepticism” in the audit of an unnamed company in the financial year 2015/16.
One of main challenges to the ‘big four’ audit firms has asked its 4,500 UK employees to volunteer for drastic pay cuts of face a substantial redundancy programme.