Keep up with what’s been happening this week in our accountancy news round-up…

 

Coronavirus putting world on track for new Great Depression, says WTO

International trade has dried up as a result of the Covid-19 pandemic and could be on course for a collapse as severe as that of the 1930s Great Depression, the World Trade Organisation has said.

Nearly half of UK companies have scrapped dividend payments

Nearly half of UK companies have scrapped dividend payouts as the coronavirus crisis batters business.

Grant Thornton’s UK audit profits plunged in 2019

In results published Tuesday, Grant Thornton said it made a profit of £1million from audits in the 18 months to January, down from £13 million for the preceding 12 months.

Coronavirus: KPMG partners face 25% pay cut as bonuses get slashed

Hundreds of partners at KPMG, the big four accountancy firm, are facing pay cuts worth hundreds of thousands of pounds as it seeks to conserve cash because of the coronavirus outbreak.

Accountancy firms weigh up reputational risk of furloughing staff

The heads of the UK’s six largest accounting firms staged a virtual meeting on Friday to discuss the risk to their reputations of accepting government funds for furloughing potentially thousands of employees, according to three people with knowledge of the discussion.

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