Keep up with the latest accountancy news in our weekly round-up…

UK retail sales rebound in May, public debt passes 100% of GDP

British retail sales rebounded much more strongly than expected last month as the country gradually relaxed its coronavirus lockdown, but public borrowing hit a record high and debt passed 100% of economic output.

KPMG to review TfL’s finances after £1.6bn government bailout

The government is sending in City accountants to scrutinise Transport for London’s finances and business plan, as part of its controversial £1.6bn emergency funding agreement for the capital.

EY reports €1.9bn ‘missing’ at Germany’s Wirecard

German payments company Wirecard has been forced to delay publication of its annual results again, after auditor EY said it could not confirm the existence of cash balances totalling €1.9bn (£1.7bn).

BDO sued for £250m over ‘light-touch’ administration

A £250m insolvency negligence, thought to be he largest of its kind, began this week against BDO in the UK’s High Court.

PwC facial recognition tool criticised for home working privacy invasion

Accounting giant PwC has come under fire for the development of a facial recognition tool that logs when employees are absent from their computer screens while they work from home.