Keep up with the latest accountancy and finance news in our weekly round-up…
Britain’s retail industry on Friday urged UK and European negotiators to reach a post-Brexit trade deal, warning that without tariff-free trade, consumers face higher prices from next year.
Two of the UK’s biggest High Street retailers, John Lewis and Boots, have announced 5,300 job cuts. Boots have said 4,000 jobs will go, while John Lewis is shutting down eight stores, putting 1,3000 jobs at risk.
The UK’s “big four” accountancy firms have been told to fence off their auditing operations as part of a drive to improve oversight of corporate finances in the wake of high-profile collapses such as Carillion and BHS.
Deloitte is facing a record £15m fine for “serious and serial failures” in its audits of Autonomy, a former FTSE100 technology group that was at the centre of one of the biggest accounting scandals in UK corporate history.
Grant Thornton has been fined £3m for “firm-wide failures” to comply with ethical standards between 2014 and 2017, as regulatory scrutiny increases on the Big Four.