Keep up to date with the latest accountancy news in our weekly round-up…
Bank of England to keep policy on hold as COVID prognosis murky
The Bank of England will shed more light next week on how fast it expects the economy to rebound from the financial damage wrought by COVD-19, but it is unlikely to add to the 100 billion pounds of stimulus it announced in June.
Consulting and advisory firm RSM has called on the Government to urgently consider extending the Corporate Insolvency and Governance Act beyond the end of September. The firm is asking for the legislation to be extended by three months until the end of December.
KPMG has been excluded from the government’s industrial relations consultations after publishing a discussion paper that was deemed a leak from the secret talks.
Some of the UK’s most senior auditors are shirking work and delegating too much to junior staff, resulting in firms failing to spot “the most basic indicators of potential fraud”, according to a report by the industry’s watchdog.
BDO has been fined £200,000 and sanctioned by the Financial Reporting Council for lapses in its auditing of insurer AmTrust Europe Ltd which included failing to report its evaluation of independent experts’ assessments.