Deloitte fined, PwC pledges zero emissions & more…Keep up with the latest accountancy and finance news in our weekly round-up…
Accounting firms continue to hire, despite the precarious situation of both the UK and global economy.
The UK’s accountancy watchdog has said it has delivered an initial report of KPMG’s audit of collapsed outsourcer Carillion, indicating it found a number of breaches made by the firm. “We believe it is important that regulators acting in the public interest review the audit work related to high profile cases such as Carillion and we are cooperating fully with the FRC’s investigation,” KPMG said in a statement.
Audit firm Deloitte has been fined a record £15m and been severely reprimanded for failings in its audits of software company Autonomy between January 2009 and June 2011.
PwC has committed to achieving net zero greenhouse gas emissions across its global network within the next ten years, and will be taking action to support its suppliers and clients in tackling their impact on the climate.
The global chairman of EY has expressed “regret” that a fraud collapsed German fintech Wirecard was “not uncovered sooner” by his firm’s auditors and said the Big Four accounting group would “raise the bar significantly” on its vetting work.
KPMG has been forced to abandon plans to slash the sums it pays into thousands of employees’ pension pots following the threat of legal action. “We are continuing with our longer-term review of our pension scheme to ensure that we have an offering that is fair to all colleagues, competitive and helps attract and retain the best talent in the market,” said KMPG.