Keep up with the latest accountancy and finance news in our weekly round-up…
The UK economy is unlikely to reach its pre-Covid level until early 2023, according the new forecasts. KPMG’s latest quarterly economic outlook forecasts UK GDP will plunge 10.3% for the year, downgraded from the 7.2% predicted in June.
Deutsche Bank’s asset management arm DWS has abandoned EY as its auditor as a result of the scandal at payments processor Wirecard, which collapsed in June following a €1.9bn fraud.
The Court of Appeal has dismissed any attempt by Grant Thornton to overturn a record £22.6m claim for damages brought by former client AssetCo over the firm’s failure to spot a fraud at the AIM listed company, which nearly collapsed as a result of an accounting scandal.