Equitable: The Penrose report and beyond

Equitable: The Penrose report and beyond

The Penrose report on the near-collapse of life assurer Equitable Life is finally out (all 818 pages of it) with the blame being placed on the shoulders of the mutual's former management team. Regulators like the FSA have also come in for harsh criticism, but former auditors Ernst & Young have escaped blame.

The Penrose report on the near-collapse of life assurer Equitable Life is finally out (all 818 pages of it) with the blame being placed on the shoulders of the mutual’s former management team. Regulators like the FSA have also come in for harsh criticism, but former auditors Ernst & Young have escaped blame.

As a consequence, the Accounting Standards Board has been asked to undertake an inquiry into insurance industry accounting. E&Y are not off the hook though and will come under the spotlight of the Accountant’s Joint Disciplinary Scheme.

You can track the unfolding saga via this special area. Just click on the links to read the stories.

And keep coming back for fresh stories, analysis and comment.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource