June news roundup with Alia Shoaib

June news roundup with Alia Shoaib

Accountancy Age's Alia Shoaib provides a roundup of all the key new stories in the accountancy industry from the month of June

Accountancy Age’s Alia Shoaib provides a roundup of all the key new stories in the accountancy industry from the month of June.

Big Four audit work features in the news briefing this month, including a report from the Financial Reporting Council which revealed declining audit quality from across the top four firms. Elsewhere in audit, PwC was slapped with a record £10m fine from the FRC over its 2014 BHS audit work; KPMG received a £4.5m fine for its audit of Quindell; and Deloitte faced disciplinary action over its audit of Autonomy as well as an investigation into audit work involving SIG.

Earlier this month, the National Audit Office said that PwC is set to earn £50m from managing the Carillion insolvency, and the Supreme Court ruled against Pimlico Plumbers in a landmark case for employment rights. The court upheld the Supreme Court’s decision that Gary Smith should be classed as a “worker”, entitling him to employment rights such as sick pay and holiday pay.

In Brexit news, HMRC chief John Thompson appeared before the Treasury committee and caused a stir by estimating that the “max-fac” customs arrangement favoured by Brexiteers could cost up to £20bn.

This month, we have been closely following the World Cup and have been sharing finance and economy facts about all countries playing in the group stages. Take a look at all the facts here.

Finally, we released our 35 Under 35 2018 ranking this month, spotlighting young talent in the industry. Find out who made the list here.

Related Articles

Was lack of visibility to blame for Patisserie Valerie fraud?

Audit Was lack of visibility to blame for Patisserie Valerie fraud?

4d Lucy Skoulding, Reporter
Audit sector under immediate review by CMA

Audit Audit sector under immediate review by CMA

2w Emanuela Hawker, Reporter
FRC shout for independence, viability and higher quality in the UK audit market

Audit FRC shout for independence, viability and higher quality in the UK audit market

2w Lucy Skoulding, Reporter
FRC competence review leaves watchdog on tenterhooks

Audit FRC competence review leaves watchdog on tenterhooks

2m Lucy Skoulding, Reporter
KPMG fined and reprimanded over Ted Baker audits

Audit KPMG fined and reprimanded over Ted Baker audits

2m Lucy Skoulding, Reporter
The global fight against fraud and corruption: what role does the accountant play?

Audit The global fight against fraud and corruption: what role does the accountant play?

2m Lucy Skoulding, Reporter
FRC strikes out at PwC's BHS audit quality following leaked report

Audit FRC strikes out at PwC's BHS audit quality following leaked report

2m Lucy Skoulding, Reporter
Monthly news roundup with Lucy Skoulding

Audit Monthly news roundup with Lucy Skoulding

2m Lucy Skoulding, Reporter