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.

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