PricewaterhouseCoopers has been called in by the banks behind troubled trading financier Versailles in an attempt to safeguard loans believed to total £65m. The move follows last week’s withdrawal by Big Five rival KPMG, which was investigating Versailles’ accounting irregularities. PwC’s involvement makes it the fifth firm in two months linked with Versailles. NatWest, Royal Bank of Scotland and Barclays – which provide credit lines for the financier – called in the firm to examine the company’s books after originally appointing KPMG in December following the suspension of Versailles’ stock exchange listing. Baker Tilly is also undertaking an investigation of Versailles’ accounting procedures after a DTI inquiry uncovered the possible problems last August. Baker Tilly’s draft findings – into apparent breaches of accounting rules governing off-balance sheet financing under FRS5 along with other irregularities – backed an earlier report by Levy Gee.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast
Accountants should alter their perspective on auto-enrolment to maximise business opportunities, according to Eric Clapton.