Deloittes audited the Barings Singapore branch from 1992 and 1993 just before the merchant bank collapsed in 1995 with debts exceeding £800m due to unauthorised trading by rogue trader Nick Leeson.
The Big Five firm is trying to dispute any negligence by claiming that ‘representation letters’ signed by Jones, Leeson’s former boss, were fraudulent because they omitted disciplinary actions taken against both Leeson and the bank.
Lawyers for Deloittes claim that at the time information such as Simex, the Singapore futures exchange, fining Barings Singapore was crucial to auditors. This was omitted from the ‘letters’, said Jonathan Gaisman QC, acting for Deloittes.
Revenue and profitability growth in on the rise for CPA firms, found a survey from the American Institute of CPA’s and its subsidiary CPA.com
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Carter Backer Winter has acquired Edwards Financial Services, expanding its financial planning department
New growth opportunities in Aberdeen, North East Scotland, are being invested in by Grant Thornton