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Today’s news in brief – 25/09/2023

KPMG is potentially facing record fines for its auditing failures related to the collapsed construction firm Carillion in 2018. Discussions between KPMG and the Financial Reporting Council (FRC) are nearing finalisation, with the fine potentially reaching tens of millions of pounds. The fines were initially estimated between £25m and £30m before applying a discount due to KPMG’s cooperation with the probe. The FRC is conducting two inquiries into KPMG’s work on Carillion, covering multiple financial years. KPMG had previously been fined £14.4m for its role in the Carillion scandal and reached a confidential settlement in a £1.3bn lawsuit brought by Carillion’s liquidators.

FRP Corporate Finance has advised Harwood Private Equity on the sale of the Vegner Group, a prominent UK property services business, to international property management group Odevo. The Vegner Group offers property management and building surveying services and has 20 offices across the UK with around 475 employees. Odevo, headquartered in Stockholm, focuses on challenging the property management industry through technology and people. The acquisition expands Odevo’s UK presence and complements its existing businesses. FRP Corporate Finance has completed three major property management sector transactions in the last two years.

Belfast accountancy firm Baker Tilly Mooney Moore has promoted three former trainees from its audit and assurance team to assistant manager level. Ashleigh Mooney, Emma George, and Ciaran Hughes, who joined the firm’s graduate training program, have shown dedication to their professional development. In their new roles, they will work within the audit and assurance team to assess and manage risk areas and provide operational improvement advice to clients.

Crowe UK has appointed Buki Obayiuwana to its risk consulting team. Obayiuwana, a chartered accountant and transformation specialist, previously led complex change and transformation portfolios, including a £50m strategic change portfolio for a financial services group. In her new role, she will lead Crowe risk consulting’s transformation services, focusing on collaboration with clients to navigate a complex and evolving risk and regulatory landscape, particularly in areas related to ESG, climate, and sustainability.

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