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Today’s news in brief – 8/5/2024

Big Four firms PwC and EY have faced fines from the FRC over their audits of London Capital and Finance (LC&F), which collapsed in 2019, owing £237m to 11,625 bondholders. PwC’s £4.9m fine stems from eight breaches related to audit quality, while EY’s £4.41m fine is for six breaches. Both firms failed to understand LCF’s business and internal controls adequately, lacking professional scepticism in assessing risks, particularly regarding fraud.

Deloitte has appointed Sir Hugh Robertson and Elisabeth Stheeman as independent non-executive directors (INEs), enhancing governance in its UK and North and South Europe (NSE) operations. Sir Robertson, a seasoned chair and former minister, brings extensive leadership experience, while Stheeman, with diverse non-executive roles, offers substantial governance insights. They join Deloitte’s NSE board, UK Oversight board, and Audit Governance board, contributing to high-quality governance, regulatory compliance, and audit quality enhancement.

Carpenter Box has promoted 16 employees, including two directors, reinforcing its commitment to growth. Notable elevations include Joshua Bowen as Client Service director for Outsourced Finance Function (OFF) and Gill Lynes as director of the Later Life team at Carpenter Box Financial Advisers. Other promotions span various departments, reflecting the firm’s dedication to talent development and client service across its offices in Sussex and South East.

Moore Kingston Smith has advised 2i Testing on a majority stake sale to Rockpool Investments, facilitating strategic growth. 2i Testing specialises in engineering services for digital transformation, serving public sector and blue-chip clients. Moore Kingston Smith’s Corporate Finance team assists in finding a suitable partner, negotiating terms, and navigating due diligence. Rockpool’s investment aligns with 2i’s growth strategy, reflecting a successful partnership that promises continued development under Rockpool’s support.

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