Today’s news in brief – 11/7/2024
In May 2024, the UK’s GDP increased by 0.4%, exceeding expectations, due to improved weather conditions. Construction saw the fastest growth in almost a year, rising 1.9%, with house building and infrastructure projects contributing significantly. The services sector, including businesses like hairdressers and hospitality, grew by 0.3%. Over the three months to May, GDP rose by 0.9%, the quickest pace in over two years, driven by strong services growth. Analysts suggest the recent economic performance and Bank of England’s comments make an interest rate cut decision uncertain. Chancellor Rachel Reeves emphasised economic growth as the government’s key mission.
The Financial Reporting Council (FRC) has fined MacIntyre Hudson LLP (MHA) £150,000 for audit failures related to MRG Finance UK’s 2018 and 2019 financial statements. MHA’s fines were reduced to £120,250 due to early admissions and cooperation. Former employees Deborah Weston and Geeta Morgan also faced reduced fines for their roles. The primary breach involved failing to recognize MRG as a Public Interest Entity. Additional breaches included incorrect application of accounting standards and inadequate audit documentation. MHA’s exceptional cooperation with the FRC’s investigation resulted in significant fine reductions, highlighting the need for robust audit acceptance and continuance checks.
Crowe has appointed Adam Terry as its latest audit partner, continuing its strategic expansion in Kent following the merger with Dendy Neville. Terry, previously leading the Gatwick audit team at another firm, brings over 15 years of experience with a focus on corporate audits for a diverse client base, including private equity-backed businesses. His role will support Crowe’s growth in Maidstone and Tunbridge Wells. Mark Anderson, managing partner of Crowe’s Kent office, praised Terry’s expertise and fit for the firm. Terry expressed excitement about joining Crowe and contributing to the firm’s opportunities and culture in Kent.
PKF Littlejohn has promoted Wendy Liang to partner in its audit team. With over 15 years of experience auditing large multinational listed and privately owned companies, Liang specialises in the technology, oil and gas, and natural resources sectors. Her client portfolio includes UK and international companies, particularly in China and neighbouring Asian countries. Managing partner Dominic Roberts highlighted Liang’s skill in handling complex audits and building strong relationships with clients and colleagues. Liang’s promotion reflects the firm’s commitment to providing opportunities for its employees and underscores her reputation as a highly skilled and respected auditor.
