Today’s news in brief – 16/4/2025
The Financial Reporting Council (FRC) has launched an investigation into EY’s audits of Post Office Limited for the years 2015 to 2018. The decision was made in March 2025 following the conclusion of the Post Office Horizon IT Inquiry public hearings. Although the Horizon scandal itself is not the subject of the probe, the FRC aims to assess EY’s compliance with audit standards during the relevant period. The regulator, which usually delegates oversight of non-public interest entities to the ICAEW, took direct action due to heightened public interest and is awaiting the full findings of the Horizon Inquiry.
Grant Thornton posted £724m in revenue (up 11%) and £147m in profit in FY24, despite professional fees related to its equity investment deal with Cinven limiting profit growth. The firm has now completed the landmark transaction, making it the largest UK professional services firm with external equity backing. Investments are planned in tech, talent, and international expansion. A £39m bonus and a new Employee Benefit Trust reflect Grant Thornton’s commitment to inclusive growth. With over 1,000 hires and 650 promotions in 2024, CEO Malcolm Gomersall said the firm is entering a new era of sustainable, inclusive development.
BKL has appointed Stephen Baker and Sam Inkersole as tax directors as part of an ongoing expansion of its senior tax team. Baker, an employment tax expert with 20+ years’ experience, joins from PwC to lead a new employment tax specialism. Inkersole, who joined BKL in 2015 and specialises in cryptocurrency and M&A tax planning, was internally promoted. Their appointments follow the addition of three new tax partners in recent weeks. The moves highlight BKL’s commitment to expanding technical expertise and nurturing in-house talent while enhancing its advisory offerings for both individual and corporate clients.
RSM UK advised cloud and biometrics consultancy IdentityE2E on its acquisition by CACI Limited, a global data and technology firm. IdentityE2E brings over 30 years of specialist experience in cybersecurity, cloud engineering, and national infrastructure. The deal enables the two firms to combine resources and expand scalable solutions for public and commercial clients, particularly in defence and national security. Led by RSM partner Clodagh Tunney, the transaction reflects growing interest in niche technology consultancies. IdentityE2E CEO Richard Garner said the partnership with CACI will boost innovation and services critical to UK infrastructure, backed by RSM’s strategic deal support.
