The Association of Chartered Certified Accountants (ACCA) and the Institute for Mergers, Acquisitions, and Alliances (IMAA) have entered into a strategic cooperation agreement. The primary goal of this partnership is to enhance the expertise of their members, particularly in the field of corporate finance, with a focus on mergers and acquisitions. ACCA members will gain preferential access to IMAA’s certification programs and courses, allowing them to acquire specialised skills in M&A, which will complement their existing financial management expertise. This collaboration will also involve the production of thought leadership content to provide insights into the evolving landscape of corporate finance and M&A.
Ernst & Young (EY) has issued a £15m refund to Santander following criticism of its anti-financial crime work for the bank. EY was hired by Santander to address deficiencies in the bank’s anti-money laundering and financial crime defence systems under a project named Project Morgan. However, the effectiveness of EY’s work was questioned, leading to the refund. It remains uncertain whether Santander will engage another firm for the project. Notably, Santander was fined £108m by the UK Financial Conduct Authority in December for shortcomings in its anti-money laundering systems between 2012 and 2017.
Calculus VCT’s board has selected Moore Kingston Smith (MKS) as its independent auditor, effective immediately. This decision follows a formal selection process, with the board deeming MKS more suitable for the size of Calculus VCT. MKS will serve as the auditor for the financial year ending on March 31, 2024. The re-appointment of MKS for the financial year ending on March 31, 2025, will be subject to approval by shareholders at the next annual general meeting in 2024. BDO had previously served as the company’s auditor, and the transition was carried out in accordance with regulatory requirements.
Grant Thornton, the auditor of Victoria plc, has raised concerns about a “risk of material fraud” in the company’s accounts for the year ending April 1, 2023, The Financial Times has reported. These concerns primarily centred on Hanover Flooring, a subsidiary of Victoria plc, where potential risk factors of fraud, breach of money laundering regulations, and irregularities in certain transactions were identified. Grant Thornton sought to conduct further audit work on Hanover Flooring, but Victoria’s management imposed a limitation of scope. The board of Victoria plc declined a request from Grant Thornton to remove this limitation. While Victoria had previously disclosed issues related to Hanover Flooring in its audited annual results, it did not mention the risk of fraud. Shares in Victoria plc declined following this revelation, and the company’s annual report release was delayed.
