Who are UHY Hacker Young?
Established in London in 1925, UHY Hacker Young is a founding member of UHY International, a global network of accountancy firms, and has 325 offices which are located in 100 countries across the globe. Recently, the group’s London office has expanded its operations and launched business desks for Israel, the Nordic countries, Germany, Malaysia, Russia and India.
In the UK, the firm has locations in London, Nottingham, Manchester, Abergavenny, Ashford, Birmingham, Brighton; as well as other locations. Its office in York is named UHY Calvert Smith, while its UHY Hacker Young Fitch; following a series of acquisitions.
What do they do?
The professional services firm provides a wide range of financial services, including but not limited to: audit work, business advisory & accounting, cloud accounting, corporate finance, corporate tax, FCA compliance, private client services, services for international businesses, tax investigations, enquiries & disclosures, turnaround & recovery and VAT.
Furthermore, UHY Hacker Young provides insights into the financial services market, as well as the wider economy, providing insight into the latest trends in tax, employment, accounting and auditing.
According to the latest financial reports from UHY, the group made an operating profit of £4.21m for the year ending 30 April 2021, a slight drop from the £4.58m raised the previous year. Over the period, UHY’s turnover increased to £19.9m, a rise from £19.2m in 2019.
Furthermore, profit for the financial year before tax came to around £4.2m, a slight drop from the £4.5m raised the year before.
In the news
Recently, the Financial Reporting Council (FRC) issued a Final Decision Notice under the Audit Enforcement Procedure and imposed sanctions against UHY Hacker Young LLP (“UHY”). and the firm’s audit engagement partner, Julie Zhuge Wilson.
The sanction was in relation to the statutory audit of the consolidated financial statements of Inch Kenneth Kajang Rubbe in 2016, which the regulator deemed a failure. Audit failings included a general failure to prepare sufficient audit documentation, a failure to obtain sufficient appropriate audit evidence and a lack of professional scepticism.
Claudia Mortimore, the deputy executive counsel to the FRC, said: “The Relevant Requirements breached in this case related to numerous fundamental areas of the audit and were designed to ensure the quality and effectiveness of the audit. The proportionate sanctions are geared towards preventing recurrence of the breaches and improving audit quality.”