Breach
Our coverage on breaches focuses on regulatory, legal, and financial incidents where organisations—particularly accountancy firms and their clients—fail to meet statutory, professional, or compliance obligations. Accountancy Today reports on audit breaches, data protection failures, HMRC penalties, and disciplinary actions taken by regulatory bodies such as the FRC, ICAEW, and Information Commissioner’s Office. We analyse enforcement trends, the impact of governance failures, and remedial actions required across the accountancy and financial services sectors. Our editorial also examines reputational risks and regulatory expectations for firms operating in a heightened compliance environment. This coverage equips accountants, compliance officers, and firm leaders with essential insight into breach-related developments and their implications.
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Jul- 2025 -10 JulyAudit
FRC opens investigations into Stenn audits by Azets and Deloitte
The Financial Reporting Council (FRC) has launched investigations into the statutory audits of Stenn Assets UK Limited and Stenn International Limited by Azets Audit Services and Deloitte. Stenn, a UK invoice-financing company, entered administration in December 2024 after one of its lenders flagged suspicious transactions. The FRC is examining Azets’…
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3 JulyAccounting Standards
FCA to tighten rules on bullying and harassment for finance firms
The Financial Conduct Authority (FCA) has confirmed that serious bullying, harassment and violence in financial firms will qualify as misconduct under its rules, as part of measures to strengthen trust in the sector. The regulator said the rules, which currently apply mainly to banks, would be extended on 1 September…
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Jun- 2025 -13 JuneAudit
FRC fines KPMG £690k over auditor independence breach
The FRC has fined KPMG £690,625 for breaching auditor independence rules in its 2021 audit of Carr’s Group by relying on work carried out by a non-network component auditor. The UK accounting regulator also imposed a £38,675 fine on KPMG’s audit engagement partner Nick Plumb, who was the statutory auditor…
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May- 2025 -28 MayComment
Audit reform: The key to boosting UK cyber resilience
Last month, I collaborated with the Chartered Institute of Internal Auditors on a joint letter to Rt Hon Jonathan Reynolds MP, Secretary of State for Business and Trade, urging immediate action on audit reform legislation to strengthen the UK’s digital resilience. The letter was supported by other cross-industry signatories. Our…
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7 MayComment
Cybersecurity in accountancy – a growing risk firms can’t afford to ignore
Cybercrime is no longer just a concern for tech companies or multinationals, it’s a growing and pressing threat for accountancy firms of all sizes. From ransomware attacks to phishing schemes, cybercriminals are increasingly targeting professional services firms, and accountants sit firmly in their sights. Mark Lowther, head of technology, UK…
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Apr- 2025 -17 AprilBig Four
FRC sanctions EY over SWSF 2019 audit
The FRC has sanctioned EY and its audit engagement partner Christopher Voogd over Stirling Water Seafield Finance’s (SWSF) 2019 financial statement. Following an investigation, the FRC found out that EY by undertaking the audit exceeded the maximum ten year engagement period for audits of a Public Interest Entity (PIE) without…
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16 AprilAccounting Standards
Chartered IIA and ISACA call for swift audit reform to build digital resilience
The Chartered Institute of Internal Auditors (Chartered IIA) and ISACA, the global professional association helping individuals and organisations in their pursuit of digital trust, have sent a letter to Rt Hon Jonathan Reynolds MP, Secretary of State for Business and Trade, stressing the “urgent need” for audit reform legislation to…
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Mar- 2025 -31 MarchCompanies
Forvis Mazars accelerates ESG commitments in renewed sustainability efforts
Forvis Mazars has reinforced its commitment to sustainability through new progress on its ESG goals and strategic priorities for the year ahead as highlighted in its 2024 UK Sustainability Report. Understanding the need to accelerate change, the firm has brought forward its commitment to achieve net zero emissions across its…
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14 MarchBig Four
FRC opens investigation into unnamed audits conducted by EY
The Financial Reporting Council (FRC) has opened an investigation into EY’s audits of the consolidated financial statements of a public interest entity (PIE) and a related non-PIE entity for the year ended 31 December 2021 and 2022. News of the investigation follows a decision made by the FRC’s conduct committee…
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Aug- 2024 -16 AugustLatest News
Today’s news in brief – 16/8/2024
The FCA has fined PwC £15m for failing to report suspicions of fraudulent activity during its 2016 audit of London Capital and Finance (LCF). Despite encountering significant issues, PwC did not alert the FCA, even though it was legally obligated to do so. LCF collapsed in 2019, misleading thousands of…
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