Sanctions
Our coverage on Sanctions focuses on the evolving UK sanctions regime and its implications for the accountancy and financial services sectors. Accountancy Today reports on regulatory developments, enforcement actions, and compliance challenges faced by professionals in navigating sanctions related to geopolitical events, such as the Russia-Ukraine conflict. We analyse guidance from the Office of Financial Sanctions Implementation (OFSI) and the Financial Conduct Authority (FCA), highlighting best practices and areas for improvement in sanctions compliance frameworks. Our editorial also examines high-profile cases where firms have faced penalties for sanctions breaches, underscoring the importance of robust due diligence and internal controls. This coverage provides accountants, auditors, and compliance officers with insights into managing sanctions risks and maintaining regulatory compliance.
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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 -13 MayRegulation
‘Poorly targeted’ proposals risk eroding tax system trust, ICAEW warns
The operation of the tax advice and compliance market in the UK could be adversely affected if the government goes ahead with plans to tackle the small number of tax advisers who facilitate non-compliance, by introducing measures that could potentially catch all reputable tax advisers, the ICAEW has warned. In…
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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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14 AprilBig Four
CFOs adopting most ‘defensive strategies’ since pandemic, Deloitte finds
UK CFOs are assuming their most defensive strategy stance since the early days of the pandemic in the face of rising operating costs and significant uncertainty over tariffs, Deloitte revealed. According to Deloitte’s latest survey of UK CFOs which closed on 31 March – two days before the US announced…
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11 AprilRegulation
EY fined £4.9m over Thomas Cook audit failures
The FRC has fined both EY and a partner at the Big Four firm over their audits of Thomas Cook for the years ended 30 September 2017 and 30 September 2018, prior to the group’s collapse in 2019. EY was fined £6,500,000, discounted by 25% for admissions and early disposal…
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Jan- 2025 -20 JanuaryBusiness
Cooper Parry advises Infospectrum on sale
The Cooper Parry Corporate Finance team, led by Ben Rookes and Matt Hellis, acted as exclusive advisers on the sale of Infospectrum to Lloyd’s List Intelligence (LLI). Infospectrum is an independent global provider of counterparty risk appraisal reports, ratings, due diligence research, and KYC intelligence. The strategic acquisition will allow…
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Dec- 2024 -2 DecemberNews-In-Brief
Today’s news in brief – 02/12/2024
MHA has posted a 32% revenue growth, reaching £99M for the six months ending September 2024. With nearly all offices achieving double-digit growth, revenues are expected to surpass £200M by the financial year’s end. Key growth areas include audit, tax, financial services, and technology. MHA has expanded with 416 new…
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2 DecemberLatest News
RSM appoints new partner to lead forensic and investigation services team
RSM UK has appointed Jarrod Haggerty as a partner to lead the forensic and investigation services team within consulting. With over 30 years of experience specialising in global analytics and forensic solutions, Haggerty has worked extensively with multinational entities in the UK and internationally, with a focus on the financial…
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Nov- 2024 -15 NovemberCrime
Former BDO auditor banned for 20 years for faking documents
Amanda Nightingale, a former BDO auditor, has been given a 20-year ban by the Financial Reporting Council (FRC) in respect of her conduct in her role as the senior manager on a number of audits undertaken by BDO LLP between 2015 and 2019. As set out by the FRC in…
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Sep- 2024 -24 SeptemberFeatures
Audit errors: how to spot them and amend them?
Errors in audits are inevitable, but how these errors are handled can be critical to the integrity of the financial information and the reputation of the accountants involved. For accountants, this challenge carries significant weight — not only does it have the potential to undermine the trust placed in them…
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