Carillion

U.K. Proposes Reforms to Upgrade Audit Sector
Regulation

U.K. Proposes Reforms to Upgrade Audit Sector

“It's clear from large-scale collapses like Thomas Cook, Carillion and BHS that Britain's audit regime needs to be modernized."
By Matthew Heller | March 18, 2021
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Big Four Heading for Audit Shakeup in U.K.
Regulation

Big Four Heading for Audit Shakeup in U.K.

The U.K.'s accounting watchdog has asked the firms to submit a plan by Oct. 23 for separating their audit and consulting businesses.
By Matthew Heller | July 7, 2020
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Audit Woes in U.K. Hit KPMG’s 2019 Profit
Financial Performance

Audit Woes in U.K. Hit KPMG’s 2019 Profit

The 14% decline in U.K. profits "follows a series of reputational setbacks for KPMG over the past two years."
By Matthew Heller | December 13, 2019
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KPMG to Restructure Audit Business in U.K.
Regulation

KPMG to Restructure Audit Business in U.K.

The Big Four firm says it wants to "restore trust in audit" but a U.K. regulator indicates the changes don't go far enough.
By Matthew Heller | May 17, 2019
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U.K. Watchdog Calls for Audit Market Makeover
Regulation

U.K. Watchdog Calls for Audit Market Makeover

The Competition and Markets Authority stopped short of recommending the Big Four be broken up in response to a series of high-profile audit failures.
By Matthew Heller | April 18, 2019
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U.K. Lawmakers Urge Full Breakup of Big Four
Risk & Compliance

U.K. Lawmakers Urge Full Breakup of Big Four

“The Big Four’s dominance has fostered a precarious market which shuts out challengers and delivers audits which investors and the public cannot rely on."
By Matthew Heller | April 3, 2019
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Lessons on Auditing from Carillion’s Collapse
Risk Management

Lessons on Auditing from Carillion’s Collapse

The sudden failure of U.K. construction firm Carillion exposes the limits of public company auditing and sparks discussion of reforms.
By Russ Banham | October 23, 2018
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U.K. Fines KPMG $4M for Audit Deficiencies
Risk & Compliance

U.K. Fines KPMG $4M for Audit Deficiencies

The firm admitted its audits of scandal-plagued Quindell plc fell “significantly short” of professional standards.
By Matthew Heller | June 11, 2018
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Big Four Facing Calls for U.K. Breakup
Risk & Compliance

Big Four Facing Calls for U.K. Breakup

Lawmakers have labeled the four firms a “cozy club incapable of providing the degree of independent challenge needed” for auditing public companies.
By Matthew Heller | May 17, 2018
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Carillion Collapse Exposes Flaws in Trade Finance Disclosure
Risk

Carillion Collapse Exposes Flaws in Trade Finance Disclosure

A report by Moody's says lax accounting requirements for reverse factoring arrangements helped mask the U.K. firm's deteriorating financial condition.
By Vincent Ryan | March 14, 2018
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