Kobe Steel

The chief executive and other senior executives have stepped down from Japanese company Kobe Steel following the publication of the report outlining the findings of an investigation into the data falsification that the company admitted to in October last year. The investigation uncovered 163 more customers since October that had received metal products which did […]

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audit market

The Liberal Democrat leader, Vince Cable, has written to the Competitions and Markets Authority (CMA) asking the regulator to look again into whether the big four accountants should be broken up. Commenting on Twitter about the firms that dominate the audit market Cable said: “Questions remain over whether there is too much market dominance in too […]

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Carillion directors

The former directors of Carillion who appeared before the joint Work and Pensions and Business, Energy and Industrial Strategy Committees inquiry into the company’s collapse last month were labelled as “delusional” by its co-chairs Frank Field MP and Rachel Reeves MP. Field and Reeves said: “We heard variously that this was the fault of the Bank of England, […]

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MPs

UK MPs investigating the collapse of Carillion gave Steve Haddrill, Financial Reporting Council (FRC) chief executive, a grilling over the regulator’s role in recent years. In his evidence to the joint inquiry by the House of Commons’ Work and Pensions and Business, Energy and Industrial Strategy select committees Haddrill confirmed that the FRC had been […]

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audit market

The collapse of Carillion raises concerns not only about corporate governance at the firm and KPMG’s audit, but also how the directors were able to get changes to their pay passed the vote. Speaking in The Guardian on Saturday (20-Jan-18), British Prime Minister Theresa May signalled her government’s frustration with the slow pace of change: “Boardroom excesses […]

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Proxy plumbing gets Securities Exchange Commission scrutiny

The US Securities and Exchange Commission (SEC) has appointed a new chairman and replaced all the members of the Public Company Accounting Oversight Board (PCAOB). The SEC appointed William Duhnke as chairman replacing Jim Doty along with  J. Robert Brown, Kathleen Hamm, James Kaiser, and Duane DesParte who replaced Steve Harris, Lew Ferguson and Jeanette Franzel. The PCAOB was […]

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Steinhoff accounting irregularities

Markus Jooste, the chief executive of the global retail group, Steinhoff, which owns Poundland, Bensons for Beds and Pep & Co in the UK, has resigned after accounting irregularities were uncovered at the company. The company’s supervisory board has engaged PricewaterhouseCoopers (PwC) to conduct an independent investigation into the findings and would update the market […]

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MPs

The UK’s Financial Reporting Council (FRC) is looking to improve audit committee reporting in respect of company disclosures in annual reports and how auditors report information to audit committees, Melanie McLaren, executive director, audit and actuarial regulation division said in her speech at the regulator’s recent Developments in Audit conference. She said the FRC had launched a pilot project […]

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South African auditor reappointments

Since announcing in June that a new mandatory auditor rotation rule would be introduced in 2023 South Africa’s Independent Regulatory Board for Auditors (IRBA) has surveyed the proxy voting results in respect of auditor re-appointments this year. The IRBA said that it had found a visible trend towards voting against the reappointment of auditors. Of […]

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ethical financial reporting

Company boards, particularly the non-executive director members, need to ensure they take an ethical and value-led approach to financial reporting according to the latest paper from the UK’s Institute of Business Ethics. The author of the report Guy Jubb, former governance head at Standard Life Investments, stated that accounting is not simply a question of […]

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