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EXPLAINED: 3 | Vintage Vibes

PwC fined £1.8 million for BT Italy audit failures

Treatment of debt adjustments not treated with ‘necessary professional scepticism’

Evening Standard

PwC fined nearly £1.8m over BT fraud audit failures

Accounting firm failed to act with ‘requisite professional scepticism’, says FRC

The Guardian - UK

PwC handed £1.8m fine over BT audit work

Audit partner Richard Hughes has also been fined £42,000 by the Financial Reporting Council

Birmingham Post

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4 Big Bank Stocks to Stay Away From Right Now

Banks benefit from rising interest rates as they enjoy higher interest margins. However, not all bank stocks are well-positioned to capitalize on the rising interest rate environment. Despite the industry tailwinds, weak profitability, and higher-than-industry valuation of First Republic Bank (FRC), Signature Bank (SBNY), Webster Financial (WBS), and SVB Financial…

StockNews.com

Right-wing group claims it's a "church"

Forty lawmakers are calling on the IRS and the Treasury to investigate Tony Perkins' Family Research Council

Salon

3 Stocks Investors Shouldn't Bank on for Profits

As the stock market has been suffering due to surging inflation and increasing odds of a recession, we think it could be difficult for fundamentally weak bank stocks First Republic Bank (FRC), Prosperity Bancshares (PB), and Pathward Financial (CASH) to remain resilient. So, it could be wise to avoid these…

StockNews.com

KPMG fined £18.4m and four staff banned from accountancy profession for deliberately misleading regulators

Auditor submitted ‘false and misleading information and documents’ relating to collapsed construction firm Carillion

The Independent UK

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KPMG fined £14.4m for misleading regulator about Carillion audit

Quartet of former staff at the big four financial services firm have been kicked out of Institute of Chartered Accountants in England and Wales for part played in audit work

Birmingham Post

KPMG partner banned from accounting after misleading regulator over Carillion

Peter Meehan, who led audit of failed outsourcer, will also have to pay fine of £250,000

The Guardian - UK

KPMG hit with its biggest ever UK fine after ‘misleading’ regulators over Carillion

A second investigation into how the collapsed outsourcer was regulated is still underway

Evening Standard

Sports Direct audit failings: Grant Thornton fined £1.3m

Accountancy firm says historical issues 'not reflective of the work we produce today'

Birmingham Post

Grant Thornton fined £1.3m for ‘serious failings’ in Sports Direct audits

Financial Reporting Council penalises auditor and former partner at firm over work in 2016 and 2018

The Guardian - UK

Regulator issues £2m fine to Grant Thornton over Sports Direct audits

The Financial Reporting Council has issued penalties against the auditor and a former partner at the firm over audit failings in 2016 and 2018.

Evening Standard

UK accounting watchdog fines auditor of collapsed retailer Laura Ashley

UHY Hacker Young given “severe reprimand” over audits that failed to highlight firm’s uncertain future

The Guardian - UK

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Evening Standard

UHY Hacker Young sanctioned by FRC over Laura Ashley audits

Accountant recognised procedures fell below usual ‘high standards’

Insider UK

A chartered profession sailing into unchartered waters

The sector is facing up to threats from regulation, recruitment and economic instability

Benzinga

If You Invested $100 In This Stock 10 Years Ago, You Would Have $400 Today

First Republic Bank (NYSE:FRC) has outperformed the market over the past 10 years by 4.58% on an annualized basis producing an average annual return of 15.4%. Currently, First Republic Bank has a market capitalization of $24.53 billion.

The Guardian - UK

PwC fined total of £5m over Galliford Try and Kier audits

Accounting firm failed to adequately scrutinise long-term contracts at construction companies, says FRC

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Birmingham Post

PwC and employee fined more than £5m over Kier and Galliford Try audits

The accountancy firm is also facing "severe reprimands", according to the financial regulator

Benzinga

Here's How Much You Would Have Made Owning First Republic Bank Stock In The Last 10 Years

First Republic Bank (NYSE:FRC) has outperformed the market over the past 10 years by 5.39% on an annualized basis producing an average annual return of 17.69%. Currently, First Republic Bank has a market capitalization of $27.62 billion.

Insider UK

UK Government confirms plans to tackle dominance of audit 'Big Four'

A new regulator is set to be introduced to avoid the sudden collapse of big companies

The Guardian - UK

KPMG fined £3.4m over ‘serious failures’ in Rolls-Royce audit

Regulator says accountants’ audit of jet engine maker failed to report payments to Indian intermediaries

Birmingham Post

KPMG fined £3.37m over Rolls-Royce audit failures

The original fine was reduced after the accountancy firm made admissions relating to the case

The Guardian - UK

KPMG to be fined £14m for forging documents over Carillion audit

Regulator confirms settlement after former staff falsified material over audits of Carillion and Regenesis

The Guardian - UK

A North Sea oil windfall tax won’t raise much but every little bit helps

Tesco’s boss says oil producers are unfazed by a one-off levy to help households pay energy bills

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