Latest news with #accounting
BBC News
17 hours ago
- Business
- BBC News
Financial watchdog launches probe into WoodGroup
Engineering giant Wood Group is being investigated by the UK's financial watchdog following an independent review which found "cultural failings" with its accounting Financial Conduct Authority (FCA) probe will look into the period between January 2023 and November 2024.A Wood Group spokesperson said the company would cooperate fully with the Aberdeen-based group, which provides oilfield and engineering services, warned in April that it had to restate its accounts from previous years. It also delayed the publication of results for the 2024 financial year, which were due at the end of meant its shares have since been suspended from trading on the London Stock Exchange. 'Inappropriate pressure' Earlier this year, an independent review by Deloitte found "material weaknesses and failures in the group's financial culture" within its projects business unit and the engagement with its group finance included "inappropriate management pressure" to maintain previously reported positions and "over-optimism and/or lack of evidence in respect of accounting judgements".The report said: "The cultural failings appear to have led to instances of information being inappropriately withheld from, and unreliable information being provided to, Wood's auditors."Wood Group stressed there has been significant change within the business since the period in question and steps taken to address the failings firm has also been the subject of a takeover approach by Dubai-based buyer latest offer, received in April, valued the company at around £242m.A year ago, Sidara made a £1.56bn takeover approach before talks collapsed. Wood Group's share price subsequently plummeted.
The Independent
19 hours ago
- Business
- The Independent
UK's financial watchdog launches probe into troubled Wood Group
Engineering giant Wood Group is being investigated by the UK's financial watchdog following an independent review which unearthed 'cultural failings' with its accounting practices. The Financial Conduct Authority's (FCA) probe will look into the period between January 2023 and November 2024. The troubled Scottish group, which provides oilfield and engineering services, warned in April that it was having to restate its accounts from previous years. It also delayed the publication of results for the 2024 financial year, which were due at the end of April, meaning its shares have been suspended from trading on the London Stock Exchange since. This followed an independent review carried out by Deloitte finding 'material weaknesses and failures in the group's financial culture' within its projects business unit and the engagement with its group finance team. This included 'inappropriate management pressure' to maintain previously reported positions and 'over-optimism and/ or lack of evidence in respect of accounting judgements'. 'The cultural failings appear to have led to instances of information being inappropriately withheld from, and unreliable information being provided to, Wood's auditors,' the results found. The firm stressed there has since been significant change within the group and steps taken to address the failings discovered. Meanwhile, Aberdeen-based Wood Group has been the subject of a takeover approach by Dubai-based buyer Sidara. The latest offer, received in April, valued the company at around £242 million. A year ago, Sidara made a £1.56 billion takeover approach before talks collapsed – and Wood Group's share price has plummeted since.
Yahoo
a day ago
- Business
- Yahoo
Big accounting firms fail to track AI impact on audit quality, says regulator
The six largest UK accounting firms do not formally monitor how automated tools and artificial intelligence impact the quality of their Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Zawya
a day ago
- Business
- Zawya
HKICPA renews its Mutual Recognition Agreement with ACCA
HONG KONG SAR - Media OutReach Newswire - 27 June 2025 - The Hong Kong Institute of Certified Public Accountants (HKICPA) is delighted to announce its renewal of Mutual Recognition Agreement (MRA) with the Association of Chartered Certified Accountants (ACCA). The two accounting bodies continue to join hands together to pave ways for career development of the accounting talents in Hong Kong, with the aim to foster the development of the accounting profession. The HKICPA has held MRA with ACCA since 2000. The new MRA is for a term of three years, continuing to enhance the professional development mobility of members of both bodies, further expanding their professional development opportunities. HKICPA members completing the Qualification Programme (QP) and obtaining at least three years of practical experience may acquire ACCA membership through the agreement. On the other hand, ACCA members who have completed ACCA professional examinations in the United Kingdom or Hong Kong (Including the Advanced Audit and Assurance and Advanced Taxation (Hong Kong) examinations) and having at least three years of practical experience, may apply for HKICPA membership after having passed the Capstone of the QP. The new MRA has been enhanced to ease the path for ACCA members to gain the CPA designation offered by the HKICPA. Under the new MRA, the eligibility for seeking HKICPA membership will be extended to ACCA members who are non-degree holders possessing a qualification at a level not lower than higher diploma/ associate degree (or equivalent) under the Hong Kong Qualification Framework, and fulfilling relevant conditions. The HKICPA believes that the enhanced MRA would attract more talented individuals from various disciplines to join the professional field of Hong Kong accountants and obtain the CPA designation. HKICPA President Edward Au said, "We are delighted to renew the MRA with the ACCA. The MRA provides simplified pathways for members of both organizations to obtain professional qualifications from each other, thereby enhancing their career mobility. Furthermore, the synergies created by the co-operations between HKICPA and ACCA enable us to provide advanced support to the development of the accounting profession in Hong Kong, benefiting businesses as well as Hong Kong economy as a whole. HKICPA will continue to work hand in hand with other professional accounting organizations to attract talent from diverse academic backgrounds, build a stronger talent pool, and drive the continuous advancement of the accounting profession." ACCA Hong Kong Chairman Stanley Ho said, "We welcome the enhanced MRA, which offers greater flexibility for membership mobility between the two bodies, reflecting our shared commitment to empowering career opportunities and advancing the profession. With over 120 years of global legacy and a proud 75-year heritage rooted in Hong Kong, ACCA has consistently demonstrated leadership in redefining the accountant through times of change. In response to the evolving needs and expectations of society, ACCA will introduce a redesigned qualification in 2027. We look forward to working closely with HKICPA to drive sustainable growth for the profession and the wider community." As one of the founding members of the Global Accounting Alliance (GAA), HKICPA has consistently engaged in exchanges with international accounting professions, and remains committed to upholding the international recognition of its membership. Including ACCA, the HKICPA holds mutual membership recognition agreements or mutual examination papers exemption agreements with 11 accounting bodies in the Mainland and overseas. In the future, the HKICPA will continue to expand its global network, explore potential collaborations with more overseas accounting bodies to facilitate exchanges and opportunities for new mutual recognition agreements for members. Hashtag: #HKICPA The issuer is solely responsible for the content of this announcement. Hong Kong Institute of Certified Public Accountants The Hong Kong Institute of Certified Public Accountants ("HKICPA") is the statutory body established by the Professional Accountants Ordinance responsible for the professional training and development of certified public accountants in Hong Kong. The Institute is also a standard setter of the local accounting industry. The Institute has over 47,000 members and about 12,000 registered students. Our Qualification Programme assures the quality of entry into the profession, and we promulgate financial reporting, auditing, ethical and sustainability disclosure standards that safeguard Hong Kong's leadership as an international financial centre. The CPA designation is a top qualification recognised globally. The Institute is a member of and actively contributes to the work of the Global Accounting Alliance and International Federation of Accountants. Hong Kong Institute of Certified Public Accountants
Malay Mail
a day ago
- Business
- Malay Mail
HKICPA renews its Mutual Recognition Agreement with ACCA
The Hong Kong Institute of Certified Public Accountants (HKICPA) signed a new three-year mutual recognition agreement with the Association of Chartered Certified Accountants (ACCA), which continues widening the opportunities to both HKICPA members and ACCA members. (From Left to Right) HKICPA President Edward Au, HKICPA Chief Executive and Registrar Margaret Chan, Head of ACCA Hong Kong and Greater Bay Area Lead Christina So and ACCA Hong Kong Chairman Stanley Ho. HONG KONG SAR - Media OutReach Newswire - 27 June 2025 - The Hong Kong Institute of Certified Public Accountants (HKICPA) is delighted to announce its renewal of Mutual Recognition Agreement (MRA) with the Association of Chartered Certified Accountants (ACCA). The two accounting bodies continue to join hands together to pave ways for career development of the accounting talents in Hong Kong, with the aim to foster the development of the accounting HKICPA has held MRA with ACCA since 2000. The new MRA is for a term of three years, continuing to enhance the professional development mobility of members of both bodies, further expanding their professional development opportunities. HKICPA members completing the Qualification Programme (QP) and obtaining at least three years of practical experience may acquire ACCA membership through the agreement. On the other hand, ACCA members who have completed ACCA professional examinations in the United Kingdom or Hong Kong (Including the Advanced Audit and Assurance and Advanced Taxation (Hong Kong) examinations) and having at least three years of practical experience, may apply for HKICPA membership after having passed the Capstone of the new MRA has been enhanced to ease the path for ACCA members to gain the CPA designation offered by the HKICPA. Under the new MRA, the eligibility for seeking HKICPA membership will be extended to ACCA members who are non-degree holderspossessing a qualification at a level not lower than higher diploma/ associate degree (or equivalent) under the Hong Kong Qualification Framework, and fulfilling relevant conditions. The HKICPA believes that the enhanced MRA would attract more talented individuals from various disciplines to join the professional field of Hong Kong accountants and obtain the CPA President Edward Au said, "We are delighted to renew the MRA with the ACCA. The MRA provides simplified pathways for members of both organizations to obtain professional qualifications from each other, thereby enhancing their career mobility. Furthermore, the synergies created by the co-operations between HKICPA and ACCA enable us to provide advanced support to the development of the accounting profession in Hong Kong, benefiting businesses as well as Hong Kong economy as a whole. HKICPA will continue to work hand in hand with other professional accounting organizations to attract talent from diverse academic backgrounds, build a stronger talent pool, and drive the continuous advancement of the accounting profession."ACCA Hong Kong Chairman Stanley Ho said, "We welcome the enhanced MRA, which offers greater flexibility for membership mobility between the two bodies, reflecting our shared commitment to empowering career opportunities and advancing the profession. With over 120 years of global legacy and a proud 75-year heritage rooted in Hong Kong, ACCA has consistently demonstrated leadership in redefining the accountant through times of change. In response to the evolving needs and expectations of society, ACCA will introduce a redesigned qualification in 2027. We look forward to working closely with HKICPA to drive sustainable growth for the profession and the wider community."As one of the founding members of the Global Accounting Alliance (GAA), HKICPA has consistently engaged in exchanges with international accounting professions, and remains committed to upholding the international recognition of its membership. Including ACCA, the HKICPA holds mutual membership recognition agreements or mutual examination papers exemption agreements with 11 accounting bodies in the Mainland and overseas. In the future, the HKICPA will continue to expand its global network, explore potential collaborations with more overseas accounting bodies to facilitate exchanges and opportunities for new mutual recognition agreements for #HKICPA The issuer is solely responsible for the content of this announcement. Hong Kong Institute of Certified Public Accountants The Hong Kong Institute of Certified Public Accountants ("HKICPA") is the statutory body established by the Professional Accountants Ordinance responsible for the professional training and development of certified public accountants in Hong Kong. The Institute is also a standard setter of the local accounting industry. The Institute has over 47,000 members and about 12,000 registered students. Our Qualification Programme assures the quality of entry into the profession, and we promulgate financial reporting, auditing, ethical and sustainability disclosure standards that safeguard Hong Kong's leadership as an international financial centre. The CPA designation is a top qualification recognised globally. The Institute is a member of and actively contributes to the work of the Global Accounting Alliance and International Federation of Accountants.
