Latest news with #auditing
Zawya
3 days ago
- Business
- Zawya
Oman: FSA launches new licensing system for accounting and auditing
MUSCAT: The Financial Services Authority (FSA) announced the launch of a new electronic system for applications for licensing and renewal of the licenses to practice the accounting and auditing profession. The new system allows users to submit online applications with the ability to upload the required documents and follow up the status of the application at its various stages in swift and transparent manner. It aims to raise the efficiency of services, facilitate access and reduce time and effort in addition to enhancing digital supervision and tracking the performance of accounting and auditing firms. The FSA confirmed that the system is a step forward in the level of regulatory services rendered and reflects the FSA's commitment to providing a high-quality professional environment in accordance with international standards by facilitating licensing and licenses renewal procedures and enabling applicants to obtain the service online in a way that enhances the confidence of investors and the financial community in the profession. The regulation of the profession in the Sultanate is based on the Accounting and Auditing Profession Law issued pursuant to Royal Decree No. 77/86. The FSA is currently preparing the regulations for the profession, which is available as a draft for consultation with the industry and the public within the approach adopted by FSA in applying community participation in the formulation of regulatory schemes. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Bloomberg
5 days ago
- Business
- Bloomberg
Credit Fund's Collapse Leads to $1 Billion Lawsuit Against EY
Bridging Finance Inc. 's receiver is suing Ernst & Young LLP for C$1.4 billion ($1 billion), alleging the auditor failed to detect fraud and misstatements that contributed to the Toronto private lender's collapse. In a claim filed with Ontario's Superior Court last month, PricewaterhouseCoopers alleged that EY issued unqualified opinions on Bridging's books from 2014 to 2020 despite red flags, including inflated asset values and hidden defaults.
Yahoo
14-06-2025
- Business
- Yahoo
P&O Ferries hires tiny four-person accounting firm to replace KPMG
P&O Ferries has hired a tiny four-person auditing firm to replace the Big Four accountant that resigned from approving its annual accounts in March. The move appears to raise further questions over the governance and financial health of the company, which has attracted a string of negative headlines after its controversial sacking of 786 mainly British ferry workers in 2022 – whom it then replaced with low-cost agency staff from countries including India, the Philippines and Malaysia. The ferry operator's 2022 accounts were almost 11 months late when they were belatedly published in November of last year and showed that the company spent more than £47m on jettisoning its UK seafarers. Its 2023 numbers are now eight months behind schedule and in March KPMG, the UK's fourth largest accounting firm, resigned as P&O Ferries' auditor. In its resignation letter, the accountants said: 'It has not been possible to complete an audit of the 2023 accounts to the required standard within management's desired timetable.' Failure to file company accounts is a criminal offence – albeit one that is rarely punished with anything more than a fine from Companies House. However, critical comments by outgoing auditors are relatively unusual and when a company changes firms it would typically aim to hire a replacement of a similar size. P&O Ferries' new auditor is a firm called Just Audit & Assurance (JAA), which is based in Witney in Oxfordshire and has four employees – while it says it can 'draw upon' 35 people to audit accounts. The fee for the P&O audit will be about £265,000 – the largest it currently charges and accounting for about 8% of revenues, the firm said. In the 2022 accounts, audit fees were shown to have totalled £1.3m. Prem Sikka, a professor of accounting and a Labour peer, said: 'There are some serious questions about auditor independence. A small firm of four staff is auditing a giant conglomerate. The fees from this are likely to form a large part of the firm's income and the concern will be that the fear of losing a major client might influence the audit approach. 'P&O Ferries transports more than 4 million passengers a year and employs thousands of people. The public will want to be reassured that the company did not go opinion-shopping and that it is financially sound.' Jonathan Russell, JAA's majority shareholder and one of the firm's two 'responsible individuals' who are authorised to sign off audit reports, told the Guardian and ITV News: 'You can't buy me because I'm not money oriented. So my opinion is going to be my opinion.' 'I understand the question [about JAA's size],' he added. 'I feel sometimes that the audit is not necessarily now being delivered how it should be … I used [failed construction group] Carillion as an example on a paper I was presenting … as a set of publicly published accounts that didn't make any sense to me. 'So you know, yes, you can have a big name; yes, you can have a small name. Does it mean that the audits are done any better or worse? I don't know. I can tell you now that the average experience in auditing of my staff is over 20 years.' JAA claimed P&O had already informed KPMG that it was being replaced on the 2023 audit when the Big Four firm resigned. KPMG declined to comment. P&O declined invitations by the Guardian and ITV News to comment. JAA added that P&O first approached the firm to audit its accounts last year and that it expects the 2023 accounts to be published by the end of this month.
The Guardian
13-06-2025
- Business
- The Guardian
P&O Ferries hires tiny four-person accounting firm to replace KPMG
P&O Ferries has hired a tiny four-person auditing firm to replace the Big Four accountant that resigned from approving its annual accounts in March. The move appears to raise further questions over the governance and financial health of the company, which has attracted a string of negative headlines after its controversial sacking of 786 mainly British ferry workers in 2022 – who it then replaced with low-cost agency staff from countries including India, the Philippines and Malaysia. The ferry operator's 2022 accounts were almost 11 months late when they were belatedly published in November of last year and showed that the company spent more than £47m on jettisoning its UK seafarers. Its 2023 numbers are now eight months behind schedule and in March KPMG, the UK's fourth largest accounting firm, resigned as P&O Ferries' auditor. In its resignation letter, the accountants said: 'It has not been possible to complete an audit of the 2023 accounts to the required standard within management's desired timetable.' Failure to file company accounts is a criminal offence – albeit one that it rarely punished with anything more than a fine from Companies House. However, critical comments by outgoing auditors are relatively unusual and when a company changes firms it would typically aim to hire a replacement of a similar size. P&O Ferries' new auditor is a firm called Just Audit & Assurance, which is based in Witney in Oxfordshire and has four employees – while it says it can 'draw upon' 35 people to audit accounts. The fee for the P&O audit will be about £265,000 – the largest it currently charges and accounting for about 8% of revenues, the firm said. In the 2022 accounts, audit fees were shown to have totalled £1.3m. Prem Sikka, a professor of accounting and a Labour peer, said: 'There are some serious questions about auditor independence. A small firm of four staff is auditing a giant conglomerate. The fees from this are likely to form a large part of the firm's income and the concern will be that the fear of losing a major client might influence the audit approach. 'P&O Ferries transports more than 4 million passengers a year and employs thousands of people. The public will want to be reassured that the company did not go opinion-shopping and that it is financially sound.' Jonathan Russell, Just Audit's majority shareholder and one of the firm's two 'responsible individuals' who are authorised to sign off audit reports, told the Guardian and ITV News: 'You can't buy me because I'm not money oriented. So my opinion is going to be my opinion.' 'I understand the question [about Just Audit's size],' he added. 'I feel sometimes that the audit is not necessarily now being delivered how it should be … I used [failed construction group] Carillion as an example on a paper I was presenting … as a set of publicly published accounts that didn't make any sense to me. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion 'So you know, yes, you can have a big name, yes, you can have a small name. Does it mean that the audits done any better or worse? I don't know. I can tell you now that the average experience in auditing of my staff is over 20 years.' Just Audit & Assurance claimed P&O had already informed KPMG that it was being replaced on the 2023 audit when the Big Four firm resigned. KPMG declined to comment. P&O declined invitations by the Guardian and ITV News to comment. Just Audit added that P&O first approached the firm to audit its accounts last year and that it expects the 2023 accounts to be published by the end of this month.
Free Malaysia Today
28-05-2025
- Business
- Free Malaysia Today
Major audit firms have been complicit in financial scandals, says Anwar
Prime Minister Anwar Ibrahim said the focus on good governance and auditing should go beyond merely attracting investments. (Bernama pic) PUTRAJAYA : Prime Minister Anwar Ibrahim today said that major audit firms have, at times, been complicit in financial scandals, citing the 1MDB affair as an example. Without identifying any auditor in particular, he said no auditors 'were entirely free from being targeted'. 'If you look at 1MDB, (you will see the) complicity of big audit firms,' he said at the closing of the Asean Auditor Conference 2025 here. The 1MDB scandal, which US authorities dubbed the largest kleptocracy ever, saw over US$4 billion embezzled from the state investment arm. In 2023, Anwar was reported as saying that the scandal would not have occurred if not for the 'complicity' of international financial institutions, including Goldman Sachs. Speaking today, Anwar said the focus on good governance and auditing should go beyond merely attracting investments. 'That (auditing), to me, is critical but not pivotal,' he said. He also underscored the importance of strengthening audit institutions to ensure true accountability. 'That's why to my mind, it is a particularly important endeavour that audit institutions be empowered, to operate independently and to follow the trail of accountability wherever it leads,' he said. Referring to his experience as head of government, Anwar said he had no intention of interfering in the auditing process. As head of government, Anwar said his job was to present the findings of the audit department to the Cabinet, which would then be tabled and debated in Parliament. 'That is what we mean by good governance and transparency,' he said.
