Directors will be held personally responsible for their company’s financial statements — with fines and bans for major failures — as part of far-reaching proposals to overhaul UK corporate governance and audit oversight.
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Accounting giant PwC has landed a £2.5m contracts to oversee an audit of the government’s procurement of personal protective equipment (PPE) during the pandemic, following a scathing report from the UK’s spending watchdog.
EY has overhauled its UK leadership and split the governance of its audit practice as part of measures to improve quality following sustained criticism of the accounting industry from regulators and politicians.
Accounting giants will be banned from offering lucrative consulting services to firms they audit under a sweeping crackdown by the accounts regulator to stamp out conflicts of interest.