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The Latest Breaking News from FRC

PwC fined £2.9m over audit of Sanjeev Gupta’s Wyelands Bank

FRC severely reprimands accountancy group and one of its former main auditors after ‘serious failings’ in 2019

The Guardian - UK

Watchdog to investigate two former figures at bankrupt Woking council

Exclusive: Local authority in Surrey declared itself effectively bankrupt in 2023 after series of risky investments

The Guardian - UK

KPMG under investigation over audit of gambling company Entain

FRC confirms inquiry into accounting firm’s 2022 audit of Ladbrokes, Coral and Sportingbet owner

The Guardian - UK

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KPMG being probed by accounting watchdog over Entain audit

The Financial Reporting Council said it had launched an investigation into KPMG’s work on Entain’s 2022 accounts.

Evening Standard

‘Strong likelihood’ of imminent famine in north Gaza: Food security experts

Famine thresholds ‘may have already been crossed or else will be in the near future’, Famine Review Committee warns.

Al Jazeera

Middle East crisis: Amsterdam officials ban protests after violence; Hamas says it has ‘not received’ request to leave Qatar – as it happened

Prosecutors expect more arrests; Qatari diplomatic source had earlier told AFP that ‘the Hamas political office no longer serves its purpose’ in Doha

The Guardian - AU

‘Strong likelihood’ of imminent famine in northern Gaza, food experts warn, as Israel continues siege

‘Looming catastrophe’ will ‘dwarf anything we have seen so far’ in Gaza since 7 October 2023, famine review committee says

The Guardian - AU

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Famine and floods add to distress of Sudanese displaced by war

Famine, floods and disease are adding to strife in conflict-torn Sudan, NGOs are warning. The Darfur region has been hit hard, especially in camps for displaced people.

Radio France Internationale

Famine Declared In Darfur Refugee Camp

Famine declared in Zanzam camp, Sudan due to conflict, highlighting urgent need for international aid and conflict resolution.

Top News

‘Big four’ accountancy firms PwC and EY fined over LC&F audit failures

Firms fined millions after London Capital & Finance’s 2019 crash wiped out customers’ savings

The Guardian - UK

Tweaks, delays and compromises define UK’s post-Carillion response

From initial hopes of radical reform, we’ve ended up with a slight adjustment to the corporate governance code

The Guardian - UK

Watchdog investigates accountant at bankrupt Thurrock council

Financial Reporting Council looking into compliance of ex-official at council that ran up £500m deficit

The Guardian - UK

FRC waters down governance overhaul as King’s Speech omits audit reforms

Britain’s accounting watchdog will abandon the majority of the 18 proposed changes to corporate governance rules in the latest set back to reforms.

The Independent UK

Carillion and the government’s shameful inertia on reform

Outsourcer’s collapse revealed disgraceful failures at auditor KPMG, yet six years on where is tough new regulator we were promised?

The Guardian - UK

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The Guardian - UK

Loose lending and inadequate auditing: central government’s role in the local council disaster

Councils’ decision-making caused the worst failures, but lack of Westminster oversight is also to blame

The Independent UK

MPs warn audit backlog threatens transparency over £100 billion spend

The Public Accounts Committee said the Government must act to prevent further financial failure in local government.

Birmingham Post

Accounting watchdog the FRC says that it is investigating the Deloitte audit of Joules' 2021 accounts

In a short statement on its website it said the investigation did not relate to anyone other than the auditor

Investors Business Daily

Dow Jones Rises As JPMorgan Buys Failed First Republic Bank; FRC Stock Crashes 45%

The Dow Jones rose Monday morning, as JPMorgan Chase bought failed First Republic Bank. FRC stock crashed 45%.

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Daily Mirror

JP Morgan to take over US bank First Republic after lender becomes third to collapse

Banking giant JP Morgan will take over $295 billion (£236 billion) in assets and liabilities of First Republic Bank after the third major US institution collapse in the last two months

Investors Business Daily

Dow Jones Futures: JPMorgan Buys First Republic As Market Rally Eyes 2023 Highs

The market rally is near 2023 highs after a big shakeout. JPMorgan will buy First Republic Bank. Big earnings and the Fed loom.

Investors Business Daily

First Republic Dives Late As FDIC Receivership May Be Imminent; Why Other Bank Stocks Are Unfazed

First Republic Bank crashed to fresh lows Friday on reports the FDIC will likely place it into receivership. But other bank stocks rose.

Fortune

First Republic is suddenly in big trouble—but the structural issues date back when CEO Mike Roffler was CFO

It was more than the SVB bank run that put First Republic in a vulnerable position, an analyst says.

Investors Business Daily

Dow Jones Futures Rise: Meta Soars, Drug Giants Climb, Specialty Chip Plays Dive

Futures: Meta Platforms boomed on earnings, but megacap techs can't hide broad market rally weakness. First Republic dived again.

StockNews.com

These 3 Quality Finance Stocks Are the Best Bet for 'Buy-Now' Investors

Amid renewed trepidations regarding the spillover of the banking crisis, investors willing to bank on fundamentally strong and high-quality finance stocks, Everi Holdings (EVRI), Forrester Research (FORR), and CPI Card Group (PMTS), could be rewarded with impressive gains. Continue reading.

Investors Business Daily

First Republic Pleads With Big Banks For Rescue. Regulators Weigh Downgrade

First Republic Bank fights for survival, telling banking giants that a rescue would be in their interest. FRC stock keeps crashing to new lows.

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