- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Jeff Dale2025-03-18T16:37:00
The U.K. Financial Reporting Council (FRC) has launched an investigation into MacIntyre Hudson’s audit of collapsed construction company ISG Limited, which abruptly entered administration in September, laying off 2,200 workers.
The FRC said in a press release Tuesday the probe centers around the firm’s consolidated financial statements for the year ended December 31, 2022. In September, the U.K. Insolvency Service announced a group of eight ISG companies entered administration. At the time, ISG was one of the biggest construction companies in the U.K. with responsibility for more than 1 billion pounds of government contracts.
The firm’s 2022 annual report revealed a narrow margin for error though, with a total revenue of nearly 2.2 billion pounds and pre-tax profit of £11.5 million. A good portion of its profits were spent on executive bonuses, including £2.5 million for a top director (likely the CEO).
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
2025-04-24T12:00:00Z By Ruth Prickett
Director accountability is back in the spotlight in the U.K., even as the government pushes for regulatory simplification to cut red tape and drive growth. This raises questions about how boards can be encouraged to take risks to grow their businesses while also being held more accountable for governance failings. ...
2023-10-12T18:43:00Z By Kyle Brasseur
KPMG accepted the conclusions and record penalties levied against it by the U.K. Financial Reporting Council for the “exceptional” level of deficiencies found to have taken place during the Big Four audit firm’s work at collapsed construction company Carillion.
2022-07-28T19:35:00Z By Neil Hodge
Three former executives at collapsed construction firm Carillion each face six-figure fines for market abuse for “recklessly” making misleadingly positive and inaccurate statements about the company’s financial health despite knowing it was in trouble.
2025-04-22T12:00:00Z
The Federal Trade Commission (FTC) filed a lawsuit against Uber, alleging the ride-hailing company signed customers up for its Uber One subscription without consent, then made it hard for them to cancel. The move marks the U.S. government’s latest broadside against big tech companies, and the first major action from ...
2025-04-18T17:45:00Z By Oscar Gonzalez
The U.S. Consumer Financial Protection Bureau continues to unravel amid pressure from Trump administration officials to shutter the agency. Not only has the agency informed its employees that it will no longer be a watchdog for the financial services industry, it has also laid off employees despite court orders blocking ...
2025-04-15T07:30:00Z By Aaron Nicodemus
The Consumer Financial Protection Bureau dropped yet another consumer protection lawsuit against a bank or fintech provider since Donald Trump was sworn in as president in January. This time, it was with Comerica Bank.
Site powered by Webvision Cloud