By Kyle Brasseur2023-07-21T17:41:00
The United Kingdom introduced for debate corporate reporting reforms that would require the country’s largest companies to set out their risk management and resilience strategies as part of required annual reporting.
The draft regulations put forward Wednesday would apply to U.K. companies with at least 750 employees and annual turnover of 750 million pounds (U.S. $964 million) or more. The rules, subject to parliamentary approval, would come into force Jan. 1, 2025.
The U.K. government said the measures “respond to lessons learned from major and sudden corporate collapses in recent years, including that of Carillion.” In January 2018, Carillion failed with £7 billion (U.S. $9 billion) in debts, becoming one of Britain’s biggest corporate governance failures.
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.
2022-09-28T11:54:00Z By Neil Hodge
The release of the independent tribunal report into the misconduct of KPMG and five of its former employees for falsifying information in the audits of Carillion and Regenersis provides further details about how the work was doctored—but not why.
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.
2025-09-15T16:47:00Z By Ruth Prickett
You can already buy a coffee with your phone, but soon you could start a job or buy a house with it. Digital compliance wallets holding certificates and documents on smartphones are gaining traction worldwide.
2025-09-10T23:26:00Z By Ruth Prickett
Delays to the U.K.’s Audit Reform and Corporate Governance Bill and creation of the ARGA regulator have sparked criticism. On Sept. 8, 66 MPs sent a letter to the Prime Minister urging reforms be returned to the Parliamentary agenda.
2025-09-08T05:00:00Z By Oscar Gonzalez
The FTC officially withdrew its appeal in a federal court case over its ban on employer noncompete clauses that it passed last year. The agency, however, says it wants public input regarding the effects of employer noncompete agreements.
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