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The horse has bolted, but at least the Lords have started to clean out accountancy’s Augean stables

March 30th, 2011 Here is Lord MacGregor, a former Conservative chief secretary of the Treasury, unveiling the hard-hitting and long-awaited conclusions of the House of Lords Economic Affairs Committee’s report into audit profession. This is an inquiry I’ve been following with great interest and which I’ve written on Qfinance (Scrap mark-to-market accounting or face further […]

March 30th, 2011 | Posted in Blog | Read More »

McKenna: Ten things you need to know about ‘Big Four’ audit firms

December 28th, 2010 I’ve long suspected that, at least where banking and financial sector clients are concerned, the ‘Big Four’ audit firms now see their role as being to pull the wool over investors’ eyes. The theory is about to be tested in the US courts, where Ernst & Young stands accused of fraud over […]

December 28th, 2010 | Posted in Blog | Read More »

Banking’s Abu Ghraib

Revised October 3rd, 2010 (minor edits August 18th, 2015) A fourth person has been arrested in relation to Thames Valley Police’s investigation into “corruption and large-scale fraud in connection with HBOS”. [Note: comments on this post have now been disabled and earlier comments from witnesses have been removed as a result of the police investigation […]

October 2nd, 2010 | Posted in Blog | Read More »

The secrets and lies of Gordon Brown

April 18th, 2010 Gordon Brown’s hypocrisy towards the banking sector knows no bounds. The doomed prime minister recently branded investment bank Goldman Sachs “morally bankrupt” and asked the FSA to investigate. Yet Brown has ignored corruption and moral bankruptcy closer to home. Has he “forgotten” that, eighteen months ago, he was alerted to one of […]

April 18th, 2010 | Posted in Blog | Read More »

Are ‘Big Four’ accountants a waste of space?

Updated April 5th 2009 From the evidence submitted to the Treasury Select Committee’s inquiry into the banking crisis, one might conclude that the profession of accountancy as practiced in the UK is past its sell-by date, clinging to the vestiges of power and influence by its fingernails and in urgent need of reform. This tallies […]

April 5th, 2009 | Posted in Blog | Read More »

“Bling” Crosby’s day of reckoning

By Ian Fraser Published: Sunday Herald Date: February 15th, 2009 This charade of apology is a diversion from bankers’ role in financial destruction EDITH Piaf’s “Non, Je Ne Regrette Rien” seems to be the theme tune for Britain’s banking fraternity right now. The unfab four – Lord Stevenson, Andy Hornby, Sir Tom McKillop and Sir […]

February 15th, 2009 | Posted in Article Library | Read More »

Time to audit the auditors — and especially KPMG?

January 8th, 2009 The House of Commons Treasury Select Committee is to cross-examine representatives of the audit profession later this month as part of its investigation into the banking crisis — and it is not before time. At the January 28 session, senior accountants will be grilled over their role in the crisis and whether […]

January 8th, 2009 | Posted in Blog | Read More »

Danger of death: Which audit firm will go down first?

By Ian Fraser Published: The Herald Business Date: November 6th, 2008 The accountancy firms that audited our distressed banks are coming under increased scrutiny The partners of “Big Four” accountancy firms have good reason to feel nervous at the moment. Already the world’s largest accountancy firm PricewaterhouseCoopers, which was responsible for the audits of the […]

November 6th, 2008 | Posted in Article Library | Read More »

Is Scottish golf getting a bit buggy?

By Ian Fraser Published: CA Magazine Date: May 5th, 2008 It may be the home of golf, but factors such as cost, weather and old-fashioned attitudes are leading some to turn to warmer climes such as Dubai, South Africa and even China. Still, as Ian Fraser reports, major investment is under way to create more […]

May 5th, 2008 | Posted in Article Library | Read More »

KPMG expert calls for tax on fortunes earned in virtual world

By Ian Fraser Published: The Herald Date: June 4th, 2007 THE government should give serious thought to taxing the revenues earned in virtual worlds such as Linden Labs’ Second Life, according to a leading Scottish-based tax specialist. Launched in 2003 by San Francisco-based Linden Labs, Second Life has more than five million registered users and […]

June 4th, 2007 | Posted in Article Library | Read More »