Apparent breaches found in Carillion audit investigation

The Financial Reporting Council (FRC) has indicated that rule breaches have been discovered in its investigation into KPMG’s audits of collapsed contractor Carillion.

Published 22 September 2020

Rising audit fees hit contractors

The accountancy failures surrounding the collapse of Carillion are costing other firms with government contracts millions of pounds in annual audit fees.

Published 3 September 2020

England: Costs double on Carillion PFI hospital contracts but private sector picks up most of tab

The two private finance initiative (PFI) hospitals that Carillion was building at the time it collapsed are currently due for completion several years late and at vastly increased budgets, a National Audit Office (NAO) investigation has confirmed today.

Published 17 January 2020

Carillion audit investigation extended due to ‘exceptional’ scale and complexity

The Financial Reporting Council (FRC) has revealed it will need at least another six months to investigate KPMG’s auditing of collapsed construction and services firm Carillion due to the scale and complexity of the case.

Published 13 January 2020

FRC hones in on bosses in attempt to prevent accountancy scandals

The Financial Reporting Council (FRC) is planning a drastic change to rules governing company boards which will place more responsibility on directors to vouch for the integrity of their financial controls.

Published 17 December 2019

Perthshire ventilation firm falls victim to Carillion and McGill Electrical insolvencies

A specialist manufacturer and installer of ventilation systems based in Coupar Angus has gone into liquidation with the loss of more than 80 jobs.

Published 31 October 2019

Construction industry blames auditors for Carillion’s collapse

Aggressive accounting policies and a close relationship with KPMG was the cause of the collapse of Carillion, according to a new construction industry survey.

Published 13 May 2019

MPs call for break-up of ‘Big Four’ accountants after Carillion collapse

The influential Business, Energy and Industrial Strategy (BEIS) committee of MPs has publicly endorsed the recommendations made last year by a Competition and Markets Authority (CMA) report on reform of the audit industry, and have even called for a break-up of the so-called “Big Four” accountancy firms.

Published 2 April 2019

FRC to delve further back into KPMG’s Carillion audits

The accountancy watchdog has announced an expansion of its probe into KPMG’s audit of Carillion for the second time.

Published 27 February 2019

Government and public authorities must use project bank accounts, says MP

A ten minute rule bill was proposed yesterday which called for payments on government and public authority contracts to be made through a ‘project bank account’ system.

Published 16 January 2019

One year on from Carillion – new report reveals ongoing challenges for UK contracting sector

On the one-year anniversary of the administration of Carillion's dramatic collapse, new research has revealed the realities of working inside the UK contractor market.

Published 15 January 2019

Unions warn of further corporate meltdowns on anniversary of Carillion collapse

A year after the collapse of construction giant Carillion, two of the UK’s biggest unions have warned that the government inaction is putting jobs at risk and could result in future corporate meltdowns.

Published 14 January 2019

Outsourcing firms to draw up ‘living wills’ for government contracts

Companies that provide critical government services will have to draw up “living wills” to avoid the public having to foot the bill if another major outsourcer such as Carillion collapses.

Published 20 November 2018

CMA launches immediate review of audit sector in wake of Carillion criticism

A detailed study has launched by the Competition and Markets Authority (CMA) to examine concerns that the audit sector is not working well for the economy or investors.

Published 10 October 2018

The Carillion effect: trade credit insurers pay out a record £1m a day to help UK firms stay afloat

A record £1 million was paid out every day during the second quarter of the year to help firms cope with the non-payment of bad debts, largely reflecting claims from many of the firms affected by the collapse of the construction firm Carillion.

Published 27 September 2018