Michael Kapoor

A Labour-led UK government would prioritize audit reform if the party, currently ahead in the polls, wins an election expected later this year, according to statements made to the Institute of Chartered Accountants in England and Wales.

The UK’s new Labour government said Monday it will slash spending on external consultants to help plug a £22 billion ($28 billion) hole in the national budget, threatening a sizeable revenue stream for the four biggest accounting and advisory firms.

Companies are increasingly worried about the risks posed by artificial intelligence and other forms of digital disruption, according to a new survey of finance professionals from the Chartered Institute of Internal Auditors.

PwC reported subdued results for its UK and Middle East arm Wednesday, with profits down amid sluggish UK growth and provisioning against legal and regulatory costs.

UK’s Manchester City Football Club partially succeeded in a legal challenge to Premier League rules banning inflated sponsorship deals from companies linked to the soccer club’s wealthy owners.

Companies oppose being forced to disclose in financial statements how well their business acquisitions have performed, according to responses to a public consultation by global standard-setters.

The UK’s accounting watchdog banned a BDO senior manager from the profession for 20 years over what it called “sustained dishonesty” in auditing work.

Global accounting standard-setters agreed to simplify guidance for companies on what to include in the narrative section of their annual reports that provides context for financial results.

Mid-size accounting firms in the UK increased their share of the market for audits of large- and mid-cap companies listed on the London stock exchange, but the Big Four still took in nearly all the money, new figures show.

Global rulemakers said Wednesday that investors were mainly concerned with issues such as working conditions and health and safety as they released initial findings from research into setting new human capital reporting rules.