I don’t know what it is but it seems like the instances of accounting fraud are spreading like wildfire in the UK, only to be followed by the rest of the globe.
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Her Majesty’s Revenue & Customs has finally had it with larger businesses getting away with murder when it comes to underpayment on their tax burdens.
Nowadays it seems you can’t go a week without hearing about how the reputation of yet another accountancy firm has gone up in smoke – or in one case up a nose!
This week, the US has slapped down the Chinese units of 4 major accountants – while the UK gets a former banking exec as chair of the FRC.
This week, the news is simply full of stories about British accountants finding themselves landing in hot water both here and in the US.
As if the news from last week wasn’t bad enough, there seems to be a growing trend of accountants finding themselves in extremely hot water.
This week there’s been a raft of rows over accounting practices as not one but two companies stand accused of playing fast and loose with the rules.
Sometimes there’s simply no good news to report, and this is exactly what’s going on this week as reports roll in at home and abroad predicting stormy weather.
The UK has been dragging its feet on new EU accounting rules, but now the playing field seems to have changed dramatically over the course of the last week.
There seems to be no end to the row caused between the Government and accounting reforms, heedless of the injury it’s causing the industry at large.