Source: accountancyage.com 16 October 2017
The Financial Reporting Council (FRC) has fined EY £1.8m over misconduct in relation to the audit of the financial statements of Tech Data Limited for financial year ending 31 January 2012.
Julian Gray, senior statutory auditor and audit engagement partner has also been fined £59,000 after he and the firm admitted that their conduct “fell significantly short” of the expected standards.
EY and Gray also admitted that they “failed to act in accordance with the ICAEW’s Fundamental Principle of Professional Competence and Due Care”, according to a statement from the FRC.
The audit misconduct related to a failure to obtain reasonable assurance that the financial statements were free from material misstatement, failure to obtain sufficient appropriate audit evidence and failure to exercise sufficient professional scepticism.
Source: ey.com 23 February 2017
Digital transformation drove global technology M&A in 2016 to an all-time value record, according to the EY Global technology M&A report: October-December 2016 and year in review.
Aggregate 2016 deal value was US$466.6b, the highest value recorded in the industry, and 2% more than the prior record set in 2015 of US$459.6b.
2016 was a year of record semiconductor consolidation driven by IoT technologies, cross-industry “blur” from non-tech buyers, unprecedented cross-border deal value and record private equity (PE) buying.
Source: EY Press Release, 22 November 2016
Seventy-five percent of businesses identify tax risk management as their top transfer pricing priority, according to an EY report, In the spotlight: a new era of transparency. Rising from 66% in 2013, the survey of 623 tax and finance executives across 36 countries reflects the striking impact of global calls for greater tax transparency on the boardroom agenda.
Peter Griffin, EY Global Transfer Pricing Leader, says “As governments increasingly move toward real-time reporting processes and the focus on transfer pricing intensifies, businesses need to evaluate the tools available to align their transfer pricing activities with IT reporting systems. Relying on periodic, ad hoc manual adjustments is no longer enough and could be costly both in terms of time and resources.”