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Tag: KPMG

Debenhams shares plunge 17% as it calls in KPMG

Debenhams shares plunge 17% as it calls in KPMG

Business
Shares in Debenhams plunged 17% after the troubled retailer called in advisers as it considers plans that could lead to the closure of stores. Debenhams is considering a list of options that include a company voluntary agreement (CVA), a controversial way to reduce debts and close stores, Sky sources said.Other options the firm could be looking at include renegotiating leases on stores that are up for renewal, selling off its Danish arm Magasin du Nord and giving up space in some of its large stores.The company has brought in KPMG to help draw up the turnaround plans, according to The Sunday Telegraph.In a statement, Debenhams said: "Like all companies, Debenhams frequently works with different advisors on various projects in the normal course of business."CVAs have been us...
Huddle's 'highly secure' work tool exposed KPMG and BBC files

Huddle's 'highly secure' work tool exposed KPMG and BBC files

Technology
The BBC has discovered a security flaw in the office collaboration tool Huddle that led to private documents being exposed to unauthorised parties.A BBC journalist was inadvertently signed in to a KPMG account, with full access to private financial documents.Huddle is an online tool that lets work colleagues share content and describes itself as "the global leader in secure content collaboration".The company said it had fixed the flaw.Its software is used by the Home Office, Cabinet Office, Revenue & Customs, and several branches of the NHS to share documents, diaries and messages."If somebody is putting themselves out there as a world-class service to look after information for you, it just shouldn't happen," said Prof Alan Woodward, from the University of Surrey. "Huddles contain som...
KPMG faces threat to Bank of England audit

KPMG faces threat to Bank of England audit

Business
KPMG is facing a battle to remain as auditor to the Bank of England‎ as rivals plot to end its decade-long tenure in the prestigious role.Sky News has learnt that officials from Britain's central bank contacted other accountancy firms in recent days to signal a contest that will threaten KPMG's hold on a position it has held since just before the run on Northern Rock in 2007.The review has been triggered by rules dictating that the Bank should put its audit work out to tender every five years, according to insiders.A source said the tender was issued on Monday using the Crown Commercial Service Framework, a Government-recommended process.KPMG's audit work for the Old Lady of Threadneedle Street spans the decade of the banking crisis and its aftermath, a period which has seen the Bank take