Under the government Bounce Back Loan Scheme (BBLS), small businesses struggling due to the pandemic could obtain a fully government-secured loan of up to £50,000 with no repayments required for the first 12 months....more
On 26 October 2023, the UK Parliament enacted the Economic Crime and Corporate Transparency Act (the Act). The Act marks a decisive shift in the statuary framework for addressing financial crime in the UK. The Act sets a...more
Patisserie Valerie is a British patisserie and café chain. In 2018, the company found itself at the centre of an alleged accounting scandal. In 2019, Patisserie Valerie announced that its board had been notified of accounting...more
1/11/2024
/ Accounting Fraud ,
Allegations ,
Audits ,
Forensic Accounting ,
Forgery ,
Fraud ,
Internal Investigations ,
Negligence ,
Scandals ,
Serious Fraud Office (SFO) ,
Whistleblowers
The Economic Crime Bill received Royal Assent on 26 October 2023. Included in the Act is the failure to prevent fraud offence, under which large companies will be liable when a specified fraud offence is committed by an...more
11/9/2023
/ Accounting ,
Anti-Fraud Provisions ,
Audits ,
Compliance Monitoring ,
Corporate Culture ,
Corporate Governance ,
Corporate Transparency Act ,
Disclosure Requirements ,
Ethics ,
Financial Crimes ,
Fraud ,
Incident Response Plans ,
Internal Controls ,
Reporting Requirements ,
Risk Assessment ,
Risk Management ,
Training
It has been a summer of revelations leaving the financial services sector facing uncertainty and increased scrutiny on how allegations of behavioral misconduct might be managed going forward. This came after multiple...more
10/4/2023
/ Compliance ,
Corporate Culture ,
Corporate Misconduct ,
Duty of Care ,
Employees ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Internal Investigations ,
Investigations ,
Regulatory Reform ,
Reputation Management ,
Risk Management ,
Risk Mitigation
An amendment to the Economic Crime and Corporate Transparency Bill (the Bill) has brought in the offense of failure to prevent fraud (Offense). Under the new Offense, an organization will be liable where a specified fraud...more
9/8/2023
/ Accounting Fraud ,
Anti-Fraud Provisions ,
Audits ,
Disclosure Requirements ,
Failure to Prevent ,
Falsified Documents ,
Financial Conduct Authority (FCA) ,
Fraud ,
Fraud Prevention ,
Policies and Procedures ,
Risk Assessment ,
Tax Evasion ,
UK Bribery Act
There is no time like the present to refresh your organization’s bribery and corruption risk assessment.
Many organizations recognized that the COVID pandemic changed the risk and control landscape, and took the...more