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P&O Ferries hires tiny four-person accounting firm to replace KPMG

2 days ago
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P&O Ferries has hired a tiny four-person auditing firm to replace the Big Four accountant that resigned from approving its annual accounts in March,The move appears to raise further questions over the governance and financial health of the company, which has attracted a string of negative headlines after its controversial sacking of 786 mainly British ferry workers in 2022 – whom it then replaced with low-cost agency staff from countries including India, the Philippines and Malaysia,The ferry operator’s 2022 accounts were almost 11 months late when they were belatedly published in November of last year and showed that the company spent more than £47m on jettisoning its UK seafarers,Its 2023 numbers are now eight months behind schedule and in March KPMG, the UK’s fourth largest accounting firm, resigned as P&O Ferries’ auditor,In its resignation letter, the accountants said: “It has not been possible to complete an audit of the 2023 accounts to the required standard within management’s desired timetable.

”Failure to file company accounts is a criminal offence – albeit one that is rarely punished with anything more than a fine from Companies House,However, critical comments by outgoing auditors are relatively unusual and when a company changes firms it would typically aim to hire a replacement of a similar size,P&O Ferries’ new auditor is a firm called Just Audit & Assurance (JAA), which is based in Witney in Oxfordshire and has four employees – while it says it can “draw upon” 35 people to audit accounts,The fee for the P&O audit will be about £265,000 – the largest it currently charges and accounting for about 8% of revenues, the firm said,In the 2022 accounts, audit fees were shown to have totalled £1.

3m.Prem Sikka, a professor of accounting and a Labour peer, said: “There are some serious questions about auditor independence.A small firm of four staff is auditing a giant conglomerate.The fees from this are likely to form a large part of the firm’s income and the concern will be that the fear of losing a major client might influence the audit approach.“P&O Ferries transports more than 4 million passengers a year and employs thousands of people.

The public will want to be reassured that the company did not go opinion-shopping and that it is financially sound.”Jonathan Russell, JAA’s majority shareholder and one of the firm’s two “responsible individuals” who are authorised to sign off audit reports, told the Guardian and ITV News: “You can’t buy me because I’m not money oriented.So my opinion is going to be my opinion.”“I understand the question [about JAA’s size],” he added.“I feel sometimes that the audit is not necessarily now being delivered how it should be … I used [failed construction group] Carillion as an example on a paper I was presenting … as a set of publicly published accounts that didn’t make any sense to me.

Sign up to Business TodayGet set for the working day – we'll point you to all the business news and analysis you need every morningafter newsletter promotion“So you know, yes, you can have a big name; yes, you can have a small name.Does it mean that the audits are done any better or worse? I don’t know.I can tell you now that the average experience in auditing of my staff is over 20 years.”JAA claimed P&O had already informed KPMG that it was being replaced on the 2023 audit when the Big Four firm resigned.KPMG declined to comment.

P&O declined invitations by the Guardian and ITV News to comment,JAA added that P&O first approached the firm to audit its accounts last year and that it expects the 2023 accounts to be published by the end of this month,
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Resident doctors have good reason to strike over pay | Letters

I write in response to the letter from senior clinicians urging resident doctors to vote against strike action (8 June). During my 22-year career we have seen fundamental changes in medical training, including the introduction of tuition fees for medical school, loss of free accommodation for first-year doctors, the lack of expansion in training numbers, and pay erosion over 15 years.This has left many resident doctors with crippling debt on graduation, spiralling costs of training, deteriorating pay, and the prospect of unemployment. I, and the authors of the letter, were fortunate enough not to face such hardships during training.Hence I urge colleagues not to influence the negotiations between the British Medical Association (BMA) and the government regarding resident doctors’ pay

2 days ago
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Suman Fernando obituary

My friend and colleague Suman Fernando, who has died aged 92, had an international reputation in the field of critical psychiatry, particularly in relation to advocating for race equity in mental health.As well as being a consultant psychiatrist in the NHS for more than 20 years, Suman wrote 14 books and many articles in which he consistently and methodically challenged institutional racism in British mental health provision.In his first book, Race and Culture in Society (1988), he explored the role that race and culture play in how people experience mental health issues and services. In his breakthrough 1991 book, Mental Health, Race and Culture, he challenged the dominance and singularity of the medical model, and argued that any service response for minority communities should also focus on social, cultural and institutional issues.Suman often juxtaposed the western, individualised notion of mental illness with those of the global south or indigenous healing systems that see fragmentation of community cohesion as causal, with responses that are more spiritual and community-based

2 days ago
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Robert Tollemache obituary

My father, Robert Tollemache, who has died aged 88, was a well-respected psychotherapist, best known for his work at the Open Door young people’s mental health charity, the Inner City Centre psychotherapy service and the medical foundation Freedom from Torture.He completed his training at the Lincoln Clinic and Centre for Psychotherapy in 1985, and for 40 years maintained a private practice in Highbury, north London. Alongside his clinical work, he campaigned tirelessly to raise awareness on environmental issues, completing a PhD, aged 79, on climate change denial. He was still working for the Islington Climate Centre weeks before his death.Born at the Royal Marines barracks in Plymouth, Robert was the youngest of the four children of Nora (nee Taylor) and Maj Gen Sir Humphry Tollemache

2 days ago
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‘That child is not a product’: how IVF big business plays on hope of people desperate for a family

IVF is “big business” and experts are concerned about conflicts of interest between profit-making and helping families have children. Monash IVF’s second embryo bungle has sparked renewed scrutiny on the IVF industry as a whole amid calls for national regulation.On Friday, state and federal health ministers agreed to a three-month review of the need for a federal scheme.Monash IVF’s chief executive officer, Michael Knapp, stepped down this week after the second mistake the company revealed this year.In April, Monash IVF revealed a woman had given birth to a stranger’s child after being implanted with the wrong embryo in a Queensland clinic

2 days ago
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Society may have overestimated risk of the ‘manosphere’, UK researchers say

Men who engage in the online “manosphere” and the content of Andrew Tate are often able to express a “strong commitment to equal treatment and fairness”, according to research commissioned by Ofcom.Prompted by growing concerns about internet misogyny, researchers for the UK communications regulator followed the journeys of dozens of men through online content ranging from the US podcaster Joe Rogan to forums for “incels” (involuntary celibates). They found that while a minority encountered “extremely misogynistic content”, many users of the manosphere were critically engaged, selective and capable of discarding messages that did not resonate with their values.They found it was far from a unified community: many participants felt the various subcultures under the manosphere umbrella were misunderstood, with extreme misogyny being grouped with benign self-improvement content. Several participants were drawn to it by its perceived humour, open debate and irreverence as well as connecting with views they found about traditional gender roles and family dynamics

2 days ago
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‘Transformative’: the UK lab working on a way to halt genetic type of dementia

Behind the gleaming glass facade of an office block in east London’s Docklands, Dr Martina Esposito Soccoio is pipetting ribonucleic acid into test tubes.Here, not far from Canary Wharf’s multinational banks, a British university spinout is working on a breakthrough treatment for a form of dementia that affects millions of people worldwide.There is no cure for dementia at present, but scientists at AviadoBio hope their clinical studies can stop the progression of a particular genetic type of frontotemporal dementia (FTD).“It may be one of the first dementias to have a definitive treatment, a cure if you like, a really transformative treatment that allows people to live much longer and much more normal lives,” says Prof James Rowe, a consultant neurologist at Cambridge’s Addenbrooke’s hospital who is involved in the UK trial.FTD mainly affects the front and sides of the brain and, unlike Alzheimer’s disease, does not begin with memory loss, which tends to occur later

2 days ago
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Reeves braced for OBR forecasts to blow £20bn hole in tax and spending plans

about 8 hours ago
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Vodafone terminates contracts of 12 franchisees who joined £120m lawsuit

about 23 hours ago
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Workers in UK need to embrace AI or risk being left behind, minister says

1 day ago
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Tell us: what questions do you have about the impacts of smartphones on children?

2 days ago
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Hitchins dismantles Kambosos inside eight to retain 140lb title at Garden

about 9 hours ago
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Tyrrell Hatton cool but Matt Fitzpatrick rages as Sam Burns keeps US Open lead

about 14 hours ago