Client update May 2022
May 26, 2022
Can auditing help avoid shareholder disputes?
Recently, one of the leading UK restauranteurs, Corbin and King, was driven into administration by the majority investors, following an ongoing shareholder dispute. This has resulted in Corbin and King losing control of the group in a late-night auction, where Minor International bought the business.
The dispute originated from the fundamental difference in the shareholders’ perception of whether the group was a going concern business or not. It raises an interesting case study into what extent the audit process could have been able to prevent a dispute from arising.
How SMEs can adopt ESG principles
The challenge faced by SMEs trying to meet their ESG obligations, compared to their large corporate counterparts is that a large corporation has the resources and tools to be able to assess its carbon footprint. An accountant can act as a cost-effective solution for SMEs by providing services that assess their risk and impact, and provide mitigating solutions, compared to the higher cost of having in-house
resources for this specific task.
Social media and audit: managing the risk
Social media is an essential tool for many businesses marketing strategies, helping them to reach a global audience, engage with customers, and build their brand online.
But it does come with risks, many of which business owners might not give much thought to until they become a problem.
In the news
Kreston Global announces new Life Sciences and Healthcare sector chairs
Kreston Global has appointed Sue Staunton and Scott Miles co-chairs of its new Life Sciences and Healthcare sector group.
The group has formed in recognition of the substantial life sciences and healthcare work carried out by Kreston firms internationally, providing a wealth of expertise to privately owned businesses and investors looking to invest and raise capital in this rapidly growing sector.
Sue Staunton is joint managing partner of James Cowper Kreston, and Scott Miles is a corporate partner in Kreston Reeves, both UK accounting firms and members of the Kreston Global network. They will be leading an international group of sector experts from Switzerland, India, Singapore, the US, UK and Germany.
Kreston Global takes action on Earth Day
In THE INTERNATIONAL ACCOUNTING BULLETIN” Liza Robbins discusses environmental sustainability. As climate change is ever-growing all businesses can adapt to support this. Accountants and auditors are in the best place to be able to give advice to clients on ESG and aid with sustainability frameworks in the future.
Investigation into preserving audit independence
In “COMPLIANCE WEEK” Andrew Collier our Director of Quality and Professional Standards, comments on whether audit firms should be prevented from cross-selling consultancy services to audit clients.
Investing in Mauritania
The latest guide to investing in Mauritania from Exco GHA Mauritanie, “Invest in Mauritania” in English and French. Learn about investment opportunities in sectors with huge growth potential.
According to UNCTAD’s World Investment Report 2021, FDI inflows to Mauritania increased by 10% in 2020, reaching USD 1.0 billion, due to investments from China, despite the global economic crisis triggered by the Covid-19 pandemic, which had a very heavy impact on its trade with other countries in the region and led to a rise in unemployment. However, the economy has managed to rebound and is gradually returning to growth.
Slovakia and North Macedonia firms join Kreston Global
Kreston Global has further consolidated its recent growth with the arrival of two new member firms: A4 Group, now called Kreston Slovakia and Kreston Macedonia, based in North Macedonia. This brings the total number of new joiners since the autumn to eight.
Case study: U-blox, Bangalore
U-blox was founded in 1997 by a professor and three doctorate students – and now operates in 28 countries worldwide. The company creates wireless semiconductors and modules for consumer, automotive and industrial markets, and chips and equipment for global navigation satellite systems.
Seven years ago U-blox chose Kreston Global’s Indian member firm Kreston Rangamani for outsourcing its functions, thanks to Kreston Rangamani’s infrastructure that provides high quality outsourcing services and the relationship continues today.
What our clients say
“Our experience with Kreston PR is that they are always available to give us advice and help us stay in compliance and keep our company on top of changing tax requirements. They are fantastic accountants who go the extra mile for us every day, and it is very clear that Kreston PR cares about our business. The excellent services are not only in Puerto Rico, but they are also very helpful in finding a Kreston Global affiliate accounting firm for our business in Singapore to work with them as a team to assure that we comply with the applicable international taxes.”
E. Aponte QRC Group President-Technical