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...Grant Thornton’s retired US partners are demanding a greater share of the spoils from its sale of a majority stake to private equity, after accusing the accounting firm’s management of short-changing them...
...The firm has about 600 partners in the US and is the largest member of Grant Thornton International, a network of accounting firms that use a common brand and co-ordinate services worldwide....
...Retirees do not have a vote on a sale of an accounting firms, but they are typically among their largest creditors....
...H&F’s investment also underscores the growing interest of private equity in professional services firms, and represents a return to large-scale dealmaking in the US accounting sector after a hiatus caused...
...PwC departed from the industry’s historic model of having tax as a standalone business unit in 2021, when Ryan split the almost 1,000 US tax partners between the firm’s accounting and consulting arms....
...The people said this relatively favourable conclusion was a key reason why EY last month dropped its appeal against a €500,000 penalty and a two-year ban on taking on listed audit clients in Germany, which...
...The US audit regulator set up in the wake of Enron’s collapse two decades ago has set a record for fines in a single year, after a flurry of enforcement actions against accounting firms including PwC, Deloitte...
...The deal was one of several recent examples of private equity firms investing in the professional services industry....
...Private equity has been attracted to accounting firms by the combination of steady income from tax and audit work and the opportunity to expand into new services such as consulting....
...This month, Chemours, a spinout of DuPont, said an investigation revealed that its senior management showed a “lack of transparency” when approached about accounting irregularities....
...“It is a global issue and something the accounting profession as a whole needs to look in the mirror and take note of how this behaviour could develop.”...
...In February, US accounting firm Baker Tilly agreed to sell a majority stake to Hellman & Friedman and Valea. There are European examples too....
...Deloitte is set to axe 100 more jobs in the UK as a prolonged slowdown in deals activity hits demand for some of its services....
...“I remember being told to go to M&S to buy lunch for a big client meeting, and returning with loads of bread and butter to make sandwiches....
...The letter of interest, which was first reported by Sky News, comes a year after the collapse of EY’s plan to split its accounting and advisory arms....
...The valuation of the rest of the S&P A week or two ago, we wrote a piece implying that the Magnificent Seven tech stocks were not, as a group, in a bubble....
...In his ruling, Castel said that Apollo’s accounting department “deserve[d] significant blame” for the harm done to fund investors but still ruled that Rashid had violated US securities law on investment...
...The company said its audit committee had “engaged a large, globally recognised forensic accounting firm and a prominent independent global law firm” to review its accounting practices....
...S&P 500 dividend yields went as high as 9.2 per cent in the first quarter of 1938, according to S&P Dow Jones Indices. Even IPOs paid them, as I read to my surprise in Peris’s book....
...The UK’s accounting watchdog has warned that he is “sheriff for only half the county” and forced to “beg” for funding without long-delayed legislation to create a stronger audit regulator....
...The adoption of AI comes at a time when professional services firms are seeking to reduce costs amid a slowdown in demand for some of their services in a difficult economic environment....
...The shift makes Citadel Securities the latest financial services company to increase its reliance on Big Tech cloud services and is a win for Google as Silicon Valley companies host more business traditionally...
...Apas did not provide a view on whether EY’s failings on the audits were intentional....
...A person familiar with the situation at PwC said one example was the spouse of a staffer holding a cash balance on payments app Venmo while PwC was auditing Venmo’s parent company PayPal....
...Such accounting changes were “probably something that will continue”, he added....
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