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Former US partners hire lawyers in fight for bigger share of the proceeds from New Mountain deal
Accounting firm recently agreed to sell a majority stake to New Mountain Capital
...services....
...H&F has invested in business services companies such as advertising agencies, advisory firms and insurance brokerages for decades....
...The deal was one of several recent examples of private equity firms investing in the professional services industry....
PCAOB imposes total penalties nearing $12mn against PwC, Deloitte, KPMG and others
...While tech consulting slowed from the heady pace in the wake of the coronavirus pandemic, companies are still upgrading their IT and digital services, Deloitte said, and it has started selling AI and metaverse...
...Some of the world’s biggest audit and consulting firms are asking staff to use burner phones when they visit Hong Kong, a sign of the increasing difficulties global companies are facing in a city long known...
...The debt deal with Apollo marks one of the largest deployments of private capital into professional services and will be closely watched by the rest of the accounting sector, which has typically shied away...
...Ball added that he had briefed the UK accounting regulator, the Financial Reporting Council, on the abandonment of its break-up plan....
...Senior executives at one major US publisher said the news industry was working retroactively because tech companies had launched these products without consulting them....
...“Tax and audit work is being replaced by technology and the lowest price is winning, hence the transformation to consulting and advisory services....
Accounting firms have put inclusion of women and people from minority groups at heart of recruitment drive
...In October, the Financial Times reported that Deloitte was planning to axe about 150 junior consulting roles as part of its initial redundancy round....
...The Big Four accounting and consulting firm first launched the internal tool, called “PairD”, in the UK in October, in the latest sign of professional services firms rushing to adopt AI....
Big Four firm says suspicious activity quickly spotted but industry disagrees about relying on the new technology
...Deloitte is set to cut hundreds of jobs in the UK as the Big Four professional services group contends with slowing demand from clients cutting their spending on advisory services in a tougher economic environment...
...Revenue in consulting grew 16 per cent, to £1.6bn. Houston said the firm’s financial services, energy and resources, and public sector teams had all experienced “significant demand”....
...Arm’s $5bn initial public offering this week was the most expensive in fees for five years, earning a $84mn windfall for the professional services firms that advised it, including Deloitte....
...PwC Australia also sold its government consulting business for a nominal A$1 to try to ringfence its contracts from the fallout....
...He said that one way of deterring deals was to commence a formal review, “but I can tell you, there are many more non-public abandonments”....
...EY has hired crisis adviser David Gold to conduct a review of the failed attempt to split its audit and consulting businesses....
...It signals the onset of tighter scrutiny of the accounting and consulting sector and rising uncertainty over the future of Deloitte, PwC, KPMG and EY in China....
Muddy Waters’ latest target has an error in its balance sheet
...The business provides actuarial advice, pensions administration and investment services to employers and pension schemes....
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