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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
...private equity group Hellman & Friedman to fund an acquisition spree, and is likely to further intensify competition in a sector that has been fast expanding beyond traditional tax and accounting into consulting...
Hellman & Friedman-led deal is largest in a sector reconsidering its partnership model
...While spinning out divisions into separate entities frees them from conflict of interest restrictions within the Big Four audit and consulting firms, some partners are sceptical of the benefits when weighed...
...The firm’s largest business, consulting, continued to be its fastest growing, posting revenues up 19.1 per cent in local currency, to $29.6bn....
PCAOB imposes total penalties nearing $12mn against PwC, Deloitte, KPMG and others
...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...
Move comes after accountancy firm abandoned traditional partnership model
...Inflection’s goal is to build a chatbot that is factually accurate and safe. “Personal AIs . . . will feel like more than just a browser or an app....
...“Tax and audit work is being replaced by technology and the lowest price is winning, hence the transformation to consulting and advisory services....
...This showed the tool “readily provides useful, realistic and accurate” suggestions, the paper said....
...“As AI usage grows, auditors must have the skills to critique AI systems, ensuring the use of outputs is accurate and that they are able to deploy tools in a standards-compliant manner,” he said....
...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....
...There were grounds for further scrutiny of the £600mn takeover because of “the need for accurate presentation of news and free expression of newspapers”, Frazer said in a written statement to parliament....
...news is less concentrated than the broader financial-information industry, judging by Burton Taylor’s estimates (which it derives from talking with the mostly private companies, and are said to be pretty accurate...
...The transition towards cleaner energy sources has also created a potential increase in demand for accurate pricing data on commodities....
...One recent study by researchers from Columbia University, the University of Houston and the Brattle Group consulting firm quantified the shortfall....
...“The same people who think the ubiquity and immediacy of information must mean that prices are more accurate are the same people who 20 years ago thought that social media would make us like each other more...
...Consulting work slowed in the past year after enjoying bumper growth in 2021 and early 2022 when companies were seeking advice on how to deal with challenges linked to the Covid-19 pandemic....
...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”....
Non-underwriting costs of flotation are the highest Wall Street has seen for five years, according to FT analysis
...Its aims include making boards more responsible for accurate accounts and directors more accountable for misconduct. A consultation that began in May ends on September 13....
...The FRC is also introducing reforms to the UK’s corporate governance code intended to increase directors’ responsibility for ensuring filings are accurate and making them more accountable for corporate misconduct...
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