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Former US partners hire lawyers in fight for bigger share of the proceeds from New Mountain deal
...Over the past four years, it has lost significant market share among German blue-chips, which it hopes to regain from 2026 when the ban expires....
Accounting firm recently agreed to sell a majority stake to New Mountain Capital
...services....
...In 2022, the UK also imposed a three-year ban on Bain bidding for government contracts, citing the South Africa scandal, but it reversed the decision last March....
...The firm last month accepted a €500,000 fine from Germany’s audit watchdog over alleged violations of its professional duties as well as a two-year ban on taking on new, large, listed audit clients....
...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...The ban on new clients was on hold pending the appeal, which EY has withdrawn and so is likely to take effect immediately, a person familiar with the matter said....
...“Tax and audit work is being replaced by technology and the lowest price is winning, hence the transformation to consulting and advisory services....
...The regulator last year said it planned to fine EY Germany €500,000 over the Wirecard audits and impose a two-year ban on the firm taking on new large, listed companies as audit clients....
...Consulting firms increase pressure on low performers Twenty-something-year-olds with Ivy League pedigrees have historically been able to rely on a well-trodden path to success: work for a top-tier consulting...
...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....
Search group now accepts advertising for crypto funds but still bans marketing of initial coin offerings
...US regulators require audit firm staff and their immediate family to make thorough financial disclosures, for example of their investments, and they ban employment and financial relationships with audit...
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...
...Some lawmakers have also criticised the firm after reports it worked for state-owned companies in China and Russia, and have backed a proposal to ban consulting firms who work with some foreign governments...
...The UK communications regulator has proposed a ban on inflation-linked price rises during the life of customer contracts for phone, broadband and pay-TV services....
...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”....
...Cruise and its rival Alphabet-owned Waymo were granted permission by the California Public Utilities Commission in August to run driverless taxi services throughout the city....
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