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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...
...into consulting services....
...Grant Thornton is the seventh-largest US accounting firm by revenue and the deal with New Mountain represents the largest private equity investment in the accounting profession, coming hot on the heels of...
...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...
...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....
...services as well....
Policies come as Beijing increases control over international financial hub
...It would have also been likely to have to do some work on translating its figures from their US accounting basis....
...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...
...Houlihan Lokey has hired Scott Kirkby as a managing director for its European financial services and technology team. He previously worked for Bupa....
...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....
...Sales at the company grew by 2.2 per cent to $1.4bn dollars, below analysts’ estimates, with the US accounting for almost half of total revenue....
...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....
...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 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....
...Such accounting changes were “probably something that will continue”, he added....
...When Big Four accounting firm EY tried out an artificial intelligence system trained at recognising fraud on the accounts of some of its UK audit clients earlier this year, the results were striking....
...Defamation pit bulls Law firm Clare Locke helped win a $787mn settlement against Fox News. It was torn apart in the process, The New York Times reveals....
...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...
...One such agency was the North Fork Crow River Watershed District, a government body responsible for a stretch of river and 14 lakes north-west of Minneapolis, whose auditor left it in the lurch....
...Houston said the firm’s financial services, energy and resources, and public sector teams had all experienced “significant demand”....
...After all, Enron received plenty of awards and even established its own prize for distinguished public service before revelations of accounting fraud....
...The bulk of Arm’s total — around $51mn — went on accounting fees, particularly to auditor Deloitte....
...In the fourth quarter of 2023, Google Services made $76.3bn, with revenues primarily driven by advertising....
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