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...KPMG International said there were “opportunities for more clustering of some of our member firms over time”, building on its existing international structure....
...Deloitte and KPMG declined to comment....
...Industry executives have said the more atomised structure increases costs and infighting over allocation of profits on international projects, making it more difficult to serve multinational clients efficiently...
...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 as an international...
...The move has already led to KPMG cancelling foreign graduate job offers....
...The $500,000 fine on KPMG in Japan was for failures in its system for checking audit quality, the PCAOB said....
...Last year, professional services companies Deloitte and KPMG advised some of their staff to use burner phones when visiting Hong Kong....
...Danielle Rolfes, head of KPMG’s Washington national tax practice, said it was hard to predict what might happen if the deal failed....
...A person close to the watchdog said it was “mindful” of the need to have proportionate regulation in the UK and that most auditing standards were set at an international level....
...PwC took over as Credit Suisse’s external auditor from KPMG in 2020....
...“This is a KPMG issue, but it is not only a KPMG issue,” said Hanzo van Beusekom, AFM board member....
...It also extended the term of Bill Thomas, the longstanding chair and chief executive of KPMG International, by another year to September 2026, meaning he will serve nine years in the role....
...Deloitte and KPMG have advised some US-based executives not to use their usual work phones in the territory, according to multiple people with knowledge of the policies....
...The DIFC’s regulator last year provisionally fined KPMG and a former partner $2mn for failing to follow international standards in its audits of Abraaj’s Dubai-based holding company....
...His assessment confirmed tracking by the American-Israeli Cooperative Enterprise, which shows despite 50 US universities’ staff or student bodies passing some form of BDS resolution, none were binding and...
...“If there are international investors, Eddie seems to lead those relationships.”...
...PwC Australia was one of the largest in the firm’s international network, generating A$3bn (US$2bn) in revenue in the financial year prior to the tax leaks being made public....
...The US law firm Latham & Watkins is cutting its lawyers off from international databases. Deloitte and KPMG are asking staff to take burner phones when they visit....
...“Domestic politics always wins over economics or even international prices.”...
...But Bayes Business School’s Empson, who was a non-executive at KPMG UK from 2013 to 2016, cautions not to expect too much....
...Deloitte and KPMG were among western corporations that in recent months asked staff to bring burner phones to Hong Kong....
...Grifols is audited by KPMG, which the company said “has consistently released unqualified audit reports”. KPMG did not immediately respond to a request for comment....
...Nicholas Cameron, KPMG’s head of forensics in the lower Gulf region, said the UAE had made “massive progress”, adding that “quite rigorous inspections” were now being carried out across financial institutions...
...The advice given by PwC and the changes made by KPMG helped them do so, according to his testimony....
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