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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
...Senior executives at one major US publisher said the news industry was working retroactively because tech companies had launched these products without consulting them....
Accounting firms have put inclusion of women and people from minority groups at heart of recruitment drive
...“Tax and audit work is being replaced by technology and the lowest price is winning, hence the transformation to consulting and advisory services....
...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
...One recent study by researchers from Columbia University, the University of Houston and the Brattle Group consulting firm quantified the shortfall....
...Epic said Google struck deals with mobile device manufacturers such as Samsung and LG under which they accepted a bundle of Google apps including the Play Store and agreed to give its store prime placement...
The least-loved slice of the financial information business
...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
...PwC Australia also sold its government consulting business for a nominal A$1 to try to ringfence its contracts from the fallout....
...EY has hired crisis adviser David Gold to conduct a review of the failed attempt to split its audit and consulting businesses....
...The company this week announced a partnership with Nvidia to develop an AI-powered 3D model generator, and has been working with Meta and LG on projects involving AI-generated stock video and music....
...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....
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