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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...
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...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....
...The figures, made public at the UK’s Companies House over the weekend, detail the financial impact of Project Everest, which collapsed in April after infighting at the Big Four accounting firm....
...In 2020, Beijing imposed a wide-ranging national security law on Hong Kong, an unprecedented step to exert greater control over the previously semi-autonomous territory....
...The UK’s accounting watchdog is in talks to move its headquarters out of the City of London to Canary Wharf or Stratford, as its plans to relocate staff to a second office in Birmingham face delays....
...South East Water, which is under investigation by Ofwat for service failures, declined to comment on the letter....
...Asked about them by the Financial Times this week, the firm said: “The defunct website being referred to, which was not part of McKinsey.com, contained inaccurate representations of our client service, and...
...services as well....
...Bain’s offices in Shanghai were raided last year in a broad national security investigation....
...It would have also been likely to have to do some work on translating its figures from their US accounting basis....
...PwC is asking audit regulators around the world to reconsider strict rules on conflicts of interest to allow it to hire more independent board members, as the Big Four accounting firm seeks to improve its...
...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...
...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....
...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....
...Skydance is offering to buy Redstone’s National Amusements, which controls 77 per cent of Paramount’s voting stock, and later merge with the two companies....
...Such accounting changes were “probably something that will continue”, he added....
...“It made us into a national firm, which was great. Not so great is that [owners] look for an exit....
...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....
...The US National Football League and Amazon Web Services have developed a player health tool known as the Digital Athlete, which they hope may in time be able to predict and prevent injuries....
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