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...In addition, there are negative tax implications from getting the benefit in one lump sum, the retirees have said....
...that has been fast expanding beyond traditional tax and accounting into consulting services....
...PwC departed from the industry’s historic model of having tax as a standalone business unit in 2021, when Ryan split the almost 1,000 US tax partners between the firm’s accounting and consulting arms....
...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...
...PwC, meanwhile, has split tax between its advisory and assurance businesses in the US....
...Pre-tax losses at the private equity-backed business widened to £10.6mn during the 12 months to March, compared with a £10.2mn loss a year earlier, following a rise in staff and financing costs....
...The Public Company Accounting Oversight Board fined PwC’s Greek business $3mn on Tuesday and levied a $500,000 penalty on KPMG in Japan on Wednesday for failing to meet US standards in their audits of New...
...BCG is working with global tech giants and AI companies — from Microsoft and Google to OpenAI and Anthropic — to integrate their technology into company operations and processes....
...In a multi-stage process that first involved a change of the existing group’s legal structure, the firm then carved out its highly profitable consulting, tax and M&A advisory operations through an asset...
...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....
...The firm said on Thursday that Amitrano would become the firm’s next UK senior partner after triumphing in a partner vote against audit boss Hemione Hudson and tax leader Laura Hinton....
...The approach underlines private equity interest in the sector and comes after several firms made investments in professional services businesses in the US and Europe....
...In February, US accounting firm Baker Tilly agreed to sell a majority stake to Hellman & Friedman and Valea. There are European examples too....
...The PCAOB, which was gutted under Trump, provides daily-updated files on the accounting firms and Form APs required for each audit report issued....
...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....
...PwC Australia is cutting 329 roles and 37 partners are leaving the firm as part of the latest overhaul of its operations in the wake of a damaging “tax leaks” scandal....
...And the PCAOB on Wednesday also fined Deloitte’s businesses in the Philippines and Indonesia $1mn each for answer-sharing on professional tests....
...Hundreds of staff in KPMG’s Netherlands business, including senior partners and managers, cheated on professional exams and misled investigators, according to the US audit regulator, in the latest ethics...
...accounting” and describing its listing as being “eerily similar” to that of bankrupt company WeWork....
...Most accounting and consulting firms have conducted lay-offs, pushed greater numbers out through the performance review process, or created voluntary schemes to encourage people to leave — and usually a...
...Australian senators, who last year published emails related to the tax leaks scandal, called on PwC to publish the Linklaters report and reveal the names of the “dirty six” overseas partners....
...It comes on top of the 800 redundancies Deloitte announced in September — later reduced to about 700 — as professional services firms contend with slowing demand from clients and rising costs amid a tougher...
...The comments came after ministers last year delayed legislation to set up the Audit, Reporting and Governance Authority (Arga), a new, more powerful accounting and boardroom regulator....
...The shortlist comprises audit boss Hemione Hudson, tax leader Laura Hinton and Marco Amitrano, head of clients and markets....
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