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We examine how senior in-house lawyers are adapting to new business needs in a monthly series. This time: ethical dilemmas
...Griggs said that having tax under one umbrella reflected how clients bought services from PwC....
...The surge in fees has also coincided with the Financial Reporting Council, the UK audit watchdog, increasing enforcement over poor quality audits and demanding that firms improve their work after a slew...
...Wirecard’s administrator and former shareholders have accused EY of failing in its professional duties, and have filed lawsuits claiming billions of euros in compensation....
...From customer service chatbots to data migration and overhauling research and development in healthcare, Schweizer said BCG is helping companies use AI to cut costs and increase productivity....
...The next iteration of screen storytelling requires a purpose-built working space of exceptional quality, and trained professionals.”...
...Should the professional service firm be sentenced to pay damages to Wirecard shareholders, it could shift its existing audit business into the new entity and declare the old one insolvent, he warned....
...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....
...Their ability to do business in the country is in large part owing to an exemption for companies being allowed to offer professional services to their own subsidiaries in Russia, while being banned from...
...services industry has swung to historic lows....
...Richard Moriarty, chief executive of the Financial Reporting Council, said on Tuesday that there were “serious gaps” in its regulatory toolkit and asked for more powers to bring it in line with watchdogs...
...“We are in a new era of realising that these partnerships have attractive alternatives,” said Peter Munzig, a partner at TPG, one of the most active dealmakers in professional services....
...Among the failings on the M&C Saatchi audit, the FRC said KPMG did not apply sufficient professional scepticism over a client payment that increased revenues by £1.2mn....
...But as well as big banks, professional services specialists such as law firms and public relations companies have also been slower, citing concerns such as the tax implications of moving partners into a...
...significant concerns regarding potential alleged deficiencies” in PwC’s systems of quality management and the quality of its audit work for Evergrande, the Chinese territory’s Accounting and Financial Reporting Council...
...The Financial Reporting Council has since said that Grant Thornton’s audit quality has improved....
...The Department for Levelling Up, Housing and Communities on Thursday set out plans to introduce a “statutory backstop” — a mechanism that would compel bodies such as councils and fire services to finalise...
...EY made “grave” and “repeated” violations of professional duties in its audits of defunct payments firm Wirecard, Germany’s audit watchdog Apas concluded on Friday....
...Two years ago, the City’s professional services firms couldn’t hold on to their staff. Now, they can’t get rid of them....
...The sharp decline in attrition is a phenomenon across professional services firms and around the world, compounding the effect of a slowdown from the post-pandemic boom in advisory work on digital services...
...Richard Moorhead, a professor of law and professional ethics at the University of Exeter, says matters should be reported “up the ladder” and that general counsel need to act as a “moral compass” within...
...Birmingham’s council will be forced to sell £750mn of assets and slash spending on public services by £300mn in order to claw its way out of a deep funding crisis, the council said on Monday....
...Home Depot has struck one of its biggest-ever deals to acquire speciality building products supplier SRS Distribution in a move that could boost its faster-growing professional services business....
...PwC’s Middle East operation, which forms part of its UK business, is poised to play a key role in electing the next leader of one of Britain’s largest professional services firms....
...Zhong Lun’s office in Kazakhstan, which opened in 2019, particularly benefited from demand for legal services related to projects stemming from the BRI infrastructure programme, said Xu....
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