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...Retired US partners of Grant Thornton have stepped up their fight for a bigger share of the proceeds from the sale of the accounting firm, hiring lawyers to challenge management over the terms of the deal...
...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...
...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...
...There will also be an undisclosed amount of debt financing provided by a group of private lenders including Blackstone Credit, HPS Investment Partners and Blue Owl Capital....
...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...
...While tech consulting slowed from the heady pace in the wake of the coronavirus pandemic, companies are still upgrading their IT and digital services, Deloitte said, and it has started selling AI and metaverse...
...of a $300mn fraud....
...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...
...line of credit to take advantage of tax benefits an ESOP offers”....
...Senior executives at one major US publisher said the news industry was working retroactively because tech companies had launched these products without consulting them....
...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....
...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....
...The ability of AI powered systems to ingest and analyse vast quantities of data could, they hope, provide a powerful new tool for alerting auditors to signs of wrongdoing and other problems....
...One recent study by researchers from Columbia University, the University of Houston and the Brattle Group consulting firm quantified the shortfall....
...The rest is controlled by a smattering of smaller companies like S&P Global and FactSet. Most of the segments are growing at a respectable clip....
...In 2017, Restaurant Brands bought Popeye’s Louisiana Kitchen for $1.8bn in cash to get into the chicken sandwich game. And in 2021, Restaurant Brands paid $1bn in cash for Firehouse Subs....
...Deloitte would mainly target jobs in its consulting, financial advisory and risk advisory businesses as well as a small number of roles in its audit and assurance and a cross-sector Enabling Functions advisory...
...By sector in the UK, the strongest growth was in the core audit and assurance business, which recorded revenue growth of 20 per cent to £869mn. Revenue in consulting grew 16 per cent, to £1.6bn....
...Deloitte also noted in the prospectus that its audit required “increased extent of effort” because of the complexity of Arm’s customer contracts....
...Plaintiffs including the states of Louisiana and Missouri last year sued the Biden administration, alleging the US government quashed conservative speech on issues such as the efficiency of masks and lockdowns...
...In Louisiana, livestock auctions are selling double the number of cattle as usual, Kent said. “A lot of our neighbours are selling . . ....
...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....
...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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