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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
...services....
...H&F has invested in business services companies such as advertising agencies, advisory firms and insurance brokerages for decades....
...The deal was one of several recent examples of private equity firms investing in the professional services industry....
...The FRC’s staff more than doubled to about 480 in nearly four years under Thompson, who toughened sanctions and imposed stricter supervision of auditors....
PCAOB imposes total penalties nearing $12mn against PwC, Deloitte, KPMG and others
...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...
...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...
...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...
...“Tax and audit work is being replaced by technology and the lowest price is winning, hence the transformation to consulting and advisory services....
...Thompson did not immediately respond to requests for comment made via Frasers and HS2....
Accounting firms have put inclusion of women and people from minority groups at heart of recruitment drive
...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....
...Thompson had often struck a harsher tone but Izza, who has led the ICAEW since 2006 and is set to step down at the end of March, said the FRC under his leadership deserved “a lot of credit” for the way it...
Big Four firm says suspicious activity quickly spotted but industry disagrees about relying on the new technology
...Deloitte is set to cut hundreds of jobs in the UK as the Big Four professional services group contends with slowing demand from clients cutting their spending on advisory services in a tougher economic environment...
...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”....
...Arm’s $5bn initial public offering this week was the most expensive in fees for five years, earning a $84mn windfall for the professional services firms that advised it, including Deloitte....
...Lewis was given a knighthood earlier this year for his “political and public service”, having been an adviser to former UK prime minister Boris Johnson....
...Moriarty, who led the UK’s aviation regulator for five years until this spring, will succeed Sir Jon Thompson as chief executive of the Financial Reporting Council, the government said on Monday....
...Tony Thompson, one of the three PCAOB board members who voted in favour of the proposal, told the Financial Times that he was open to feedback, especially regarding smaller audit firms that may not have...
...Thompson said that if auditors did not want to face such pressure, they should do a better job, these people added. Attendees were “taken aback” by Thompson’s comments, said one person present....
...PwC Australia also sold its government consulting business for a nominal A$1 to try to ringfence its contracts from the fallout....
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