Incoming FRC chair sits on board of construction group facing criminal probe August 19, 2026 The woman in line to become chair of the Financial Reporting Council (FRC) sits on the board of a company currently under criminal investigation, City AM can reveal. Dame Jayne-Anne Gadhia was named by the government last month as the next chair of the accounting watchdog and is set to take over in September when [...]
Private equity-backed advisory firm acquires specialist music boutique August 14, 2026 Mid-tier accountancy and advisory firm BKL has snapped up a smaller counterpart in its latest acquisition, aiming to strengthen its focus on the music, media, and entertainment sector in London. City-based BKL, which offers tax, accounting, and business advisory services, has snapped up specialist music accountancy firm Dales Evans, as it “continues to expand its [...]
AI gold rush leaves accountancy firms exposed to costly cyberattacks August 12, 2026 Accountancy firms are pouring millions of pounds into AI, but the industry forgot to modernise security systems and is leaving itself exposed to costly cyberattacks. According to a report by software company Fastly, shared with City AM, more than 75 per cent of businesses that identified as AI-first, meaning they had integrated AI into core [...]
Stop burying us in swollen corporate reports, says audit watchdog boss August 9, 2026 The boss of the audit watchdog has warned that the size of annual reports has swelled out of control, costing directors too much time. Richard Moriarty, chief executive of the Financial Reporting Council, said the costs and expectations surrounding annual reports have steadily ballooned as more companies devote pages to environmental, social and governance issues [...]
Watchdog probes KPMG over Wood Group audit July 30, 2026 The audit watchdog has opened an investigation into Big Four giant KPMG and two accountants over the accounts belonging to engineering and consulting firm John Wood Group. The Financial Reporting Council (FRC) revealed on Thursday that it officially launched two separate regulatory investigations concerning the financial reporting and statutory auditing of the former London-listed group. [...]
Grant Thornton set for $5bn CBIZ buyout in landmark accountancy deal July 29, 2026 Grant Thornton is set to buy New York-listed management consulting firm CBIZ in a proposed $5bn deal, one of the largest transactions of its kind in the accountancy sector, creating the fifth-largest professional services firm in the US. CBIZ, the only audit firm listed on the US stock market, is set to be acquired by [...]
‘You can blame us’: The firm that sparked accountancy private equity gold rush July 29, 2026 Blick Rothenberg’s chief executive, Nimesh Shah, told City AM the firm ‘killed’ the traditional partnership model a decade ago, and now stands as the blueprint that every mid-tier accountancy competitor is trying to emulate. City-based Blick Rothenberg is widely recognised as the first major UK accountancy firm to receive private equity backing, after HgCapital invested [...]
Grant Thornton partners pocket £35m from private equity deal July 28, 2026 Equity partners at professional services giant Grant Thornton’s UK arm received a £35.2m payout after a large stake in the firm was bought by private equity-backer Cinven. According to Companies House filings, as seen by City AM, a considerable one-time payout of £35.2m was made to “certain individuals” who are equity partners at the firm. [...]
Big Four’s AIM exodus accelerates as mid-tier firms seize mandates July 27, 2026 Mid-tier audit firms scooped up new clients as the Big Four giants executed an intentional retreat from London’s junior market. Three years ago, PwC, Deloitte, EY, and KPMG audited nearly half of the FTSE Alternative Investment Market (AIM) 100 index with 49 clients combined. But today, the market share has collapsed to 30 clients, according [...]
Regulator flags BDO’s ‘unacceptable’ audit issues for fifth year in a row July 22, 2026 Accountancy giant BDO has been flagged for an “unacceptable” standard of audit quality by the watchdog for a fifth year in a row. The Financial Reporting Council (FRC) said in its yearly audit quality report that BDO’s overall audit quality fell below expected standards and “has received unsatisfactory results from regulatory inspections” consistently for five [...]