PE, mergers, and AI: Professional services faces its most pivotal moment for 20 years November 18, 2025 The professional services industry is arguably going through its most critical time in the last 20 years. As it sits on its train to the future, where it jumps off will seal its fate, as each move firms take will be critical to what the industry may look like in the next 10 years. While [...]
Confidence in audit quality surges despite knowledge gaps November 17, 2025 Confidence in audit quality has increased but many stakeholders have reported only a partial or limited understanding of the scope of auditor responsibilities, according to new findings. A document from the Centre for Public Interest Audit (CPIA) shows that all three stakeholder groups surveyed – finance directors, equity investors and audit committee chairs – reported [...]
EY UK bounces back with growth in most divisions but consulting lags October 27, 2025 Big Four giant EY UK has seen a bounce back after its fee income grew by 2 per cent over the last financial year to £3.78bn, with the majority of its divisions seeing growth. The firm’s distributable profits before tax grew by over 3 per cent, from £653m in FY24 to £679m, while the giant also reported [...]
KPMG: Half of banks experiencing uptick in Gen Z staff quitting October 20, 2025 Gen Z banking employees are leaving the industry at faster rates than other professions, opting for start up jobs and remote work instead. That’s according to a new KPMG survey of bosses in the sector, which has found that almost half of financial services firms have experienced an uptick in younger employees quitting. The consultancy [...]
EY accused of missing ‘red flag’ in NMC collapse October 14, 2025 Big Four firm EY UK was accused of being “grossly negligent” and failing in its most fundamental audit duties over seven years, allowing a massive fraud to continue and ultimately causing NMC’s financial collapse. The mammoth £2.7bn legal battle between EY and its former clients, a London-listed health giant that collapsed after allegations of fraud, [...]
Surge in cyber attacks expected to generate windfall for consultants October 13, 2025 The recent surge in cyber attacks targeting major businesses and government entities is expected to drive an increase in spending on cybersecurity services from consulting firms. Cyber attacks have dominated the headlines this year, with recent incidents, such as the attacks on the Co-op and Jaguar Land Rover, resulting in substantial financial hits for the businesses. The [...]
Regulator fines KPMG for N Brown Group audit errors October 7, 2025 Big Four firm KPMG and a former partner have received heavy fines and formal reprimands from the accountancy regulator for serious failures in their audit of N Brown Group plc’s 2022 accounts. The Financial Reporting Council (FRC) found that KPMG and Anthony Sykes failed to meet international auditing standards, with the firm admitting to serious [...]
Deloitte refunds Australian government after AI ‘made up citations’ in report October 6, 2025 Big Four firm Deloitte is set to issue a partial refund to the Australian federal government after a report it issued contained several errors caused by the use of AI. Deloitte was commissioned by the Department of Employment and Workplace Relations (DEWR) to review a targeted compliance framework and its IT system in December 2024. [...]
Most businesses use ChatGPT before consulting their accountant October 1, 2025 Almost two-thirds (64 per cent) of businesses are now using public AI chatbots for advice before consulting their accountant, according to new research exclusively shared with City AM. A survey of 500 senior decision-makers within UK accountancy firms, conducted by Ravical for its ‘Accounting in the Age of AI‘ report, found clients are no longer [...]
EY hires Treasury director to bolster financial services team September 30, 2025 Big Four giant EY has recruited HM Treasury’s director of financial services to add to its financial services risk practice. As exclusively shared with City AM, John Owen has joined EY as a UK consulting partner after over two decades in government. Owen started off in the Ministry of Justice in 2005, before moving to [...]