Regulator fines PwC £95m over Chinese Evergrande audit April 23, 2026 The Hong Kong regulator fined PwC Hong Kong a landmark HK$1bn (£95m) for its role as auditor for the now-liquidated property giant, China Evergrande Group. Back in Janaury 2023, PwC resigned as Evergrande’s auditor following a series of disagreements with the heavily-indebted property developer over its audit of the firm’s 2021 accounts. This came after [...]
PwC consulting overhaul reveals AI reckoning for the Big Four April 16, 2026 The influx of AI is putting the Big Four’s structures under strain, and cracks are beginning to appear in their consultancy divisions, argues senior reporter Maria Ward-Brennan. The industry is facing a storm of problems, including over-recruitment during the pandemic, low staff attrition rates due to economic issues, and a drop in fees as the [...]
PwC moves to unify global services as AI reshapes consulting sector April 14, 2026 Big Four firm PwC is drawing up a blueprint to standardise its consultancy services across its global business, as the sector faces mounting pressure from the rapid rise of AI. As businesses continue to invest in AI, the cracks in what this will mean for broader businesses are starting to show, with layoffs being blamed [...]
BDO culls senior partners to clear path for younger staff April 9, 2026 Leading mid-tier advisory firm BDO is set to cut around 6 per cent of its total partner headcount, targeting older partners. The firm is set to axe 31 partners, mainly older staff who were expected to retire soon, or hires from rivals, as it seeks to open space for younger staff, according to the Financial [...]
Big Four KPMG cleared as regulator drops Entain audit probe April 2, 2026 The regulator has closed a probe into the Big Four giant, KPMG, over its audit of the Ladbrokes owner, Entain. In January 2025, the Financial Reporting Council (FRC) announced an investigation into Entain regarding its financial statements for the year ended 31 December 2022. At the time, a KPMG UK spokesperson said: “We will cooperate [...]
As KPMG looks to cut hundreds of staff, expect more layoffs at the Big Four March 31, 2026 The Big Four giants, after hitting pandemic-era highs, are currently navigating a perfect storm of challenges: a harsher market, a surge in AI investment and a stagnant economy. These pressures are forcing firms to take a pair of shears to their workforces as the industry’s traditional “attrition model” fails to keep pace with reality. Over [...]
Deloitte confirms tax head to replace Richard Houston March 30, 2026 Big Four giant Deloitte has selected Darren Graves to succeed Richard Houston, who is stepping up to lead the newly created Deloitte EMEA unit. Graves will be the next senior partner and chief executive from June, after winning a confirmatory vote by the firm’s partners. However, according to media reports, he was put forward as [...]
EY’s legal provisions balloon 300 per cent as audit battles mount March 27, 2026 Big Four giant EY has reported a surge of over 300 per cent in its legal provisions, as the firm grapples with the fallout of high-profile audit failures and regulatory crackdowns. According to the firm’s latest results on Companies House, EY didn’t just add a small buffer; it added £188m in new claims-related charges in [...]
AI will not replace auditors’ judgment, says regulator chief March 19, 2026 The rise of AI presents a critical moment for the accountancy profession to prove that its “value-add” goes beyond tasks that can be automated, according to the industry’s watchdog boss. Speaking to City AM, Richard Moriarty, chief executive of the Financial Reporting Council (FRC), said that with every technological shift, the accountancy sector loses low-level [...]
Reeves’ £1.2bn consultancy savings plan in doubt, watchdog warns March 11, 2026 Despite Rachel Reeves’ focus on cutting government spending on external consultancy services, a damning report stated that the government is unable to set meaningful targets to reduce its reliance on external firms. The UK government has said it wants to put an immediate stop to all non-essential consultancy spending and halve consultancy spending in future [...]