Britain hurtling toward long economic slump and record living standards squeeze September 6, 2022 Britain is sinking into a long economic slump that will deal the biggest hit to household finances on record, a new report released today shows. A historic inflation surge led by sky-high energy bills is set to tip the country into a recession this year, wiping off £2,000 of Brits’ real take home pay, according [...]
Deals down: Second quarter mergers and acquisitions slumps back to pre-pandemic levels September 6, 2022 The number of deals through mergers and acquisitions in the UK plunged in the second quarter of the year as market volatility sparked by war in Ukraine spooked dealmakers. There were 333 deals completed between April and June this year, a drop of 116 compared to the previous quarter and 167 fewer than the same [...]
BDO bolsters audit practice with 600 new trainees following watchdog’s damning criticism September 5, 2022 Accountancy firm BDO has hired 600 new trainees, including 400 to its audit practice, after the UK’s accountancy watchdog slammed the challenger firm over the “unacceptable” quality of its audits. The world’s fifth largest accounting firm will take on board 600 school leavers and university graduates at its offices across the country, with almost half [...]
Accenture snaps up Carbon Intelligence in fifth ESG focused acquisition this year September 4, 2022 Accenture has snapped up London headquartered ESG consultancy Carbon Intelligence, in its fifth sustainability-focused acquisition this year. The acquisition, for an undisclosed sum, will see Carbon Intelligence’s 160 consultants join the New York listed IT consultancy’s more than 700,000 strong workforce. Founded in 2011, Carbon Intelligence helps clients calculate their carbon footprints and sells advice [...]
EY’s talks on potential split to continue into Autumn September 1, 2022 EY’s talks on whether to separate its audit segment from its consulting arm are set to continue into this Autumn – despite initial suggestions the Big Four firm could reach a decision by the end of summer. The accounting firm’s internal negotiations over plans to split out its advisory business, in an effort to free [...]
KPMG shakes up UK executive committee in line with £300m growth strategy September 1, 2022 KPMG today set out plans to shake up its UK executive committee in line with efforts to bolster high-growth areas of its business by investing £300m over the next three years. The executive reshuffle will see KPMG’s chief financial officer Chris Hearld take the reins from current chief operating officer Tim Jones from 1 October. [...]
The Big Four’s legal ventures should worry mid-tier law firms August 26, 2022 THE BIG Four’s first forays into the legal sector in the 1990s ended in abject failure. Yet over the past decade, the world’s four biggest accounting firms have captured a significant share of the UK’s market for legal services, and have increasingly begun to compete with traditional firms. Deloitte, EY, KPMG, and PwC have used [...]
PwC sued by employee over pub crawl brain injury August 22, 2022 A 28-year-old auditor, who suffered a serious brain injury on a work night out, is suing PwC over claims the firm bears responsibility for the behaviour of a manager who encouraged excessive drinking. Michael Brockie, 28, suffered a “moderate-severe brain injury” during a “pub golf” night organised by his superior, that left him with “persistent [...]
PwC partners take more than £1m each as consulting arm bolsters firm’s revenues August 18, 2022 PwC today posted “exceptional” results for the past financial year after surging demand for advice, in the face of “challenges and opportunities on multiple fronts,” bolstered the accountancy firm’s revenues The uptick in revenues for the year ended on 30 June 2022 will see partners at the accounting firm receive payouts of £920,000 – up [...]
Big Four accountancy firms capture larger share of UK legal market August 15, 2022 Major corporations are snubbing traditional law firms in increasingly going to consultancies and accounting firms for legal advice, according to new research from Thomson Reuters. The Big Four accounting firms – PwC, KPMG, EY, and Deloitte – are driving growth in the alternative legal services provider (ASLP) sector, as UK corporates increasingly turn to them [...]