KPMG stands behind audit of Silicon Valley Bank, accounting firm’s US chief says March 15, 2023 The chief executive of KPMG’s US business has said the Big Four accounting firm stands behind its audit of Silicon Valley Bank, after it gave the California financier a clean bill of health just two weeks before its collapse. KPMG chief Paul Knopp told an event at New York University that “we stand behind the [...]
Five best read on City A.M.: EY ‘business as normal’, 1,300 Lloyds Pharmacies up for closure, Cameron Smith, F1 ‘marriage’ on the rocks and crypto ban March 10, 2023 EY’s decision to push ahead with mid-year promotions after KPMG called off its April round was this week’s best read story on City A.M. It had some stiff competition with sporting heroes Cameron Smith and Lewis Hamilton vying for readers’ interest, not to mention news of a crypto ban and high street closures. We look [...]
EY to push ahead with mid-year promotions after KPMG calls off April round March 5, 2023 EY has said it is pushing ahead with this year’s round of mid-year promotions “as normal,” following reports that Big Four rival KPMG has called off its own round of April promotions. An EY spokesperson told City A.M. the “small number of mid-year promotions” it makes “every year” are “continuing as normal.” KPMG, by contrast, [...]
China tells state-owned companies to cut ties with the Big Four February 22, 2023 China has told its state-owned companies to stop working with the Big Four auditors – EY, KPMG, PwC, and Deloitte – and asked them to use local accounting firms instead. China’s Ministry of Finance (MoF) has called on the country’s state-controlled firms to let their audit contracts with the Big Four expire, Bloomberg reported today. [...]
KPMG’s Carillion settlement generates £7m profit for Aussie litigation funder February 20, 2023 An Australian litigation funder has more than doubled its money after giving Carillion’s liquidator millions to fight a £1.3bn lawsuit against KPMG. Litigation Capital Management (LCM) has generated more than £7m in profits after funding the claim brought by Carillion’s liquidator against the Big Four firm, the Aussie firm said today. LCM’s announcement comes [...]
Big Four: EY, Deloitte, KPMG, and PwC step on law firms’ toes increasing legal revenue to £1.25bn February 15, 2023 The Big Four accounting firms – EY, Deloitte, KPMG, and PwC – are capturing an ever-larger share of the global market for legal services. The accounting giants are rapidly expanding their legal businesses, in boosting their own sales and taking work away from traditional firms, the research from Said Business School shows. The world’s four [...]
Big Four look to hire London’s laid-off bankers to bolster their M&A teams February 6, 2023 The Big Four accounting firms – Deloitte, EY, KPMG and PwC – are seeking to hire laid-off bankers to bolster the ranks of their M&A advisory arms in the City. Top execs told City A.M. the world’s biggest professional services firms are seeking to capitalise on the downturn in big M&A deals by poaching talent [...]
KPMG UK revenues soar to £2.72bn as chief rules out split January 31, 2023 KPMG’s UK business today posted double digit revenue growth for the second year in a row on the back of fast-paced expansion in its consulting and M&A deals advisory divisions. In an interview with City A.M., KPMG UK’s chief executive said the “very strong financial performance” signalled the strength of KPMG’s “multidisciplinary” model, as he [...]
Carillion: Five years on, MPs and industry leaders demand audit reform to ensure scandal is not repeated January 18, 2023 On the fifth anniversary of the collapse of outsourcer Carillion, MPs and audit sector leaders have united in calling on the UK government to push forwards with plans to overhaul the country’s audit sector. MPs said a shake-up of the country’s accounting industry is needed imminently to ensure that audit failures, such as the one [...]
Who’s winning the City’s talent war? The firms that paid the most in 2022 December 24, 2022 Where to find the best paid job? As strikes over pay have brought the country to a halt, it is notable that workers in one sector in particular have seen their pay packets bulge in 2022. Aside from criminal barristers, who carried out a month’s long strike this summer, those working in private sector legal [...]