EY chief says it’s still too early to say whether split plan can be rescued ACCOUNTING The head of EY’s US business has said it is still too early to say whether the accounting giant’s global split will go ahead in its current form or whether the plan might have to be reworked. Julie Boland told the Financial Times it would be “premature” to predict whether EY’s current plan to split [...]
EY puts global split on hold following fight over tax business EY EY’s plans to split its audit division from its consulting arm are on the brink of collapse amid a fight over the future of its tax business. The Big Four accounting firm has “paused” its plans for a global split, in the face of fierce disagreements over the extent to which its tax division should [...]
EY to push ahead with mid-year promotions after KPMG calls off April round Big Four 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, [...]
EY’s China staff asked to wear communist party badges to work February 27, 2023 Staff in EY’s Beijing offices have reportedly been asked to wear their communist party badges to work. A communist party committee in EY’s China business called on party members to wear their hammer and sickle pins in the office, the Financial Times reported. In an email to party members working in EY’s Beijing office, the [...]
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. [...]
Darktrace hires EY in bid to win back credibility after short seller questions accounts February 20, 2023 Cybersecurity company Darktrace has hired EY to review its finances in a bid to win back credibility after a short seller questioned its accounts. Darktrace has recruited the Big Four auditor to carry out an independent review after New York investment fund Quintessential Capital Management cast doubt over the “validity” of the tech firm’s financial [...]
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 [...]
MJ Hudson: EY quits as auditor after it ‘lost trust and confidence’ in firm’s management February 13, 2023 EY has resigned as MJ Hudson’s auditor after losing trust in the company’s ability to “provide us with accurate and reliable information for audit”. The embattled asset manager received the news in a letter from the Big Four accountancy firm this morning in which EY said it would be resigning with immediate effect. In it’s [...]
Business lending to drop at fastest rate in decades as recession fears intensify February 6, 2023 Bank to business lending is forecast to contract sharply in 2023 while mortgage lending will grow at its slowest pace since 2011 as fears of recession intensify, economists have predicted. According to the latest forecast from EY Item Club, an economic forecasting group, bank to business lending is expected to contract 3.8 per cent this [...]
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 [...]