German MPs fail in bid to publish ‘dynamite’ report on EY’s Wirecard audits August 13, 2021 Germany’s highest court has rejected an attempt by MPs to force the publication of an unredacted report into EY’s audits of Wirecard, according to reports. The lawsuit was filed by MPs who had investigated the Wirecard fraud, one of the biggest corporate scandals, according to the Financial Times. The Federal High Court of Justice has [...]
PwC profit up 25 per cent to £1.2bn as private sector demand drove growth August 12, 2021 PwC has today reported that its total group profit for the financial year rose by 25 per cent to £1.2bn, as the firm saw renewed private sector demand drive growth for audit, deals and transformation services. The big four accountant also saw its gross revenue increase slightly by two per cent to £4.4bn for the [...]
Home working win: HR software firm Gusto hits $10bn valuation and mulls IPO August 10, 2021 HR software firm Gusto has hit a $10bn valuation following its latest funding round, amid work-from-home measures in which it thrived. The company secured $175m in a funding round in recent weeks, its CEO Josh Reeves told Forbes, after bagging $200m in capital last year. The capital rally was led by T. Rowe Price and [...]
Fine dining restaurant planned for the top of Lloyd’s of London August 10, 2021 Lloyd’s of London is considering adding a Michelin-starred restaurant to the top of its headquarters as part of a revamp of the insurance marketplace’s iconic building spaces. The creation of a high-end restaurant with enviable views of London is being considered as a way to create ‘destination style’ experiences, and attract more clients and members of [...]
Travers Smith partner profits soar 21 per cent to £1.2m August 10, 2021 Travers Smith partner profits have soared by over a fifth to £1.2m, following investment in asset management, M&A and dispute resolution. Profit per equity partner rose by 21.5 per cent to £1.2m while turnover was up 15 per cent at £186m according to provisional figures for the year ended 30 June 2021. “None of us [...]
Half a million UK partners in law firms and accountancies face tax hike in 2022 August 9, 2021 Over half a million sole traders and partners may face higher tax bills than expected next year if a government proposal to change the date businesses report their profits is approved. Experts have said it would generate billions of pounds for the Treasury years ahead of the existing schedule for payments, according to a report [...]
London law firms launch first global crypto fraud network August 9, 2021 A network for crypto-related fraud has been launched by a group of law firms, including Grant Thornton, in a bid to make the UK a global centre for crypto dispute resolution, amid a rise in scams. The ‘Crypto Fraud and Asset Recovery’ (CFAAR) network has been created with the aim of becoming a “known body [...]
Former Bain consultant hired by Pope to evaluate a Vatican administrative office August 6, 2021 Pope Francis has reportedly brought on a former Bain & Company consultant to help execute a new reform package in the Vatican. Pier Francesco Pinelli, now a partner at an Italian consulting firm, spent seven years as a senior manager at the big three firm’s Italian wing. Chicago’s Cardinal Blase Cupich was asked by the [...]
FRC begins hunt for new chair after its governance dubbed a ‘grave risk’ August 6, 2021 The government has launched its recruitment drive for a new chair and non-executive directors for the Financial Reporting Council, after its governance was criticised. Although the watchdog has started the search for a permanent chair and six new non-executive directors, it will still be without a chair when Skeoch steps down in October. Just two [...]
Law firms brace as chancellor mulls over new tax on legal sector August 5, 2021 Rishi Sunak may be considering imposing a tax levy on the revenues of large commercial law firms, to help to prop up the ailing legal aid system, according to reports. The chancellor may be contemplating reviving the idea of a bespoke levy on commercial legal practices, an idea first suggested five years ago by then [...]
