WEST PALM BEACH, Fla., Feb. 24, 2026 (GLOBE NEWSWIRE) -- Onity Group Inc. (NYSE: ONIT) (“Onity” or the “Company”) today announced that Aulene Wessel has been named Senior Vice President and Chief Accounting Officer, effective February 23, 2026. Ms. Wessel reports to Sean O’Neil, Executive Vice President and Chief Financial Officer of Onity. Ms. Wessel is responsible for providing strategic leadership of the controllership function, overseeing all core accounting operations, internal controls, technical acco ...

UK-based accountancy and advisory practice Azets has expanded its senior team by appointing Tina Warhurst as corporate tax director in its Manchester office. Warhurst will focus on supporting Azets’ growing base of businesses across the North West, drawing on a career largely spent in complex corporate tax compliance and governance. Azets Manchester office managing partner Graham Rigby said: “With ever evolving and complex UK tax regulations being introduced, the level of compliance facing companies con ...

Core Viewpoint - Citigroup Inc.'s India unit is enhancing its commercial banking operations by appointing Ankur Khurana as the head, aiming to capitalize on the growth of mid-sized companies in India [1][2]. Group 1: Appointment and Background - Ankur Khurana has over two decades of banking experience and previously worked at Standard Chartered Plc as co-head of coverage for India and South Asia [2]. - The position of head of commercial banking became available after the departure of veteran banker Bhanu Vohra in July [2]. Group 2: Market Context - Dealmaking activity in India is increasing, particularly in equity capital markets and mergers and acquisitions, indicating a robust market environment [3]. - The mid-market segment presents numerous opportunities as Indian companies expand operations and pursue acquisitions internationally [3].

Core Viewpoint - Citigroup has appointed Ankur Khurana as the head of commercial banking in India, aiming to enhance its focus on the rapidly growing mid-market corporate segment in the country [2]. Group 1: Appointment Details - Ankur Khurana joins Citigroup after working at Standard Chartered Plc, where she was co-head of coverage for India and South Asia [1][2]. - The position became available following the departure of Bhanu Vohra, a long-serving banker at Citi, who left in July to join BDO's Indian arm [2]. Group 2: Experience and Background - Khurana brings over 20 years of experience in corporate and commercial banking [2]. - She had been in discussions with multiple financial institutions after her exit from Standard Chartered [1].

Core Viewpoint - Large audit networks in the UK, including Deloitte, EY, KPMG, and PwC, are advocating for the Financial Reporting Council (FRC) to cease the routine naming of companies under investigation, citing concerns over the impact on business activity and the potential for indirect identification of individual partners [1][5]. Group 1 - The FRC has been urged to stop naming companies under investigation, with major audit firms and mid-tier companies participating in discussions to file complaints regarding the current publication approach [1][2]. - The FRC's investigation announcements typically include details such as the auditor, client, and audit period, which can lead to the identification of engagement partners [3]. - There is a suggestion within the audit profession to limit identification to cases of serious wrongdoing or to name companies only after investigations conclude [3][4]. Group 2 - The industry has proposed that the FRC could omit the names of audited companies to reduce the risk of indirect identification of individual partners [4]. - The FRC has acknowledged the engagement from the industry but has refrained from commenting on the consultation responses until they are submitted [4]. - The Financial Conduct Authority (FCA) previously decided against expanding the practice of naming companies under investigation due to strong opposition from the financial sector, indicating a broader concern about the implications of such practices [4][5].

Core Insights - The adoption of advanced technologies in auditing has progressed from experimentation to a more mature stage, highlighting the increasing importance of auditors' expertise in data interpretation and professional judgment [1] Group 1: Technology Utilization in Auditing - Finance leaders are leveraging AI in various audit activities, with 61% using it for data management, 54% for risk detection and management, 50% for automating data entry, 45% for fraud detection, and 43% for predictive analytics [2] - 63% of finance leaders believe technology enhances audit efficiency and collaboration, marking an increase from the previous year [2] Group 2: Auditor and Client Technology Parity - There is a growing parity in technology capabilities between clients and auditors, with 93% of respondents stating their auditors' technological sophistication matches their own systems, up from 89% last year [3] - 85% of finance leaders feel their auditors' technological abilities meet or exceed expectations, an increase from 77% the previous year [3] Group 3: Trust and Investment in Technology - Trust in audit firms using advanced technologies has increased, with 81% of finance leaders expressing greater confidence, an 18% rise compared to last year [4] - 97% of finance leaders are willing to pay more for technology-driven audit services, and the belief that technology leads to audit cost reductions has grown from 29% to 46% [4] Group 4: Data Governance Concerns - Despite the increased reliance on advanced technologies, concerns about data governance are rising, with only 46% considering their practices "mature," down from 55% last year [5] - Only 43% of finance teams report having a formal governance framework for AI, while high concerns persist regarding cybersecurity risks (82%), data privacy (80%), and potential inaccuracies from AI (71%) [5] Group 5: Regulatory Uncertainty - Regulatory uncertainty is a significant concern, with 74% of finance leaders citing risks associated with unclear guidance on AI use in audits [6] - The managing principal of BDO Digital Transformation and Innovation Assurance noted that audit technology has reached an inflection point, with finance leaders now expecting auditors to utilize advanced technology [6]

Core Points - The Financial Reporting Council (FRC) in the UK has penalized BDO LLP and two former audit partners for misconduct related to audit deficiencies [1][4] - The misconduct involved dishonest activities by a senior manager at BDO between 2015 and 2019, including fabricating audit evidence and issuing reports without proper authorization [2][3] Summary by Sections Investigation and Findings - An investigation was initiated after a senior manager at BDO was found to have committed dishonest activities across multiple audits [1] - The senior manager's actions included fabricating audit evidence and using unauthorized electronic signatures [2] - BDO's internal controls were inadequate, failing to act on internal reports that could have highlighted the senior manager's misconduct [2] Oversight Failures - John Everingham and Kevin Cook did not provide sufficient oversight on audits involving the senior manager, with Everingham failing to oversee 21 audits and Cook neglecting 13 audits [3] - Everingham signed off on ten audit reports from 2015 to 2018 without adequate supporting documentation [3] Penalties and Repercussions - BDO is required to pay a financial penalty of £5.85 million ($7.6 million) and reimburse audit fees for affected audits [4] - John Everingham faces a fine of £189,000 and a six-year prohibition from audit work, while Kevin Cook received a £90,000 penalty and a three-year prohibition [5] - BDO must file biannual reports to the FRC for two years detailing progress in addressing the identified issues [4][6]

Core Insights - BDO has appointed Mark Sykes as the new permanent Head of Consulting in the UK, having previously overseen the consulting practice on an interim basis since mid-2025 [1][2] - Sykes brings a wealth of experience from his tenure as an audit partner and his work in public sector IT outsourcing, focusing on business modelling and commercial negotiations [2][4] - Sykes aims to leverage the relatively new consulting team at BDO to provide high-quality expertise in areas such as digital, cyber, AI, ESG, procurement, business process optimisation, risk consulting, and people advisory [3][5] Company Overview - BDO LLP operates a network of 18 offices across the UK and employs around 8,000 staff, offering services that include tax, audit and assurance, and various advisory services [5] - The firm is part of the global BDO network and has emphasized the importance of not accepting external equity investments for its member firms [6] Leadership Vision - Mark Sykes expressed enthusiasm about his new role, highlighting the opportunity to help mid-market clients improve their performance without the constraints faced by more established competitors [2][3] - Leigh Treacy, head of BDO's Consulting, Risk and Outsourcing practice, noted Sykes' passion for helping clients scale and embrace technology, positioning him well to drive growth in the consulting business [5] Professional Background - Since joining BDO in 2013, Sykes has been instrumental in modernizing finance processes and establishing a Financial Planning and Analysis service line [4] - He has also led the Entrepreneurial Business division, assisting companies in overcoming growth barriers and transitioning to private equity or public offerings [4]

Industry Trend - Auditing firm BDO has advised its member firms against accepting outside equity investments [1] - This advice comes amid significant interest from global buyout giants in the auditing sector [1]

Auditor BDO has laid off dozens of employees in recent months and halted non-essential travel earlier this year, according to people familiar with the situation https://t.co/vx7sJcZxG5 ...