The Accounting and Financial Reporting Council (AFRC) of Hong Kong has taken disciplinary action against PricewaterhouseCoopers (PwC) and two individuals associated with the firm for their roles in audit deficiencies. AFRC’s sanctions relate to the audits of Dynasty Fine Wines Group and its subsidiaries for the financial years ending December 2010 and 2011. The council issued reprimands to PwC, Cheng Kwong On, the engagement partner for the audits in question, and Kong Ling Yin, Raymond, the engagement q ...

That lack of integration is now one of the biggest obstacles to change readiness and ROI on technology . The report found just 5% of companies use AI to evaluate transactions or automate due diligence. The rest still rely on manual review , which data suggests can increase costs and slow down the finance function.“Our CFO members are asking us for recommendations to [accounting] firms that are mid-market themselves, and they’re saying, ‘Please don’t send me the Big Four, the next-tier firms or any group own ...

Accounting giant KPMG has cut 195 jobs in its US audit division, constituting a little more than 2% of its audit staff in the country, reported Bloomberg. The reduction is in response to low staff turnover and shifts in the way the company runs its core business. In a statement, the firm said: “We are changing what we do and how we work. “Our multi-year audit transformation is driving changes in how we conduct our audit and assurance services. We are also balancing the need for new skills to meet changi ...

Group 1 - Abacus Worldwide has added two new members from Africa: Munyao, Muthama & Kashindi Advocates (MMK) from Kenya and P&A Accountants from South Africa [1][2] - P&A Accountants provides a range of solutions including accounting and tax compliance for businesses of all sizes, while MMK offers legal services with offices in Nairobi and Mombasa [1][2] - The CEO of Abacus Worldwide, Julio Gabay, emphasized that having members in Africa enhances the association's global reach and ability to serve clients with international expertise [2][3] Group 2 - The expansion into Africa is seen as a response to the continent's rapidly growing economies and expanding professional services sector, which presents opportunities for cross-border collaboration [3] - Abacus Worldwide also incorporated Balans-Inform-Audit (BIA), an audit firm from Uzbekistan, which supports companies in adapting to the local market-oriented economy [3][4] - BIA's membership in Abacus Worldwide includes joining Task International, a network for independent accounting firms specializing in transnational auditing and compliance [4]

The German division of accounting network Baker Tilly is examining the possibility of engaging with a private equity investor, reports Bloomberg. Baker Tilly Germany has around 1,700 employees at ten locations and disclosed a revenue figure of €250.6m ($290.3m) for the previous year. The Baker Tilly network comprises autonomous member firms, which reported a combined revenue of $5.6bn in 2024. In a statement, the company spokesperson said: “We continuously monitor market developments and assess strategi ...

This story was originally published on CFO.com. To receive daily news and insights, subscribe to our free daily CFO.com newsletter. Accounting firms are stepping up their business advisory services and moving beyond just providing standard tax compliance. That’s among the takeaways from Wolters Kluwer’s latest “Future Ready Accountant” report released last week. In a survey of nearly 2,800 tax and accounting professionals from around the world, 93% of respondents said their firms are now providing busin ...

The Financial Accounting Standards Board (FASB) has provided an update on the latest discussions and feedback sessions of The Private Company Council (PCC) from their recent meeting. The PCC has been evaluating several accounting areas to potentially simplify processes for private companies. It has requested further research on three topics, which are part of its agenda prioritisation process: lease accounting simplifications, subjective acceleration clauses, and methodologies for calculating the effecti ...

Accounting giant EY has come under scrutiny for allegedly misleading the UK's accounting watchdog, the Financial Reporting Council (FRC), during its audit of the United Arab Emirates (UAE)-based hospital operator NMC Health, reported Financial Times. The accusation emerges as the £2bn ($2.7bn) negligence trial against EY draws towards a conclusion. NMC Health, previously listed on the FTSE 100, encountered a downfall in 2020 when hidden debts amounting to billions of dollars were uncovered. The company' ...

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 ...

PKF O'Connor Davies has initiated a firmwide implementation of ChatGPT across support roles and complete business units. The integration is designed to automate standard processes, freeing up time for professionals to concentrate on delivering the insightful and services clients expect. The firm is working on embedding OpenAI's technology into its wider suite of applications, ensuring that AI-generated insights become a staple in the everyday tools utilised by its workforce. An AI Governance Council has ...