Core Insights - BDO USA has initiated layoffs and cost-cutting measures due to financial pressures from a $1.3 billion loan facility provided by Apollo Global Management, which is linked to an employee stock ownership plan [1][2][3] - The company reported a revenue of $2.89 billion for the fiscal year ending December 31, and is currently under scrutiny due to a proposed class action related to the ESOP [4][3] - BDO's financial management has faced challenges, particularly following the bankruptcy of First Brands Group, which has resulted in significant losses for investors [5] Financial Situation - BDO has incurred high-interest debt with an interest rate of approximately 9%, which was recently reduced by 100 basis points after a refinancing agreement [3] - The layoffs and suspension of non-essential travel are part of broader cost-reduction efforts to manage financial pressures [2] Operational Adjustments - Despite the financial challenges, BDO is reportedly maintaining a stable financial position and is evaluating its operations for efficiency [4] - The company has plans to hire over 1,300 individuals, including 30 principals from another professional services firm, indicating a potential strategy for growth despite current challenges [5]

(Bloomberg) -- Auditing firm BDO USA has slashed costs as it managed an expensive debt agreement with Apollo Global Management Inc.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, who asked not to be identified discussing private matters. Cuts have affected business lines including audit, tax and advisory, one of the people said. The belt-tightening comes as one of BDO’s clients, the now-bankrupt First B ...

The Financial Reporting Council (FRC) has announced revisions to its suite of International Standards on Auditing (UK) [ISAs (UK)]. The updated standards are a result of amendments to ISQM (UK) 1, ISQM (UK) 2, ISA (UK) 220, and ISA (UK) 600, which cover a range of quality control processes for firms conducting audits and reviews of financial statements, as well as other assurance and related services engagements. Following public consultations conducted in 2021 for ISQM (UK) 1, ISQM (UK) 2, and ISA (UK) ...

Core Points - AS Silvano Fashion Group proposed a resolution to shareholders for an extraordinary general meeting without convening the meeting [1] - The notice of the general meeting was published on May 13, 2025, across multiple platforms including NASDAQ OMX Tallinn and the Warsaw Stock Exchange [2] Voting Summary - The extraordinary general meeting was eligible to pass resolutions as 9 shareholders voted, representing 21,357,414 votes or 59.33% of the total share capital [3] - The resolution passed included the appointment of Ernst & Young Baltic AS as the auditor for the economic activities of AS Silvano Fashion Group for 2024 [3] - The voting results were as follows: For: 20,452,955 votes (56.81%), Against: 15,547,045 votes (43.19%), Impartial: 0 votes (0.00%) [4]

Group 1 - Mothercare plc has appointed RPG Crouch Chapman LLP (RPGCC) as its new auditor, replacing Gravita Audit Limited (Gravita) effective immediately [1] - RPGCC will conduct the audit for the financial year ending 29 March 2025, pending shareholder approval at the next Annual General Meeting [1] - Gravita has confirmed that there are no matters related to its cessation of office that need to be disclosed to the members or creditors of the Company [2]