EY

EY is revamping two of its internal U.K. management teams, weeks after the company ditched plans to break up its audit and consulting operations globally.

Among the four biggest global accounting firms, Ernst & Young is likely to be the most exposed to Beijing's crackdown on U.S.-linked auditors, as it stands to lose about a 10th of its China revenue.

The bank should have booked provisions for more than $20 billion worth of government bonds that it had accumulated in its portfolio, the auditor said.

The Big Four firm announced layoffs of 5% of its staff only days after calling off plans to spin off its consulting practice.

Plus, Nova Technology announces blockchain-powered credit management; and other accounting technology news.

EY's U.S. business is embarking on a $500 million cost-saving program over the next 12 months.

The Big Four firm's U.S. business will instead embark on a $500 million cost-saving program and focus on freeing up capital for investment.

The Big Four firm's top leaders halted a planned breakup of the firm after the U.S. affiliate decided not to take part.

Tax leaders at companies around the world are predicting the number of tax audits will increase by more than a third over the next two years.

The decision is the harshest regulatory consequence yet for the firm since Wirecard's demise almost three years ago.