Accounting firm networks

The names of more than 220 member firms will be changing as part of the latest rebranding.

KPMG LLP’s South African unit is flying in trouble shooters from around the globe and hurriedly meeting clients to stem any further loss of business after becoming embroiled in three evolving scandals.

The United Kingdom’s Financial Reporting Council, which oversees auditing firms, said Monday it is implementing the recommendations of an independent review of sanctions for auditors, accountants and actuaries, which include increasing the fines to £10 million ($14.1 million) or more for “seriously poor audit work” by a Big Four firm.

Andersen Tax has been spreading its network of tax and legal services firms across the world after settling a legal dispute last year with a French firm that had laid claim to the Arthur Andersen name.

The Association of Chartered Certified Accountants is partnering with an association of independent accounting firms to strengthen the global talent pool.

Foreign affiliates of KPMG, Deloitte & Touche and BDO have agreed to settle charges with the Securities and Exchange Commission for getting involved in audit work that circumvented the Public Company Accounting Oversight Board’s full oversight.

The International Forum of Independent Audit Regulators reported on issues with how firms are scrutinizing accounting estimates, testing internal controls, checking revenue recognition and more.

Deloitte, PwC and EY all caved. Under pressure over how they compiled their gender pay gaps in the U.K., the three companies agreed to revise their figures to include high-earning partners.

Nexia International, a network of accounting and consulting firms, reported total fee income of $3.62 billion for 2017, a 13 percent increase over the results across its network for 2016.

Baker Tilly International reported Monday worldwide revenue grew 6.4 percent across its global network of accounting firms, reaching $3.4 billion by the end of last year.