Accounting firm networks

The Financial Reporting Council's assessment is fueling calls to reform the industry, including dismantling the “Big Four” players.

It’s said auditors get off lightly when companies fail. Tell that to the PricewaterhouseCoopers partner who signed off on the accounts of failed British retailer BHS. He has just received a 325,000-pound ($434,000) fine and a record 15-year ban from audit work.

KPMG LLP’s South African unit sees 400 people leaving the embattled company as it closes some regional offices and focuses its operations on four cities across the country.

KPMG LLP is conducting an internal review into its audits of embattled Middle East buyout firm Abraaj Group following the alleged misuse of money, according to people with knowledge of the matter.

CPAmerica International is celebrating its 40th anniversary as the association continues to expand in the U.S. and reaches out abroad.

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.

RSM reported its international network of accounting firms broke through the $5 billion mark in annual revenue globally.

KPMG International reported Thursday its worldwide revenue grew 5 percent in local currency terms to a record level of $26.4 billion the fiscal year ending Sept. 30, 2017.

BDO reported Thursday its global revenues grew 8 percent to $8.1 billion in fiscal year 2017 across its network of firms as its headcount grew 9.04 percent.

RSM International has launched RSM Canada, with 37 partners and nearly 300 professionals in Toronto, with plans to extend its reach across the country.

Big Four firms in the United Kingdom should be subject to fines of 10 million pounds ($13.2 million) or more for seriously poor audit work, according to an independent review by the U.K.’s Financial Reporting Council.