Private Equity Took a Big Bite Out of Grant Thornton UK Profits
Grant Thornton UK’s first year under Cinven’s private‑equity ownership saw pre‑tax profit plunge 78% to £32 million ($43 million), even as revenue rose 4% to £787.1 million ($1.06 billion). The decline was driven by £156.4 million ($211 million) in one‑off bonuses and £26.2 million ($35 million) in deal‑related legal and advisory fees. Partner compensation increased slightly to £686,000 ($927,000) per partner, reflecting higher earnings despite the profit hit. The firm touts the PE partnership as a catalyst for long‑term growth, even as the financials reveal a costly transition.
Monday Morning Accounting News Brief: Big Payout for Grant Thornton; Is the SEC Elbowing Out the PCAOB? | 5.11.26
Grant Thornton Australia partners are set to receive an average of US$5 million each from a US$1 billion buyout approved by the board, after reporting $392 million in revenue last year. The U.S. Securities and Exchange Commission announced a new audit‑oversight unit, prompting...
Plante Moran Goes South of the Border to Acquire a Firm in Mexico
Plante Moran, one of the United States’ largest audit, tax, consulting and wealth‑management firms, announced the acquisition of Mexico‑based JA Del Río. The 500‑person firm, founded in 1988 in Guadalajara, will join Plante Moran on July 1, adding offices in Mexico, Colombia and...
Layoff Watch ’26: RSM Trims Down in Audit
RSM, the fourth‑largest U.S. audit firm, announced a wave of layoffs that began in early May, primarily affecting employees hired in 2023. The term “Business Update” meetings was used to deliver termination notices, a practice that has become industry shorthand...
SEC Says “What If We Just… Didn’t” On Quarterly Reporting
The U.S. Securities and Exchange Commission has issued a proposal allowing public companies to replace the mandatory quarterly Form 10‑Q with an optional semiannual Form 10‑S. Under the plan, firms could file one semiannual report and one annual report each fiscal year,...
The Department of War Broke Up with KPMG, KPMG Gives Up Federal Audits Altogether
KPMG announced it will wind down its federal government audit practice after the Pentagon terminated a $60 million‑a‑year contract, ending a decade‑long audit of the U.S. Army. The firm will redeploy more than 450 U.S. staff to advisory roles and will...
Layoff Watch ’26: Forvis Mazars Cuts 3% of the Workforce in Unusual Post-Busy Season Culling
Forvis Mazars announced it will lay off roughly 250 employees, about 3% of its U.S. workforce of more than 7,700. The cuts span audit, tax and advisory staff and are framed as a response to lower‑than‑expected attrition after the busy...
PwC Tells Remote Tax Staff to Get Their Butts Into the Office
PwC announced that its tax practice will move to a consistent hybrid model beginning July 1, 2026, requiring professionals to be in a PwC office or client site at least three days per week. The change ends the “virtual profile”...
KPMG Plans to Hand Routine Testing Off to AI
KPMG announced a multi‑year rollout of artificial‑intelligence agents to perform routine audit testing, beginning with a pilot this summer and aiming for full deployment on selected tests by 2029. The firm calls the AI “orchestration agents,” which can manage dozens...
Deloitte to Slash Benefits For Non Client-Facing Staff
Deloitte announced it will trim several core benefits for employees classified under its “Center” talent model, which includes internal support roles such as admin, IT, and finance. Effective Jan. 1, 2027, parental leave will drop from 16 to eight weeks, annual...
Uh Oh, PwC Is Up to Something
PwC is drafting a global consulting overhaul aimed at unifying its fragmented national practices. The new blueprint will standardize service offerings and expand the use of shared offshore staff, particularly in India. The initiative is accelerated by rising AI competition...
Monday Morning Accounting News Brief: Tax Day Used to Be a Big Party; A Tale of Two PwCs | 4.13.26
The brief blends nostalgia with regulatory and technology updates for accountants. It recalls how Tax Day once turned post offices into festive street fairs, then notes Maryland’s new 120‑hour CPA licensure pathway set for October 2026. It highlights PwC Korea’s AI‑driven...
Friday Footnotes: Feds Get a Tax Preparer in Their Biggest Pandemic Relief Bust Yet; AI Is Coming For Offshore Busy...
The U.S. Justice Department secured a 12‑year prison term for a New Jersey tax preparer who stole roughly $170 million in COVID‑19 relief, marking the largest pandemic‑era fraud bust to date. Meanwhile, accounting firms are accelerating AI adoption: KPMG will pilot...
AI Will Be EY Auditors’ New BFF, According to EY
Ernst & Young announced the integration of a multi‑agent AI framework into its EY Canvas platform, leveraging Microsoft Azure, Foundry and Fabric. The system will process over 1.4 trillion journal‑entry lines and support the daily workflows of 130,000 assurance professionals across...
The IRS Is Supposedly Hiring Again
The IRS announced it will resume hiring permanent technology staff, targeting up to 175 new IT positions. This follows a steep 40% reduction in its IT workforce during the Trump era, leaving the agency with 7,135 technologists in October 2025,...