Grant Thornton News

By Clare Jim, Xie Yu and Scott Murdoch

National Financial Reporting Authority has shot off queries to audit affiliates of Deloitte, EY, KPMG, Grant Thornton, and two Ahmedabad-based CA firms regarding audit practices they followed while auditing Adani companies. The Adani Group said it has complied with relevant accounting standards and applicable laws. The requested audit information extends up to FY22 and, in certain instances, covers the last decade, said a source close to the matter.

IDBI Bank and the qualification criteria set out have caused a stir among the big four accounting firms that could lose out on the job despite their involvement in some of the biggest banking mergers in recent years. A request for proposal (RFP) document circulated by the government's department of investment and public asset management (DIPAM) on September 1 states that only valuers registered with the Insolvency and Bankruptcy Board of India (IBBI) are eligible for applying to value IDBI Bank's assets. Further, the registered entities need to have a turnover of above ₹5 crore for three consecutive financial years and also need to have carried out valuations of financial assets above ₹5,000 crore through the registered entities. The big four accounting firms, Deloitte, EY, PwC and KPMG could get eliminated from the selection process because they could fall short of the eligibility criteria for turnover or because they carried out large valuations exercises from different entities and not their IBBI-registered valuer entities, according to sources. For instance, Deloitte was the valuer on the $64-billion merger of HDFC and HDFC Bank but its IBBI-registered entity doesn't meet the turnover threshold because it was recently incorporated.

An Auckland-based crypto exchange Dasset has apparently gone into liquidation, denying hundreds of customers from accessing their assets.

Customers of Auckland-headquartered crypto exchange, Dasset, are denied access to their funds, the company’s representative revealed the beginning of liquidation. 

Grant Thornton’s dealmakers were busy mailing out preliminary sale documents for the collapsed North Queensland base metals miners Aurora Metals over the weekend, which once belonged to the now-defunct $1.3 billion listed miner Kagara.

New York | US regulators have seen a jump in the number of flawed audits carried out by global accounting firms, according to figures released on Monday night (Tuesday AEST) that point to the difficulties of high staff turnover and hybrid work.

The Big Four accounting firms are trimming their consulting ranks—sometimes months after a promotion—after forecasting slower growth as more businesses scale back on third-party help in certain areas. The firms—Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers—are facing the consequences of aggressive hiring over the past two years as the pandemic spurred higher demand for consulting in areas such as corporate strategy, coupled with lower attrition than they expected during the first half of the year. The recent rounds of layoffs have been heavily focused on the advisory sides of the firms.

multinationals in India have ramped up their talent search this fiscal year even as recessionary pressures and macroeconomic headwinds keep hiring muted in the West, said top industry officials. The in-house units of global companies in India across sectors such as banking, financial services and insurance (BFSI), pharmaceuticals, retail, energy, automotive and telecom are set to clock half a million gross hires, including attrition refills, this fiscal year, according to data from specialist staffing firm Xpheno.

An ex-Grant Thornton auditor who said he resigned from the firm to avoid returning to the “toxicity” of the office after working from home, has lost a tribunal claim against the firm.

Dealmakers started to see “green shoots of recovery” in the food and beverage industry in the first three months of this year.

Grant Thornton UK’s average partner pay fell 5% to £579,000 in 2022 amid rising costs and a slowdown in demand for consulting and deal advice.

Stablecoin USD Coin (USDC) has grown in popularity since the collapse of FTX and now frequently reaches daily transfer volumes four to five times that recorded by major competitor Tether (USDT) according to data from blockchain analytics firm Glassnode.

Two of every 5 workers who switched jobs over the past year are looking for work again, according to a new survey published by Grant Thornton, a consulting firm.

Grant Thornton generated £19m in fees during its first year as the administrator of collapsed supply chain finance company Greensill Capital, the accounting firm said in its latest progress report.

Grant Thornton generated £19m in fees during its first year as the administrator of collapsed supply chain financer Greensill Capital, the accounting firm said in itss latest progress report.

Deloitte is considering pulling out of Russia, becoming the first Big Four audit firm to do so as pressure grows on Western companies to cut ties with the country following its invasion of Ukraine.

Deloitte is considering pulling out of Russia, becoming the first Big Four audit firm to do so as pressure grows on Western companies to cut ties with the country following its invasion of Ukraine.

The number of people filing for unemployment benefits jumped last week to the highest level since October, the Labor Department said Thursday.

In December, monthly inflation in the US was a bit higher than expected, reaching 0.5%, while the annual inflation increased to 7% and was the same as expected.

The Financial Reporting Council has slapped Grant Thornton and one of its partners with fines amounting to more than £700,000 in total for the audits of construction company Interserve.