Deloitte Financial News

Big four consulting firm KPMG has cut another 100 staff after making 200 redundant in February, rival Deloitte has cut dozens, and 78 staff at PwC face an uncertain future after their planned move to spin-off Scyne was scrapped.

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.

PwC’s global revenue growth lagged behind its big four rivals Deloitte and EY in its latest financial year, according to newly published figures.

Byju's, operated by Think & Learn Pvt Ltd, in April 2023, after a multi-year search for a chief financial officer. “I thank the founders and colleagues at BYJU’S for helping me assemble the FY22 audit in three months. I appreciate the support received during a short but impactful stint at BYJU’S," Goel said in a statement.

Deloitte UK staff have expressed concern after the company invited an academic who described Winston Churchill as a white supremacist to give a talk about identity to employees.

Australia’s advertising industry has asserted itself as a bigger force than the accommodation and fast food sectors in economic output, pre-empting a crackdown by the Albanese government on gambling and wagering advertising.

Sydney-based private equity firm Crescent Capital has appointed Deloitte to help sell its swimwear business Tigerlily, known for its bohemian prints and feminine styles, three years after emerging from voluntary administration.

To paraphrase a line from “Hamlet”: To itemize or to take the standard deduction? That is the question.

Deloitte India on Wednesday said it expects GDP growth in the current fiscal to be in the range of 6.5-6.8 per cent primarily due to upcoming festive spending as well as higher government expenditure before the national elections mid-next year. In its India economic outlook report, released earlier this month, Deloitte said India will need at least 6.5 per cent growth every fiscal to become the world's third largest economy by 2027, with its Gross Domestic Product (GDP) crossing USD 5 trillion.

IIM Shillong hosted the first CXO Round Table Meet at Delhi that brought together a panel of industry leaders, academicians, and stakeholders to engage in an insightful discussion. IIM Shillong is the only IIM in the entire NE region which was established in the year 2008. The intend was to celebrate its 15 years of commitment to excellence.

Fears of a recession and pressure from inflation have Canadians feeling less like Santa and more like Scrooge heading into the holidays, a new survey from Deloitte Canada shows.

Holiday season spending is expected to rise this year versus last year, though the increase among middle-income shoppers is forecast to be far smaller due to the impact of student loans and lower wage growth.

MA Moelis Australia has added a new face to its corporate advisory lineup.

additional tax liabilities of about $1 billion on the telecom sector this fiscal year alone, impacting operator cash flows, the Supreme Court on Monday held that licence fees payable by the telcos will be treated as entirely «capital in nature». It set aside a Delhi HC order that categorised licence fees before and after July 31, 1999, differently, as capital expense and revenue expense, respectively. Rejecting this recharacterisation, a top court bench comprising Justices B V Nagarathna and Ujjal Bhuyan said the licence fees remain capital regardless of instalment payments after the New Telecom Policy 1999 came into effect. Big setback for older telcos The order is a setback for older telecom companies Bharti Airtel and Vodafone Idea, and, to a lesser extent, even for Reliance Jio, as they will need to reassess their financial structures and potentially face increased tax liabilities. «Variable licence fees will be treated as a capital expenditure and, as a corollary, the deduction will not be allowed in the year of the expenditure now,» said taxation lawyer Abhishek A Rastogi, founder of Rastogi Chambers.

The total number of income tax returns(ITRs) filed by personal income tax filers (PIT), – individuals and Hindu Undivided Family (HUF) – rose 94% between FY15 and FY23, the first nine years of the Narendra Modi government, according to time series data released by the Income-tax department recently.

Pre-IPO fund Wunala Capital, run by ex-Macquarie investor Scott Wilson, is getting ready to meet prospective backers after making 2.65-times money for its investors on nine exits.

EY go ahead of its peers with a top line of about Rs 11,400 crore. Combined revenues of EY, KPMG, Deloitte and PwC crossed Rs 32,700 crore last year, highlighting the expansion in the scope of services being offered by the Big 4 in a country that ranks among the top three in the world on the number of listed firms. Traditionally, the Big 4 firms have primarily been associated with audit and tax services, while the MBB (McKinsey, BCG and Bain) were the undisputed leaders in strategy consulting. Over the past few years, however, the Big 4 have quickly transformed into high-demand advisory and technology services firms, with consulting and technology emerging as the most rapidly expanding revenue streams in the post-Covid era.

A Federal Court justice is expected to rule shortly on whether Optus can claim “legal professional privilege” to stop a report by Deloitte on its 2022 cyberattack from being released as class action lawyers try to get hold of more documents.

Nifty 50 companies earned more than ₹20 crore in FY23, compared to one out of every four (27%) five years ago, a Deloitte study shared exclusively with ET has revealed. Also, half of the dozen promoter-incumbents earned more than ₹20 crore in FY23, compared to 33% in FY18. In comparison, of the 29 professional incumbents, 45% earned ₹20 crore-plus, up from 24% in FY23, according to the study.

The Matildas’ record-breaking FIFA Women’s World Cup campaign has contributed to a near $1 billion recovery in the brand value of Optus, almost erasing the catastrophic falls after last year’s cyberattack.

Skilling programmes cannot have only supply-focused training mechanisms. Whether one gets skilled through formal college education or through vocational skilling programmes or through professional certificates, these programmes need to anticipate industry-based jobs demand and accordingly plan the required skilling. The actions to implement this are required at multiple levels. Some of the methods needed include public-private partnerships. Recently, the Ministry of Education and Skill Development and Entrepreneurship (MSDE) signed eight memoranda of understanding (MOUs) to address this gap. One of the MOUs was with IBM. This covered skilling at the school level, higher education level and through vocational avenues. In higher education, the plan through this partnership is to work with the Department of Higher Education, All India Council for Technical Education (AICTE), National Institute of Electronics & Information Technology (NIELIT), National Institute of Technical Teachers’ Training & Research (NITTTR), Chandigarh, and state skilling missions. The students are expected to be given access to digital content, experiential learning, and new skills for technical careers.