Posts Tagged “audit news”

General Electric has extended the deadline for its $16.9bn bid for the energy sector of Alstom. This will give the firm more time for talks with French ministers in the hope it will secure support for the deal.

Alstom announced last month that it is to sell off its energy part of the company in order to strengthen its transport business. Read more in our previous blog Alstom may sell off energy business

The American multinational is trying to ease concerns over the selling one of France’s flagship companies to a foreign buyer, by offering concessions on issues such as access to technology, French ownership of part of the business, and employment.

The deadline for a formal decision from Alstom on the GE offer has been extended until 23rd June. This is giving GE 3 extra weeks for negotiations with the government.

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Alstom is a French world leading energy solutions and transport company. The company is to sell off its energy business in order to strengthen its transport business.

General Electric has put in a bid for Alstoms energy business and the company is reviewing the offer. Although Alstom are also leaving the door open for a competing offer from Germany’s Siemens.

GEs offer for Alstom’s thermal power, renewable power and grid businesses is said to have totaled $16.9 billion, including enterprise value of $13.5 billion and $3.4 billion of net cash.

If Alstom do sell their energy part of the business they want to strengthen their transport part of the business for which they are also a global leader. One of the strengthening aspects is to include production of “TGV” high-speed trains.

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PWC has acquired global consultancy firm Booz & Co. The deal will boost PWC’s revenues and increase their global workforce.

Booz & Co. currently have around 3,000 staff including 130 partners worldwide.

Before the deal could go through it had to first be approved by a partner vote. This happened in December of last year and the result was the acquisition received the approval needed.

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Following the merger of BDO and PKF this year, the firm hope to raise their revenue next year. PKF’s financial planning division did not integrate with BDO.

BDO’s revenues grew by 10% to £312m in ‘12/13. This figure also included three months of trading with PKF.

Pre-merger revenue figures for the two firms in ‘11/12 saw a combined income of £384m. Now that the merger is complete the firm hopes to reach the £384m figure next year.

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Big Four and mid-tier firms have showed strong support for the Competition Commission’s final report on the statutory audit market. There has been widespread acceptance that change was needed within the audit market.

James Chalmers, head of assurance at PwC, said: ‘This is a sensible outcome. After almost two years and a thorough process, the Competition Commission has put forward a significant package of proposals, including mandatory re-tendering every ten years, increased accountability of auditors to audit committees, and additional responsibilities for the Financial Reporting Council (FRC). Taken together, these measures will enhance competition, transparency and quality.’

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Grant Thornton LLP has achieved record high annual revenue mark. $1.274 billion in revenue was generated in fiscal year 2013 which is up 5 percent from the previous year.

There has been revenue increases across various service lines at Grant Thornton. Advisory services are top with a 9 percent increase from 2012. Audit services has increased 2 percent and Tax services increased 6 percent in annual revenue. There was also great increases in the firm’s financial services, energy and health care practices.

In a statement Grant Thornton CEO Stephen Chipman said, “Attaining record revenues in a still tepid economic environment is a testament to our long-term strategy of focusing on dynamic, mid-sized clients that are poised for growth.”  “We continue to invest in talent who make a marked difference in the quality and breadth and depth of our services to clients in our chosen markets.”

The firm has also said that it resolved several long-standing legal matters throughout the year. Also it made several notable investments, including the opening of a shared service centre in Bangalore, India, and the recent acquisition of the Oracle Solutions business unit of MarketSphere LLC .