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Todays news in brief – 19/09/2023

Irish accountancy and wealth management firm Quintas has joined forces with the Xeinadin Group, a prominent professional services group in the UK and Ireland. The strategic move aims to bolster growth ambitions for both companies while enhancing Quintas’ core business advisory services. Quintas, based in Cork and established in 2005, specialises in corporate finance, banking, debt resolution, insolvency, mergers, and acquisitions for SMEs and family-owned businesses. The collaboration is expected to offer clients centralised resources, data-driven technologies, and improved core services.

DJH Mitten Clarke has announced its acquisition of Huddersfield-based accountancy firm Revell Ward, effectively making Revell Ward the Huddersfield office for DJH Mitten Clarke. Founded in 2008, Revell Ward will continue to be led by its current directors. The acquisition was facilitated after DJH Mitten Clarke received support from private equity investor Tenzing Capital, further expanding its presence in the North and aiming to provide exceptional service and business advice to clients in the region.

EY Corporate Finance has played a pivotal role in advising EDF Renewables UK&I on its acquisition of SAS Energy, a provider of solar technology for commercial and industrial sectors. The acquisition will strengthen EDF UK’s position and contribute to sustainable business practices. SAS Energy now operates as a wholly-owned subsidiary of EDF Renewables UK, bringing with it a team of solar experts and a portfolio of more than 45 projects. The partnership aims to advance sustainability efforts through solar design, installation, EV charging, and battery storage solutions.

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The Financial Reporting Council (FRC) has seen a significant 29% increase in fines against auditors over the past year, totaling £27m as of 31 August 2023, according to research by Thomson Reuters. The surge in fines has been primarily driven by penalties imposed on the Big Four accountancy firms, rising from 14 fines in 2021/22 to 19 in 2022/23. The FRC has intensified its use of fines to enhance audit quality and has also expanded its enforcement team. The trend reflects the growing pressure on audit firms to uphold high compliance standards and invest in technology to improve audit quality. In the future, technology is expected to play a crucial role in streamlining audit processes and enhancing compliance levels.

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