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Today’s news in brief – 8/1/2024

Dains has acquired McInerney Saunders Chartered Accountants in Dublin and Magma Chartered Accountants in the Midlands. The collaboration aims to deliver enhanced services to an expanding client base. McInerney Saunders, with over four decades of experience, anticipates leveraging Dains’ resources for added value. Magma’s managing director, Mark Tuckwell, sees the integration as an opportunity for growth, aligning with Dains Group’s expansion strategy in the East Midlands.

Grant Thornton has reportedly dropped from “tier one” to “tier two” in audit supervision by the Financial Reporting Council, the Financial Times has reported. The demotion follows a reduction in high-profile clients, with inspections of its “public interest entity” audits scheduled every three years. Despite facing regulatory fines for audit deficiencies, the move is attributed to a decreased share in the PIE market. Grant Thornton emphasises pride in recent audit quality and states the FRC’s decision won’t impact its audit strategy or quality investment.

FRP has expanded its Forensic Services team by appointing Faye Hall as a partner. Based in London, Hall brings over 25 years of experience, previously heading Private Client Disputes at Evelyn Partners. The Forensic Services team, recognized in Chambers and Partners Litigation Support Guide, has seen substantial growth in dispute and investigation services. Hall’s expertise spans financial remedies for divorce, trust matters, and commercial disputes in various jurisdictions. Her appointment aligns with FRP’s commitment to providing effective, independent advice and solutions.

Deloitte has launched PairD, a generative AI chatbot, for its 75,000 staff in Europe and the Middle East. The chatbot, operational since October, enables users to create PowerPoint presentations, write emails, and code. Developed in-house through Deloitte’s AI Academy, the tool is part of the Big Four’s efforts to harness AI. Staff are cautioned about potential inaccuracies and advised to perform due diligence. This initiative follows the broader trend among major accounting firms, such as EY, utilising AI in areas like fraud detection within auditing practices.

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