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Today’s news in brief – 19/4/2024

Haysmacintyre has announced the promotion of Krupa Shah to audit director, along with Michael Crowson and Said Bile as new directors. The promotions coincide with the firm’s recognition in LinkedIn’s ‘Top 15 Midsize Companies’ in the UK listing. Shah specialises in CMT sectors, while Bile brings expertise in R&D tax incentives, and Crowson’s background is in audit, particularly in private equity-backed and listed companies. These promotions underscore the firm’s commitment to talent development and bolstering its specialist teams, reflecting its people-first approach and ambitious growth plans.

IPSASB has released Exposure Draft (ED) 89 proposing amendments based on five IFRIC interpretations not yet considered. The amendments aim to clarify how public sector entities apply IPSAS in key areas, aligning with existing IPSAS principles. The interpretations cover various application matters, offering guidance for consistent accounting treatment. IPSASB seeks feedback on ED 89 until June 17, encouraging electronic submissions through its website. Chair Ian Carruthers emphasises the importance of avoiding divergent accounting treatments and ensuring effective support for the public sector.

EY has warned 1,700 UK partners of a potential 15% drop in profit-per-partner for the financial year ending June due to a market slowdown. The warning, delivered by Stuart Gregory, reflects a cautious outlook amid trading robustness and solid business pipeline. Despite last year’s profit decrease, EY remains optimistic about the current financial year’s performance. The profit warning follows the shelving of plans to separate audit and consulting operations, with recent interest from CVC Capital Partners in acquiring EY’s strategy and consulting division, although no formal negotiations are underway.

RSM UK has appointed Stuart Clowser as head of private equity, tasked with expanding the firm’s support for the private equity sector. Clowser, previously a fund audit partner, brings extensive experience advising private equity funds and building RSM’s fund audit practice. He succeeds Charlie Jolly and will lead RSM’s private equity team, focusing on fund management, transactions, and portfolio companies.

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