Today’s news in brief – 28/2/2025
Global accounting network Crowe Global reported $5.8bn in revenues for 2024, a 10% increase from the previous year. Growth was particularly strong in Asia Pacific (16%), the Middle East (23%), and Europe (13%). The firm expanded into China, Indonesia, Martinique, and Kosovo while strengthening its core services through acquisitions. CEO Kamel Abouchacra highlighted investments in AI, talent, and collaboration platforms as key drivers of success. Crowe aims to enhance efficiency and service quality with AI tools. The firm continues its global strategy to adapt to industry trends, including shifts in private equity and evolving business models.
The PCAOB fined PwC Israel $2.75m for failing to prevent answer-sharing on mandatory internal training exams between 2017 and 2022. Hundreds of employees engaged in improper conduct, violating quality control standards. PCAOB Chair Erica Williams stressed that unethical behavior at registered audit firms would not be tolerated. PwC Israel agreed to pay the fine without admitting or denying wrongdoing and must revise its quality control policies within 150 days. The case is part of a broader crackdown, with the PCAOB having sanctioned ten firms since 2021 for similar exam-related misconduct, emphasizing the importance of integrity in auditing.
Cooper Parry has acquired AI-powered marketing intelligence firm Front Foot, further expanding its digital services. This marks the firm’s twelfth acquisition in 22 months. Front Foot, which has served global marketing agencies, multinational enterprises, and government entities since 2017, will integrate with Cooper Parry’s Cloud Orca and MacroFin units. Founders Christian Osborne and Sam Eaton will join as data and intelligence directors. CP Digital head Ed Rowland highlighted the acquisition’s strategic and cultural fit, emphasizing the enhanced marketing intelligence capabilities it brings to Cooper Parry’s growing digital professional services group in the UK.
The IASB released the third edition of the IFRS for SMEs Accounting Standard, effective from January 1, 2027. The update enhances alignment with full IFRS standards while keeping reporting simplified for smaller businesses. Key changes include a revised framework for financial reporting, a unified model for assessing control in financial statements, and new principles for classifying financial instruments. A dedicated section on fair value measurement has been added, aligning with IFRS 13. While IFRS 16 (Leases) was not included due to complexity concerns, future updates may address it. The revisions aim to improve financial consistency and transparency for SMEs.
