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Looks like the $100M fine was paid last night 🤭
Anyone has the midtown uniform?

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No independence issues for the consulting groups who want to work with audit clients
Lmao yeah really sketchy stuff
Just the one you’ve listed really.
Is it still gonna be a big 4 moving forward? I’d imagine a good portion of their revenue comes from consulting.
PWC likely not
We already reorged to make a less strict but pseudo divide from compliance and assurance services / apart from all tax consulting and advisory
More Tech consulting revenue
Where is tax going to end up? With consulting?
Other than law PCS and maybe a few other groups which would go to newco, all other tax groups would need to be split between the 2 firms
By splitting off the services that must be performed by a registered CPA firm the reminding entity has many more options regarding structure and service lines. Could even go public if it wanted.
I guess it makes sense that it benefits the consulting side. I feel like this is not a good move for the audit business? The profit margin are never that high for audit engagements, and also how are the audits going to pull in specialists now ? I’m in tax and we’d also use consulting folks for technical areas when we audit.