This Month
From revenue to partner pay and scalps: Consulting’s bad year revealed
Everything you need to know about how the big four firms fared during the past year, including which firm is now No. 1, how much partners are being paid, and why the firms are all shrinking.
- Edmund Tadros
EY’s local strategy division appoints deals veteran as leader
Clients are willing to pay a premium for strategy advisers who are also experienced industry experts, says the new managing partner of EY’s local strategy arm.
- Edmund Tadros
September
Deloitte global revenue growth slows to 3pc, PwC US cuts staff
Deloitte global revenue growth slows to 3 per cent; PwC US cuts 1800 roles; PwC spin-off Vialto to restructure $2.2 billion in debt
- Exclusive
- Tax avoidance
Revealed: the former EY partner being sued by the ATO
Peter White allegedly took $700,000 in secret commissions while setting up illegal tax schemes for wealthy clients.
- Max Mason
Deloitte brings back face-to-face UK graduate interviews
The move comes amid pressure from the accounting regulator for firms to clamp down on the potential for cheating in virtual assessments.
- Simon Foy
August
Labor backs away from Rex bailout, guarantees regional flights
Transport Minister Catherine King says Regional Express customers will not lose money, offering a guarantee that will help the airline keep ticket sales revenue coming in the door.
- Tom McIlroy and Ayesha de Kretser
KPMG partner income slides 9pc to $650,000
Lower demand for “legacy” consulting services has pushed revenue at KPMG down 3.6 per cent as the big four firm builds its first 20 digital workers.
- Updated
- Edmund Tadros
Spin off public sector consultants: former judge
Former Federal Court judge Andrew Greenwood says Deloitte, EY and KPMG should move their public sector consultants into separate companies to avoid conflict.
- Edmund Tadros
EY partner profits down by about 13pc
EY Australia has been hard hit by the sector-wide downturn in demand for advisory services, with revenue and average partner profits falling.
- Edmund Tadros
EY fined $571,000 over audit of group linked to Russian oligarch
The UK accounting regulator hit the accounting firm with the penalty for breaching a fee cap relating to its consulting work for Russian steel company Evraz.
- Simon Foy
- Exclusive
- Big four consultants
Big four consultants’ ‘land and expand’ strategy hammered by scandals
The big four consulting firms secured about $90 million worth of contract extensions from Canberra last financial year, down from a record $252 million the year before.
- Ronald Mizen
One consulting firm has more Olympians than the others
In the hyper-competitive world of big four consulting in Australia, one firm stands out in a completely unofficial ranking of which has more Olympic athletes at the Paris Games.
- Euan Black
- Exclusive
- Big four consultants
Big four’s river of gold from taxpayers slashed 50pc
The Department of Defence recorded the biggest fall in spending as Labor cuts the public service’s reliance on outside advice.
- Ronald Mizen
July
Scyne to cut 90 jobs amid crunch on Canberra work
Those affected have had a tumultuous year, in which they were obligated to move to the start-up after the firesale only to find themselves unemployed again now.
- Edmund Tadros
Alvarez & Marsal lifts EY team to spearhead entry into valuations
The trio have been tasked with building a presence in the local valuations sector, and Stewart has been appointed to run the unit.
- Sarah Thompson, Kanika Sood and Emma Rapaport
New EY chief rules out reviving plan to split firm in two
New chief executive Janet Truncale has unveiled a plan to slim down the firm’s central bureaucracy.
- Stephen Foley and Simon Foy
June
How the Federal Court stymied open justice
Once one of the country’s most progressive courts, the Federal Court has become a black hole of silence and suppression applications.
- Max Mason
Telstra hires Deloitte to audit books, replacing EY after 25 years
The telecoms giant said changing auditors was “good governance” and wants to use Deloitte’s digital technology to reduce costs.
- Jenny Wiggins and Edmund Tadros
- Exclusive
- AI
EY looks to Microsoft as consultants seek AI sales edge
EY is giving all staff access to Microsoft’s new AI sales assistant in an effort to win tech-related advisory and software installation contracts.
- Tess Bennett
What Senate inquiry said about big four, now trying to ‘rebuild trust’
The big four consultancies have welcomed the Senate’s final report into the sector, which largely avoided direct criticism of individuals and firms.
- Maxim Shanahan