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April 24, 2008updated 29 Apr 2022 7:44am

News Briefs

Deloitte breaks $27 billion mark…

Mid-tier firm reports slowdown…

KPMG to monitor supplier conduct…

FINANCIAL RESULTS Deloitte breaks $27 billion mark

Deloitte Global is set to announce its revenues have increased to more than $27 billion in the 12 months to 31 May 2008. The rise represents a 16.9 percent jump based on last year’s revenues of $23.1 billion. Deloitte Global chief executive James Quigley said the slowdown in some areas due to the credit crunch had been balanced out by the growth of the leading emerging markets such as Brazil, Russia, India and China.

FINANCIAL RESULTS Mid-tier firm reports slowdown

Grant Thornton US has predicted more cautious growth in this fiscal year due to a slowdown in the economy. Chief executive Ed Nusbaum told the International Accounting Bulletin he believes the firm will post 10 percent growth in the year ending 31 July 2008, which would increase the firm’s revenue to about $1.26 billion. In the previous fiscal year, the firm grew by 16 percent. Nusbaum attributes lower growth to the repercussions of the credit crisis that has slowed down parts of the US economy.

“Many of our clients are feeling the impact of the slowing economy, but of course it does depend on the industry. Obviously, in the mortgage and housing business, it is very slow,” he said. “We are seeing growth in our firm in recovery and restructuring, turnaround and bankruptcy work, which is a sign of a slowing economy but certainly all of the firms, not just Grant Thornton, have been affected.” Nusbaum added that the firm has not identified any merger targets and will continue to grow organically in the coming year. CSR KPMG to monitor supplier conduct

A Big Four firm will soon launch a code of conduct for suppliers that provides guidance on business conduct, labour conditions and human rights, and the environment. KPMG UK said it is the first firm to launch a code that ensures suppliers adhere to ethical and environmental principles. KPMG head of procurement Mark Powderham said: “KPMG has made huge progress in recent years with respect to embedding Corporate Social Responsibility (CSR) and diversity in all that we do within the firm. Bought-in goods and services are critical to the achievement of our CSR and diversity objectives and as such the logical next step is to integrate our suppliers and contractors within our approach. The Supplier Code of Conduct is a key component of our sustainable procurement programme.”

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