Deloitte breaks $27 billion

Mid-tier firm reports slowdown…

KPMG to monitor supplier conduct…

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.

Mid-tier firm
reports slowdown

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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.

KPMG to monitor supplier

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.”