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This, the lawmakers said earlier this year, would provide a better focus on raising standards to ensure auditors flag company difficulties before collapses like at retailer BHS and outsourcer Carillion in Britain. “Various people are providing this relatively easy answer to split up the firms, but we do not support it,” PwC global chairman Bob Moritz told Reuters. PwC, which employs over 250,000 people, will have invested a billion dollars on “Cloud” computing by 2019, a huge sum that firms outside the Big Four would find hard to match.
Such advanced technology will mean harvesting far more data from a company to ensure accounts face tougher “checks and balances” to meet the criticisms over audit standards from policymakers, Moritz said, Any intervention in the market must be “well thought out” given it would be watched closely by the rest of the world, he added, Moritz was speaking fawn pug cufflinks as PwC announced record annual revenues of $41.3 billion for its year ended June 30, making it the second largest accounting firm in the world, behind Deloitte, whose latest annual revenues topped $43 billion..
Moritz said the focus was on PwC being a “balanced” firm: “I don’t want to be number one just for the sake of growth.”. PwC was hit by a record 6.5 million pound ($8.5 million) fine in June from Britain’s Financial Reporting Council after it failed to flag significant doubts over the future of BHS. Moritz said PwC made mistakes and had taken responsibility for its actions, but authorities should not rush to carve up the sector because of them. The industry has already met with Britain’s Competition and Markets Authority (CMA) to offer temporary, voluntary limits on how many big listed companies a Big Four accounting firm could audit in a bid to help smaller rivals expand.
The CMA has yet to respond, “The challenge is whether or not the other firms have the skills, capability and staff to do those audits as well,” Moritz said, “There is nothing abusive in the competition that’s happening,” he said, adding there was a need for the Big Four to have more “scalable and credible competitors”, So far, attempts in Britain to persuade companies to “rotate” their fawn pug cufflinks accountant every decade have ended up creating a Big Four merry-go-round..
(Reuters) - General Electric Co (GE.N) ousted Chief Executive Officer John Flannery in a surprise move on Monday, replacing him with outsider and board member Larry Culp, and said it would take a roughly $23 billion charge to write off goodwill in its power division, primarily from a large 2015 acquisition. The struggling energy, health and transportation conglomerate also said it would fall short of its forecast for free cash flow and earnings per share for 2018 due to weakness in its power business, something analysts had expected.
GE shares jumped 7 percent to close at $12.09 as investors bet that Culp could re-energize the GE brand and more fawn pug cufflinks quickly transform its portfolio, The stock was the top percentage gainer on the S&P 500 .SPX, The shares had more than halved since Flannery, a three-decade GE veteran, became CEO in August 2017 to replace Jeff Immelt, who had led GE since 2001, With a market capitalization below $100 billion as of Friday, GE was worth less than a fifth of its peak value a generation ago, GE Power’s falling profits last year forced GE to slash its overall profit outlook and cut its dividend for only the second time since the Great Depression..
GE’s board, meeting in the last few days, unanimously picked Culp as its new CEO. Culp, 55, who was named to GE’s board in February, was CEO of industrial equipment supplier Danaher Corp (DHR.N) from 2000 to 2014, helping grow the company into a broader conglomerate through a series of acquisitions, while also growing earnings. Some analysts said that GE Power likely missed financial targets for the third quarter, contributing to Flannery’s ouster. GE, scheduled to report results on Oct. 25, declined to comment.
The broad strategies are likely to be similar because the plan laid out by Flannery was made in conjunction with heavy involvement from the board, which included Culp, said Gabelli & Co analyst Justin Bergner, GE’s board was unhappy with the pace of the company’s turnaround under Flannery, and when the size of the writedown in the power plant division, which makes electric generating equipment, became apparent, the board was fawn pug cufflinks persuaded to seek a new CEO, according to a person familiar with the matter who requested anonymity to discuss confidential deliberations..