WEEKLY EDITION BY MARINA MOUKA

Welcome to your latest Accountancy Age’s Weekend Digest, your go-to source for the week’s top insights and updates tailored for accountants.

NEWS

P&O Ferries auditor jumps ship after ongoing accounting issues

KPMG has resigned as auditor of P&O Ferries after nearly 20 years, amid ongoing concerns about the company’s financial reporting delays. The resignation—unrelated to audit rotation—follows P&O’s late filing of 2022 accounts and continued failure to submit 2023 results.

The ferry operator, still under scrutiny for its 2022 mass staff layoffs, is grappling with financial instability and heavy reliance on parent company DP World for support. A new auditor has been appointed, but not publicly named.

P&O insists it’s on the path to operational profitability, but further cost pressures and regulatory shifts could complicate its recovery.

NEWS

PwC axes 1,500 jobs in the US amid low attrition and slow growth

PwC is laying off 1,500 employees—2% of its U.S. workforce—primarily from its audit and tax divisions. The firm cites unusually low attrition and weak demand as key drivers behind the decision. The move follows a previous round of 1,800 job cuts in 2024 and comes with reduced campus hiring plans.

Staff were reportedly caught off guard, some learning via calendar invites. The restructuring under U.S. chief Paul Griggs reflects broader shifts across the Big Four as firms like Deloitte and KPMG also trim headcount.

PwC insists its long-term strategy remains intact, despite short-term demand and cost pressures.

Q&A

Forvis Mazars' new UK CEO on what’s next for the firm and the industry

As the UK market undergoes significant shifts, leadership plays a pivotal role in ensuring that firms not only adapt but also thrive.

James Gilbey, the newly appointed CEO of Forvis Mazars UK, steps into this challenge at a time of opportunity, with the firm already enjoying a 15-year streak of growth and a newly strengthened global presence following its integration into the Forvis Mazars network.

In this exclusive Q&A, Gilbey shares his vision for leading the firm forward, his commitment to strengthening audit quality, the integration of new technologies, and how he plans to cultivate a dynamic, forward-thinking environment for both clients and employees alike.