Morning buzz: Consulting troubles at PwC; Leadership rivalry heats up.

TLDR:

Key Points:

• Accenture cut its revenue forecast for 2024 due to tough times in the consulting business.
• Deloitte Australia made some job cuts in response to client demand shifts.

In the world of accounting news on Monday, Accenture adjusted its revenue forecast for 2024, reflecting the challenges currently facing the consulting industry. Despite this, there is still demand for generative AI services in the consulting sector, as seen in the case of McKinsey.

However, Deloitte Australia has had to make job cuts in response to changing client needs, indicating a broader trend in the professional services sector. The competitive landscape is also heating up at PwC UK, where a leadership election is underway to replace the current senior partner.

EY provided a tech update, highlighting the top 10 opportunities in technology for 2024. Meanwhile, news emerged about the challenges facing the FRC in expanding its remit to improve audit quality in the UK.

Additional stories included Deloitte’s report on car subscription preferences among younger generations, PwC Australia’s hiring of a Chief People Officer, and criticisms of the FCA’s recruitment process for a chief internal auditor.

Amid these developments, the news about the Michigan Liquor Control Commission’s audit findings and the ongoing debate about value-for-money audits in Ontario serve as reminders of the varied challenges impacting the accounting profession.