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Private Equity
BDO Advises Member Firms Not to Take Private Equity Money [Bloomberg]
The world’s fifth-largest accountancy network announced the move alongside a slew of executive changes on Monday. BDO said the decision marks a “strategic reset” for the firm that will “ensure a strong and sustainable future.” “Choosing independence is a conscious decision made from a position of strength,” Chief Executive Officer Pat Kramer in a statement. “This approach ensures that we remain in control of our destiny while continuing to build a future-proof organization.”
Navigating outside investors: Safeguarding ethics and independence in evolving practice structures [Journal of Accountancy]
Writes Kim Nilsen, senior director–Reputation & External Relations for the Association of International Certified Professional Accountants:
Maintaining public trust and professional excellence is essential in this changing landscape. Therefore, firms considering an APS with a strategic outside investor should choose an investor with aligned values and goals and prioritize due diligence, robust agreements, a strong system of quality management, investor and employee education, conflicts management, and transparency. One critical step is pretransaction due diligence, which involves working with legal counsel, regulators, and standard setters to ensure compliance with all relevant laws, regulations, and professional standards. Firms must also ensure that investors understand and are willing to comply with professional, including ethical, responsibilities at the transaction’s inception and on an ongoing basis. The AICPA’s Firm Services Division, with the assistance of experts and other stakeholders, is developing a best practices guide to assist members considering an APS with a strategic investor.
PE investment globally hits $1.5 trillion in first three quarters of 2025 despite slowdown in deal activity, according to KPMG’s Private Equity Pulse [KPMG]
At the end of Q3’25, global PE deal volume was $1.5 trillion — on pace to reach a four-year high should investment remain steady through Q4’25. The buoyant investment is notable given the significant decline in deal volume — from 15,083 deals in the first three quarters of 2024 to 13,574 in the first three quarters of 2025.
The Profession
Cowan speaks on mental health for accountants [Boise State University]
Mark Cowan, distinguished professor in the Department of Accountancy, delivered a talk at the Association of Government Accountants’ spring professional development meeting in April 2025, held in Meridian, Idaho. His presentation, “Mental Health for Accountants: From Barriers to Boundaries,” tackled an often-overlooked issue within the accounting profession: the stigma surrounding mental health. “Mental disorders are not signs of weakness of character or lack of stamina,” he said. “Anxiety and depression are medical conditions like physical ailments such as heart disease.”
Law & Order
Attorney general reaches $60K settlement with accounting firm over data breach [CNY Central]
A Capital Region accounting firm will pay $60,000 and strengthen its cybersecurity after a pair of data breaches exposed the personal information of more than 4,700 New Yorkers. Attorney General Letitia James announced a settlement with Wojeski & Company after investigators found the firm failed to adequately protect client data and waited over a year to notify victims of a ransomware attack.
Accounting firm with LI office sued over gender bias claims [Long Island Business News]
Plaintiff Corinna Creedon, a former managing director at Forvis Mazars who led the firm’s National Nonprofit Advisory Services practice and two other practice areas, claims the company failed to protect her from repeated harassment by a male colleague. The case – Creedon v. Forvis Mazars LLP, Ryan Reiff, Mike Wolfe and Troy Gilstorf – was filed on Oct. 15 in the Southern District of New York.
Tax
IRS seeks contractor to run nationwide credential program [Washington Technology]
The Internal Revenue Service is looking for a contractor to operate its identity, credential and access management program that manages ID cards and access for IRS employees and contractors. In a draft performance work statement, the IRS describes its core requirements for the potential prime contractor: Credential issuance and management; Lifecycle management; Program management.
Congress passes bill requiring IRS to clarify math error notices [The Tax Advisor]
The U.S. Senate on Monday passed the Internal Revenue Service Math and Taxpayer Help Act, H.R. 998, which, among other changes, requires the IRS to provide taxpayers with details on notices related to a math or clerical error.
IRS details service disruptions during the government shutdown [POLITICO]
The IRS will still collect payments but will scale down or suspend other services amid the government shutdown, including some refunds, according to a statement the agency released Tuesday.
Treasury CIO says IRS IT layoffs are ‘painful,’ but necessary for reorganization [Federal News Network]
The day before the IRS sent RIF notices, Sam Corcos, Treasury’s chief information officer and a Department of Government Efficiency representative, defended the IRS layoffs as a “painful,” but necessary tool to get the agency’s stalled IT modernization efforts back on track. “It’s very hard to fire people. The only way that you can really reduce the size of government is through the reduction-in-force process,” Corcos said on an Oct. 9 episode of the Modern Wisdom podcast.
Technology
AI security flaws afflict half of organizations [Cybersecurity Dive]
Half of all organizations have been “negatively impacted” by security vulnerabilities in their AI systems, according to recent data from EY.
M&A
Accountancy mergers attempt to turn one plus one into three [Financial Times Opinion]
Professional services firms rummage through business structures like kids at the Lego box. Latest on the play rug is RSM, which aims to pull more of its global sister firms into a newly hatched US-led partnership.
International
Centre likely to ease advertising rules to help CAs, their firms to grow [Business Standard (India)]
The Central government is likely to amend the laws regulating the chartered accountancy profession to relax existing restrictions on advertising by these professionals and their firms, The Economic Times reported. Citing people familiar with the matter, the report states that the move aims to help chartered accountants (CAs) promote their services more effectively, secure new assignments, and support business growth.
How the outsourcing sector became South Africa’s newest goldmine [BBC]
Esethu Dywili says his lucrative accountancy work has given him the chance to change his family’s life. “When you work for a firm that earns its revenue in US dollars or British pounds, they are able to pay competitive salaries that perhaps you would not get working for a local South African company,” says Mr Dywili, who has a degree in commerce and accounting.