The news, in case you missed it this morning:
PricewaterhouseCoopers said on Wednesday that it had agreed to buy the consulting firm Booz & Company, bolstering its advisory business.
Financial terms of the transaction were not disclosed, though Booz & Company is expected to be PricewaterhouseCoopers’s biggest acquisition in several years.
Still, the union of the two firms is likely to bring scrutiny from regulatory agencies around the world as it again raises the issue of an accounting firm’s buildup of consulting businesses that could pose conflicts of interest.
Of course, while "regulatory agencies" are working out their scrutiny, Francine is already on top of it:
"Booz partners expected to drop consulting assignments that conflict with existing auditing clients." Which regulator will review? #pwc
— Francine McKenna (@retheauditors) October 30, 2013
Because OCC/Fed foreclosure review consulting engagements went so well: PwC to buy Booz, up game in Advisory, mitigate miserable audit biz.
— Francine McKenna (@retheauditors) October 30, 2013
PwC is an audit firm first, the global largest. Get that right. #mfglobal #colonialbank #aig jpmwhale #bacmortfraud #gskfcpa #knight
— Francine McKenna (@retheauditors) October 30, 2013
It's cool, guys, they're on it. No need to involve the regulators, trust us.
PricewaterhouseCoopers and Booz & Company have taken steps to quell any concerns, according to people briefed on the matter. The two companies are expected to review client matters, with Booz partners expected to drop consulting assignments that conflict with existing auditing clients.
Booz & Company partners are expected to vote on the deal in December, with an update on the merger to come by the end of the year. The people briefed on the matter added that they expected PricewaterhouseCoopers to retain the vast majority of Booz’s partners.
See? There you have it. Stop trippin, yo.
