Friday, January 2, 2015
RSM Astute Consulting plans acquisition to gain from change in Companies Act – Economic Times
The deal on the IT consulting firm is likely to be sealed within a week, said RSM Astute founder Suresh Surana. The company already gets a fifth of total revenue from IT consulting, and the plan is to expand it further.
Under the new Companies Act, companies would have to change their auditors and rotate them every ten years. In India most big companies, listed and unlisted, prefer long-term relationships with their auditors. The situation is such that auditors beyond the Big Four – PricewaterhouseCoopers, Ernst & Young, Deloitte and KPMG – tend to depend on one or two clients for their revenue. The new regulation would put them in trouble as they stand to lose big clients.
“The rotation clause would benefit the Big Four auditors due to strong brands and demands of external stakeholders, but we believe the new Companies Act has created huge opportunities (for everyone) in the area of internal audits and risk advisory services,” said Surana.
The group, which employs around 1,200 people across top 12 cities, is looking to expand to at least five other cities through mergers and acquisitions. The target cities include Vadodara, Chandigarh, Coimbatore and Nagpur.
“We are looking at expanding in these cities through (taking) controlling stakes in small but high-potential firms focused on internal audits or information technology services. After the acquisition, we will invest in infrastructure and competency building in these companies,” Surana said.
Copyright © 2015 Times Internet Limited. All rights reserved.
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Thursday, January 1, 2015
Business continues to evolve – Green Bay Press Gazette
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 Green Bay Press Gazette | Business continues to evolve Green Bay Press Gazette “I think what’s happened is that businesses already in business need to find out how to communicate their value proposition,” Burwell said. “A business plan doesn’t do that — it helps them to get in business. Business modeling, mapping and design are … |
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Detroit charged more than $170 million in legal, consulting fees for … – MLive.com
DETROIT, MI — Lawyers and consulting firms that guided the city through its bankruptcy cases charged more than $170 million in total, according to a court document filed this week.
U.S. Bankruptcy Judge Steven Rhodes in November, when he approved the city’s elaborate plan for cutting about $7 billion from its estimated $18 billion in long-term debt, demanded full disclosure of professional fees incurred over the 16-month case.
(Related: Detroit’s historic 2014: 15 big moments for the Motor City)
That disclosure was filed Tuesday and is available here.
Rhodes also said he intended to review the reasonableness of the fees, and the city and its lawyers and consultants have since engaged in talks to lower some of the fees.
According to the document, Jones Day, the lead law firm that represented the city in the bankruptcy case, was paid the most, nearly $58 million, followed by investment banking firm Miller Buckfire, which charged nearly $29 million and restructuring consultants at Ernst and Young, who charged over $20 million.
Four firms that represented and advised retirees in the case charged the city more than $25 million combined.
Court-appointed mediators who facilitated a series of settlements between the city and its creditors to ultimately resolve the case charged nearly $1 million. Chief U.S. District Judge Gerald Rosen, who led mediation, was not compensated.
The state reimbursed or planned to reimburse the city about $5.29 million for professional fees, bringing the total amount paid from the city’s general fund to $164.91 million.
The city officially exited bankruptcy Dec. 10.
The debt adjustment plan is expected to relieve the city of debt service payments that for decades crippled Detroit’s ability to provide adequate services to residents.
The plan was coupled with a 10-year reinvestment framework that would send $1.7 billion into boosting services over the next decade.
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Wednesday, December 31, 2014
Broadway getting back to business after Walmart 'chaos' – Appleton Post Crescent
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 Appleton Post Crescent | Broadway getting back to business after Walmart ‘chaos’ Appleton Post Crescent “I think my plan is to get back to our original plan and mission and to focus on small business,” said Tara Gokey, who On Broadway Inc.’s new executive director. “I think everybody was looking forward to moving on and up. I’m seeing a renewed interest … |
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Tuesday, December 30, 2014
INSIGHT: Death doesn't have to claim a business, too – Sioux Falls Argus Leader
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Sioux Falls Argus Leader | INSIGHT: Death doesn’t have to claim a business, too Sioux Falls Argus Leader Often in family business, one or more relatives are actively involved in the operation. At the death of the principal owner, the business is generally the major asset of the estate, and division of an operating business poses a host of issues. If the … |
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