Deloitte News

Pandemic Amplified Security Gaps for Public Sector Cyber Officials

While the pandemic has highlighted the resilience of public sector cyber officials, it has also called attention to chronic challenges facing state information technology organizations including securing adequate budgets and talent, and coordinating security steps across agencies, a new report …

The New Digital Normal and the Future of Work in Reinsurance

It’s been said that necessity is the mother of invention. That proverb was illustrated perfectly during the insurance industry’s successful scramble to conduct its business digitally at the onset of the COVID-19 crisis. This digital transformation is creating a new …

Pandemic Economic Uncertainty Could See Insurers Buying, Partnering with Insurtechs

Insurance carriers could increasingly target insurtechs for acquisition and partnerships in the coming months due to pandemic-related economic uncertainty, according to a report. “As insurers move toward late 2020 and into 2021, we believe there may be an increase in …

Wirecard Hires Forensic Investigator, Say Sources. Findings Could Aid in D&O Litigation.

German payments company Wirecard has hired Alix Partners for a forensic investigation of the accounting scandal that led to its collapse, people close to the matter said. The blue-chip company filed for insolvency last month, owing creditors almost $4 billion …

UK Watchdog Urges Big 4 Accounting Firms to Challenge Clients as Audit Quality Slides

The dominant accounting firms must do a better job of challenging their clients in order to reach a satisfactory level of audit quality, the industry’s UK watchdog said. The so-called Big Four — KPMG, Deloitte, Ernst & Young and PricewaterhouseCoopers …

UK Accounting Watchdog Asks Big Four to Ring-Fence Audit Practices

The UK dominant accounting firms must separate their audit units from other businesses by June 2024 as the country’s accounting watchdog reacts to shortcomings that led to the collapse of several companies. The Financial Reporting Council is asking the so-called …

From Enron to Wirecard – Big 4 Accounting Firms Still Face Systemic Problems

Two decades of financial disasters from Enron Inc.’s collapse in 2001 to Wirecard AG’s meltdown have left the Big Four accounting firms facing a major cultural problem that regulators may struggle to resolve. The 1.9 billion euros ($2.1 billion) missing …

New York Taps McKinsey to Develop ‘Trump-Proof’ Economic Reopening Plan

New York Governor Andrew Cuomo has hired high-powered consultants to develop a science-based plan for the safe economic reopening of the region that can thwart expected pressure from President Donald Trump to move more rapidly, state government sources told Reuters …

P/C Insurers Expect Smaller M&As to Continue in 2020

Despite a sharp decline in M&A activity in 2019 and continuing economic uncertainty, more than half of the property/casualty insurance executives surveyed by Deloitte still expect to complete an M&A transaction in the next two years. Insurance carriers still view …

Report Urges Insurers to Eye Impact of Climate Change on Underwriting, Investments

Insurers can no longer put off addressing the impact of climate change on their underwriting, pricing, and investment decisions, as well as their bottom lines, a recent analysis from Deloitte asserts. “The escalating frequency and severity of extreme weather-related events …