EY will not have bonuses in 2020
Due to the coronavirus, EY has announced that they aren’t providing performance based bonuses but they are doing this to prevent people being laid off. It’s unclear whether there will be raises at this point. I would guess that there won’t be raises or that they will be extremely low. Probably under 5%. They are the first firm to have this issue since they report their revenues first. We will keep an eye on this and provide updates.
Deloitte Acquires Technology Company In Australia
Deloitte acquired a technology company in brisbane australia. The name of the company is bistech. They are a data and analytics team. THey will join Deloitte’s Analytics and Cognitive team. The company was founded in 2000. They had 17 consultants. This company was a business partner for Microsoft and IBM. This makes sense as the big 4 accounting firms try to catch up in all aspects of financial technology and analytics.
PCAOB Delays Inspections By 45 Days Due To Coronavirus
PCAOB announces relief from inspects for 45 days as a result of the coronavirus. They stated that the coronavirus offers a unique set of challenges for investors, issuers, broker-dealers, auditors and regulators. They also want to look out for the health of their employees. They said that they are going to alter their approach to more of a remote process a result of the virus. They expect to fully resume inspections May 11, 2020. They are doing this to give audit firms more time to work with their clients.
PwC Donates 2.85 million For COVID-19 Causes
PwC donated 2.85 million to coronavirus causes. They also previously made donations of $350,000 to project hope which was meant to help protective equipment to health workers in China. The 2.85 million is grants that will go to various relief efforts.
500,000 will go to feeding america’s covid-19 fund. $500,000 will go toward efforts to help health workers obtain protective equipment. It will also help health centers and clinics. The remaining money will go to various cities across the U.S. in dealing with the coronavirus.