Professional's Legacy

KPMG Australia has begun a major restructuring expected to affect around 500 people, including approximately 50 partners and 450 client-facing staff. CEO John Sams has confirmed discussions with affected partners are underway, while final staff numbers have not yet been determined.

Notably, audit and tax teams are reportedly being spared from this particular round of reductions. The restructuring comes as KPMG Australia deals with the fallout from a governance and audit scandal involving the misuse of confidential client information and concerns around auditor independence.

The controversy has also attracted parliamentary scrutiny and wider discussion about tougher regulation of Australia's Big Four firms. For accounting professionals, the development shows that even senior partnership positions can face pressure when firms undergo major reputational, governance and profitability challenges.

Disclaimer: Information is based on publicly available media reports and statements as of August 2026. Reported workforce figures are estimates, and final numbers may change as the restructuring progresses.

Google has inaugurated its local office in Pakistan following a meeting between Prime Minister Shehbaz Sharif and a Google delegation in Islamabad. The development comes as Google expands its investment in Pakistan’s digital economy, skills development and technology ecosystem.

Google Vice President Wilson L. White said the company has contributed more than Rs3.9 trillion in economic activity in Pakistan over the past decade and supported over 960,000 jobs. Google also says it has helped upskill around 1 million Pakistanis through career certificates and education initiatives.

A major announcement for students is also coming: Google says it will provide Google Gemini subscriptions free for one year to students in Pakistan, with further details expected to be announced later this week.

For students and young professionals, wider access to AI tools could provide new opportunities to develop practical AI, research, productivity and digital skills increasingly required in the job market.

Disclaimer: Information is based on statements made at Google's Pakistan office inauguration and publicly available reporting as of August 18, 2026. Details and eligibility requirements for the free Gemini subscription are subject to Google's official announcement.

EY US has launched a new Career Residency program that will allow eligible assurance interns to extend their experience far beyond the traditional summer internship. After completing an 8-week internship, selected students can continue working with EY part-time and paid for another 8–12 months while completing college.

The change comes as AI increasingly automates routine work traditionally performed by junior employees. Instead of focusing primarily on repetitive tasks, EY says residents will gain experience on real projects while developing professional judgment, critical thinking, professional skepticism, communication and collaboration skills.

There is another significant career advantage: successful participants who eventually receive full-time offers may be able to enter EY at the analyst level rather than the traditional staff level, depending on performance and other criteria.

For accounting students, this may indicate how Big Four entry-level careers are changing. As AI takes over more routine work, firms may increasingly expect graduates to arrive with deeper practical experience and stronger judgment from day one.

Disclaimer: Information is based on EY US's official announcement and publicly available reporting as of August 2026. The Career Residency initially applies to eligible EY US assurance interns, and program conditions may vary.

The UK Cabinet Office has awarded KPMG and EY contracts with a combined maximum value of £456 million to provide training to civil servants between 2026 and 2028, including development in areas such as AI skills.

Under the reported contracts, KPMG could receive up to £319 million, while EY's contract has a maximum value of £137 million. However, £456 million represents the maximum contract ceiling and does not mean the government will necessarily spend the full amount.

The contracts have attracted attention because the Labour government previously pledged to reduce consultancy spending. The Cabinet Office maintains that these contracts cover training rather than consultancy and are intended as a temporary arrangement ahead of plans to develop more government training capability in-house.

For accounting and consulting professionals, the deal highlights how Big Four firms are increasingly expanding beyond traditional audit and tax services into AI, workforce transformation and large-scale professional training.

Disclaimer: Information is based on publicly available government contract information and media reports. Contract values represent maximum potential amounts and may differ from actual expenditure.

A former Deloitte IT manager in Hong Kong has pleaded guilty to stealing 423 Lenovo laptops from the firm’s office over a period of around 17 months.

According to the South China Morning Post, the laptops were worth approximately HK$1.2 million (US$153,000). The former manager reportedly sold the devices to an electronics recycler and put more than HK$458,000 of the proceeds into stock-options trading, where the money was ultimately lost.

The theft was discovered after an IT engineer identified a significant shortage in the company’s laptop inventory. The former employee has been remanded in custody pending sentencing.

For audit, finance and business professionals, the case highlights a basic but important control lesson: even in large professional organizations, physical asset controls, regular inventory reconciliations and segregation of duties remain essential.

Disclaimer: Information is based on publicly available court reporting and media coverage. The post summarizes reported proceedings and should be read in the context of the relevant court record.

From Lahore to the leadership of one of the world’s major banks, Raja Jawad Akram’s career represents a significant milestone for Pakistani professionals in global finance.

Akram, who studied at Aitchison College before moving to the United States for higher education, was appointed Chief Financial Officer of Deutsche Bank in 2026. His professional journey began at KPMG before taking him through senior roles at Citi, including CFO of Citi Brazil and Chief Accounting Officer & Controller. He later joined Morgan Stanley as Deputy CFO before moving to Deutsche Bank.

What makes his journey particularly interesting is that becoming CFO of a global bank was a career ambition he had set for himself around 15 years earlier. Rather than following a straight path, he deliberately gained experience across accounting, M&A, emerging markets, financial reporting and senior banking leadership before eventually reaching that goal.

For Pakistani CA, ACCA, CFA, finance and accounting professionals, his career highlights how an accounting and finance foundation can eventually lead far beyond traditional accounting roles - including some of the highest leadership positions in global banking.

Disclaimer: Information is based on publicly available professional profiles, corporate announcements and media reporting available at the time of publication.

PwC has reportedly moved a small number of UK equity partners out of the partnership and offered them Managing Director positions, roles that generally carry lower compensation. Financial News reported on 14 August that around a dozen equity partners have moved to MD roles since PwC introduced the grade in late 2024, while some affected partners reportedly chose to leave the firm instead.

The changes come as Big Four firms face pressure to maintain profitability amid slower consulting demand. PwC UK reported revenue growth of just 0.4% for 2025, with average profit per partner at £865,000.

The strategy appears to be improving partner economics. PwC UK partners have reportedly been on course for average FY2026 payouts exceeding £900,000, although final figures have yet to be confirmed.

For accounting professionals, the development highlights another side of the Big Four partnership model: reaching Partner may be considered the top of the traditional career ladder, but maintaining that position can increasingly depend on commercial performance, profitability and the firm's changing business requirements.

Disclaimer: Information is based on publicly available media reports and corporate disclosures as of August 2026. Reported figures and individual role changes may be subject to further confirmation.

Around a month ago, Zeenat Patel shared a major career milestone: her promotion to Partner at Grant Thornton UK, around 10 years after she first joined the firm partway through her training contract.

What makes her journey particularly notable is that she openly shared experiencing exam failures at the beginning of her career. Instead of allowing those setbacks to define her career, she continued progressing and eventually reached partnership.

Her journey also raises an interesting question for accounting firms in Pakistan and India. In many firms across the region, talented professionals can spend many years moving through rigid hierarchies before partnership becomes a realistic possibility. Limited openings, traditional promotion structures and seniority-driven progression can sometimes make the route unnecessarily long.

Zeenat’s 10-year journey provides a different perspective: when firms identify capable people, create opportunities and allow performance to translate into progression, the path to leadership does not always have to take decades.

For CA, ACCA and other accounting professionals, the lesson goes beyond overcoming exam failures. Firms also need career structures where talented professionals can realistically see a path towards leadership.

Disclaimer: Information is based on Zeenat Patel’s publicly shared professional announcement. Observations regarding career progression are general and may vary between firms and individuals.

Asim Zulfiqar Ali, FCA, Fellow Member of ICAP and Partner at A.F. Ferguson & Co. (PwC Pakistan), has been conferred with the prestigious Tamgha-e-Imtiaz by the President of Pakistan.

The national honour recognizes his professional contributions, excellence and service to the accounting profession and Pakistan.

His recognition also represents a significant moment for Pakistan’s Chartered Accountancy community, highlighting the contribution finance and accounting professionals can make beyond their organizations at a national level.

Disclaimer: Information is based on the official announcement issued by ICAP. The post is shared for informational purposes.

Karachi’s Rambagh Police say they solved an ATM theft case involving Rs 53.7 lakh in less than 24 hours, arresting a bank’s Operations Manager and his alleged accomplice.

According to police, the Operations Manager allegedly planned the theft and entered his own branch’s ATM area wearing a burqa, while his friend used a cap and mask. The CCTV camera was reportedly covered with bubble gum in an attempt to conceal their identities.

Police say Rs 29.74 lakh of the stolen Rs 53.7 lakh has so far been recovered. CCTV footage reportedly played a key role in tracing the suspects, while further investigation remains underway.

The case highlights the importance of internal controls, segregation of duties, access management and continuous monitoring within financial institutions, as operational risk can also originate from individuals with authorized access.

Disclaimer: Details are based on initial police statements and media reports. Allegations remain subject to investigation and due legal process; guilt is determined by the competent court.