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Stephen Foley

US Accounting Editor

Stephen Foley covers the accounting and consulting industries in the US and globally, including the activities of the Big Four and the MBB firms (McKinsey, BCG, and Bain). Since joining the Financial Times in New York in 2012, he has held positions including markets correspondent, US investment correspondent and deputy US news editor. He was also business editor of Nikkei Asia, the FT’s sister publication.

Stephen previously worked at The Independent in London and New York and was named business journalist of the year at the 2009 British Press Awards for his coverage of the financial crisis.

Email Stephen Foley @stephenfoley  on Twitter (link opens in a new browser window)
  • Friday, 10 January, 2025
    Accounting & Consulting services
    Andersen Consulting brand set for resurrection

    A 1990s name makes a comeback with help from George Shaheen, who led it for more than a decade

    Montage of Andersen Consulting logo, with George Shaheen and Mark Vorsatz
  • Tuesday, 7 January, 2025
    Blackstone Group LP
    Blackstone joins private equity deal wave in US accounting sector

    Acquisition of Citrin Cooperman from New Mountain Capital for $2bn marks a step up in valuations

    Blackstone’s headquarters in New York
  • Monday, 6 January, 2025
    Business InsightAccountancy
    The Gen Z problem for audit firms

    The profession is finding it harder to attract and retain staff — a key factor in the quality of inspections

    Commuters in New York
  • Sunday, 5 January, 2025
    US financial regulation
    Accounting firms try to block new US disclosure rules about auditors

    Regulator has been accused of piling pressure on companies with a flurry of rulemaking

    People outside the Securities and Exchange Commission
  • Tuesday, 31 December, 2024
    Accountancy
    ‘Most important man in accounting’ warns against lowering standards

    Barry Melancon, for 30 years head of leading US professional body, says quality should not be compromised to aid recruiting

    Barry Melancon
  • Saturday, 28 December, 2024
    McKinsey
    Fired McKinsey ‘scapegoat’ expands damages claim against firm

    New legal threat follows $650mn settlement with US government over company’s opioid work

    A McKinsey office
  • Sunday, 22 December, 2024
    Accountancy
    Accounting firms fear discrimination claims under US licence reform plan

    Group representing Big Four criticises on-the-job training proposals for CPA qualification

  • Tuesday, 17 December, 2024
    KPMG International
    KPMG outpaces Big Four rivals as audit and tax units shine

    Firm’s strong annual revenue growth helps narrow gap against competitors

    A KPMG office in San Francisco
  • Friday, 13 December, 2024
    McKinsey
    Prosecutors label $650mn McKinsey opioid pact a warning to consultants

    Firm settles criminal investigation and former senior partner admits obstruction of justice

    This illustration image shows tablets of opioid painkiller Oxycodone
  • Tuesday, 10 December, 2024
    Accountancy
    Remote and offshore work could hurt audit quality, US regulator warns

    Breakdown of traditional apprenticeship model has ramifications on accounting firms’ culture, says PCAOB head

    Erica Williams
  • Monday, 9 December, 2024
    Accountancy
    Accounting errors force US companies to pull statements in record numbers

    ‘Concerning’ rise in restatements of financial results raises questions about quality of auditing

    A person working at a desk using a calculator and a laptop computer
  • Monday, 9 December, 2024
    News in-depthUS trade
    US companies lawyer up in preparation for Trump’s trade wars

    Legal and accounting firms expect a fee bonanza from efforts to avoid expected tariffs and export controls

    Montage of US dollar bills and shipping containers
  • Thursday, 5 December, 2024
    McKinsey
    McKinsey pays $122mn to resolve probes into South Africa bribes

    Deferred prosecution agreement covers corruption scandal involving state-owned companies during Zuma presidency

    McKinsey and Company logo
  • Tuesday, 3 December, 2024
    Accounting & Consulting services
    Audit firms sharpen knives for oversight panel under Trump

    Threat to accounting board is greatest since it was created in the wake of the Enron audit scandal, accounting veterans say

    Accounting board chair Erica Williams
  • Wednesday, 27 November, 2024
    SoftBank Group Corp
    Shares of SoftBank-backed Symbotic plunge after accounting errors

    Warehouse automation developer that counts Walmart and Target as customers delays release of annual report

    SoftBank signage
  • Friday, 22 November, 2024
    McKinsey
    McKinsey nears $600mn settlement with US over opioid claims

    Payment would significantly raise cost to firm of its past work for opioid makers

    Three bottles of OxyContin
  • Wednesday, 20 November, 2024
    Grant Thornton UK LLP
    Grant Thornton UK picks private equity over US merger

    Accounting firm agrees to sell stake to buyout group Cinven

    Offices of Grant Thornton
  • Tuesday, 19 November, 2024
    Deloitte LLP (United Kingdom)
    Deloitte UK plans to axe 180 advisory roles in fresh round of job cuts

    Restructuring is latest sign of weakness in consulting industry after end of pandemic-era boom

    A man passes a Deloitte sign at the company’s London offices
  • Monday, 18 November, 2024
    Accounting & Consulting services
    Private equity buyers snap up two more US accounting firms

    Investcorp’s purchase of PKF O’Connor Davies and Centerbridge investment in Carr Riggs extend run of deals

    Buildings in the Manhattan skyline in New York
  • Monday, 4 November, 2024
    Business InsightAccountancy
    Tensions erupt over US audit quality

    Senators Elizabeth Warren and Sheldon Whitehouse publicly clash with accounting regulator Christina Ho

    Elizabeth Warren raises her left hand as she makes a point during a speech
  • Monday, 4 November, 2024
    FT News Briefing podcast11 min listen
    The $250bn in corporate taxes riding on US election

    The candidates’ differing tax policies pave two starkly different futures for corporate America

  • Sunday, 3 November, 2024
    World Economic Forum
    Davos entourages will face 10-fold price increase next year

    World Economic Forum plans to charge more for second-tier guests at its gathering in Switzerland

    Snow covers rooftops, on the first day of the annual meeting of the World Economic Forum in Davos, Switzerland
  • Friday, 1 November, 2024
    Accounting & Consulting services
    BDO ordered to pay $5mn to Jay-Z accountant in unfair dismissal case

    Details of the dispute have become public after former partner petitioned to enforce an arbitration award

    A montage of Jay-Z with a BDO logo
  • Wednesday, 30 October, 2024
    Super Micro Computer, Inc.
    Super Micro Computer shares drop by one-third after EY resigns as auditor

    Server maker said in August it would delay the release of its fiscal year 2024 results

    Charles Liang, chief executive of Super Micro Computer, pictured at the Computex conference in Taipei in June
  • Wednesday, 30 October, 2024
    News in-depthUS presidential election 2024
    What’s at stake in US election? $250bn in taxes for corporate America

    Research shows Trump’s tax cuts led to expanded corporate investment — and a spike in share buybacks

    Montage of Donald Trump, Kamala Harris and a corporate tax return form
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