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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)
  • Thursday, 10 October, 2024
    US financial regulation
    Warren criticises accounting watchdog over BDO audit failures

    Senator says US regulator needs to take tougher line against ‘repeat offenders’

    Elizabeth Warren
  • Wednesday, 9 October, 2024
    Accountancy
    KPMG US chief calls for urgent reform to halt slide in accounting ranks

    Fewer US students are taking up accountancy, and 75% of CPAs are near retirement

    Paul Knopp stands smiling in front of the KPMG logo.
  • Monday, 7 October, 2024
    EY
    EY to hold back some pay from US partners after tough year

    Big Four accounting firm tries to manage cash flow issues by deferring 2% of annual compensation

    EY managing partner Julie Boland
  • Tuesday, 1 October, 2024
    BDO LLP
    Jay-Z and Megan Thee Stallion quit BDO after theft allegations

    A former employee at the accounting firm has been charged with fraud

    A montage of Megan Thee Stallion, Jay-Z and the BDO logo
  • Wednesday, 18 September, 2024
    Grant Thornton UK LLP
    Grant Thornton US among shortlist of bidders for UK franchise

    Buyout firms EQT and Permira also in running for mid-tier accountancy firm

    City of London skyline
  • Tuesday, 17 September, 2024
    FTX Trading Ltd
    SEC says FTX auditor did not understand the crypto market

    Regulator’s case against Prager Metis details alleged failures in examining the exchange before its collapse

    FTX logo on a smartphone with stock exchange figures in the background
  • Tuesday, 17 September, 2024
    PwC
    PwC China stops work on $140mn campus as Evergrande crisis mounts

    Lavish training institute on tropical island under review as firm reels from fallout from its audits of failed property developer

    A partially constructed building with exposed concrete and support beams, surrounded by construction materials
  • Saturday, 14 September, 2024
    Accounting & Consulting services
    Deloitte’s revenue growth is weakest in 14 years as demand slows

    Tougher economic conditions prompt companies to cut spending in firm’s key markets

    The Deloitte logo
  • Friday, 13 September, 2024
    PwC
    PwC banned for 6 months in China for ‘concealing fraud’ at Evergrande

    Big Four firm pays $62mn fine and fires 11 staff over audit of collapsed developer

    The exterior of the PwC Center in Shanghai, China, showing the "pwc" logo prominently displayed on the building
  • Friday, 13 September, 2024
    Professional services
    PwC spin-off to restructure $1.5bn in debt after cost overruns

    Tax and immigration adviser Vialto in talks with creditors two years after sale to private equity

    A person does some work with a calculator
  • Monday, 9 September, 2024
    PwC
    PwC to parachute in UK partner to run scandal-hit China business

    Leadership switch comes as accounting firm faces punishment over audit of failed developer Evergrande

    The PwC office in Shanghai, China. The building's signage displays both the PwC logo and its name in Chinese characters.
  • Monday, 9 September, 2024
    US financial regulation
    US audit firms ordered to bring in outsiders to oversee quality

    Larger firms will have to set up an oversight board with at least one independent outsider

    Erica Williams
  • Wednesday, 28 August, 2024
    Boston Consulting Group Inc
    BCG admits it paid bribes to win consulting business in Angola

    US firm will give back $14mn in profits after agreement with Department of Justice

    Boston skyline showing Tobin bridge
  • Wednesday, 28 August, 2024
    Inside BusinessUS financial regulation
    Accountancy firms fight back against audit reforms

    Big firms are battling against proposed rules on external oversight

    Erica Williams, chair of the Public Company Accounting Oversight Board
  • Saturday, 24 August, 2024
    Grant Thornton UK LLP
    Private equity circles Grant Thornton’s UK business

    Carlyle, Blackstone and Permira among firms considering buying a stake in mid-tier accountant

    Grant Thornton offices in Bristol
  • Wednesday, 21 August, 2024
    PwC
    PwC braced for 6-month ban in China over Evergrande audit

    Expected punishment for work on failed property developer’s accounts would be toughest by Beijing against a Big Four firm

    A combination image of the PwC logo and unfinished residential towers
  • Monday, 19 August, 2024
    Accountancy
    SEC accused of ‘censorship’ over politically sensitive audit paper

    Academic says she was forced to delay publication of paper highlighting pressure on smaller audit firms

    The SEC seal on its headquarters in Washington, DC
  • Monday, 19 August, 2024
    News in-depthUS presidential election 2024
    ‘Little upside and a lot of risk’: Harris-Trump clash tests US CEOs

    Executives hope for a more business-friendly Democrat but remain reluctant to take a public position

    US President Joe Biden enters the stage with Vice-President and Democratic presidential candidate Kamala Harris during an event on Medicare drug price negotiations
  • Thursday, 15 August, 2024
    Accountancy
    BDO sinks to bottom of US audit quality league table

    PCAOB boss says deficiency rates remain ‘unacceptable’ across largest accounting firms

  • Monday, 12 August, 2024
    FT News Briefing podcast11 min listen
    Western companies hit by Muslim country boycotts

    Rejection of goods is based on perceived political agendas over the Gaza conflict

  • Saturday, 10 August, 2024
    Accounting & Consulting services
    Marcum Asia seeks new path after exclusion from deal for US parent

    Firm with annual revenues of about $50mn will be able to use brand during transition period

    The inside of the Shanghai Stock Exchange
  • Wednesday, 7 August, 2024
    News in-depthCoca-Cola Co
    How a $16bn tax stand-off stays unseen in Coca-Cola’s earnings

    The stakes of a fight over ‘astronomical’ profits in low-tax countries are visible only in fine print

    A montage of classic Coca-Cola bottles
  • Wednesday, 31 July, 2024
    Accountancy
    CBiz to buy Spac-focused Marcum in $2.3bn accounting deal

    Takeover by the US’s only publicly traded accountancy creates a twist in the profession’s wave of consolidation

    View of buildings in Manhattan, New York, US
  • Tuesday, 30 July, 2024
    Accounting & Consulting services
    US accounting firms rethink global networks

    Mid-tier outfits under increasing pressure to overhaul networks as more clients want international services

    A montage of the logos of Forvis Mazars, CLA, Grant Thornton and Crowe, with a Manhattan skyline in the background
  • Thursday, 18 July, 2024
    PwC
    PwC loses two-thirds of accounting revenues from clients listed in mainland China

    Firm tells partners to ‘stay calm’ as exodus of companies prompts lay-offs and cost cuts

    PwC building in Shanghai
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