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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.

Follow Stephen on LinkedIn​

Email Stephen Foley @stephenfoley  on X.com (link opens in a new browser window)
  • Tuesday, 5 May, 2026
    Law
    Fortress expands in US legal market with personal injury law firm deal

    Investment manager uses ownership structure designed to work around profession’s ban on outside equity capital

    Smartphone displaying the Fortress Investment Group logo in front of the company’s website homepage.
  • Friday, 1 May, 2026
    PwC
    PwC will drop cover for weight-loss drugs from employee health plans

    Big Four accountancy balks at high cost of medication it says has become ‘cultural phenomenon’

    PwC logo on a glass office tower, framed by nearby skyscrapers and green tree branches against a clear blue sky.
  • Thursday, 30 April, 2026
    First Brands Group
    First Brands’ creditor sues BDO over car parts maker’s collapse

    Hedge fund Black Diamond claims at least $70mn in damages against audit firm

    BDO logo in blue and red mounted on the roof of a white building against a clear sky.
  • Wednesday, 29 April, 2026
    Accountancy
    KPMG shuts US government audit practice after losing army contract

    Pentagon consolidates work in push to modernise its accounts following years of failed inspections

    U.S Army soldiers in camouflage uniforms rest on a tan tank during combat training, with one soldier holding a water bottle.
  • Tuesday, 28 April, 2026
    BDO LLP
    First Brands chose BDO for ‘less rigorous’ audit, witness says

    Former executive told investigator examining company’s failure that firm had ‘most unsophisticated’ process

    Patrick James arrives at federal court, wearing glasses and a dark coat, with another man partially visible behind him.
  • Thursday, 23 April, 2026
    KPMG LLP
    KPMG to axe 10% of US audit partners

    Cull comes after years of low uptake for voluntary retirement scheme

    KPMG logo displayed on the exterior of an office building with blue panels and metallic siding.
  • Thursday, 23 April, 2026
    Accountancy
    PwC fined $166mn by Hong Kong regulators over Evergrande audit

    Big Four firm also faces six-month ban on new clients related to its work on failed property developer’s books

    The PwC logo on a stone wall outside an office building, with two people walking past in the background.
  • Monday, 20 April, 2026
    FTI Consulting Inc
    FTI Consulting to keep Steve Gunby as CEO after dropping succession plan

    Likely replacement quits after board extends longtime leader’s contract to 2029

    FTI Consulting logo displayed on a mobile phone screen, with a blurred larger version in the background.
  • Thursday, 16 April, 2026
    EY
    Former EY employee sues firm over dismissal after viral Israel speech

    George Washington University graduate says she was fired after remarks criticising actions in Gaza

    The EY logo is displayed on the glass exterior of an office building.
  • Wednesday, 15 April, 2026
    FT News Briefing podcast11 min listen
    PwC plans overhaul of consulting business

    Shake-up spurred by rise of AI and threat of major upheaval across the industry

  • Tuesday, 14 April, 2026
    PwC
    PwC plans overhaul of global consulting business

    Shake-up spurred on by rise of AI and threat of major upheaval across the industry

    PwC logo illuminated above the exhibition stand, with red geometric shapes above the letters and dark background.
  • Wednesday, 8 April, 2026
    US Securities and Exchange Commission
    Wells Fargo whistleblower award slashed by Wall Street watchdog

    SEC’s $53mn payout over fake accounts scandal is less than half the amount originally planned

    A person walks past two Wells Fargo ATMs set in a brightly lit yellow wall at a bank branch.
  • Monday, 6 April, 2026
    Artificial intelligence
    AI has arrived in auditing. Are regulators ready?

    The technology is already leading to rapid changes in the way company accounts are reviewed

    Stephen Foley
    The EY (Ernst & Young) logo with a yellow accent is displayed on the glass facade of an office building.
  • Tuesday, 31 March, 2026
    Public Company Accounting Oversight Board
    US audit regulator pledges to rewrite oversight rule after industry backlash

    Jim Logothetis says parts of quality control standard implemented by Biden administration ‘may be unnecessary’

    The seal of the U.S. Securities and Exchange Commission mounted on a stone wall at the agency’s headquarters.
  • Thursday, 26 March, 2026
    Tether
    Tether hires KPMG as auditor ahead of US expansion

    The world’s largest stablecoin issuer also brings on PwC to ready internal systems

    KPMG logo displayed on the exterior of an office building at Canary Wharf financial district in London.
  • Friday, 20 March, 2026
    Pharmaceuticals sector
    Big drugmakers saved at least $5bn on US taxes shifting income overseas

    New disclosures show how pharma groups reduced federal levies last year by assigning profits to low-tax jurisdictions

    Logos of Lilly, Abbvie, Merck and Pfizer appear on a dark background with blue pills and faint images of $100 bills
  • Thursday, 19 March, 2026
    PwC
    PwC US boss says partners who resist AI have no place at the firm

    Consultancy begins overhaul of pricing and services in face of technology undercutting its business

    Paul Griggs gestures while speaking, wearing a checked suit, white shirt, and patterned tie against a blue backdrop.
  • Monday, 16 March, 2026
    Public Company Accounting Oversight Board
    EY executive takes another top post at US audit regulator

    PCAOB board hires chief of staff from same Big Four firm where chair was an auditor

    Pedestrians walk past the EY office in London, with the company's large logo visible on the building.
  • Thursday, 12 March, 2026
    McKinsey
    McKinsey rushes to fix AI system after hacker exposes flaws

    Consultancy says it has found ‘no evidence’ that confidential client information was compromised

    Silhouettes of two people using laptops in front of the McKinsey & Company logo
  • Wednesday, 4 March, 2026
    KPMG International
    KPMG picks ex-Australia boss Gary Wingrove as next global chief

    UK boss Jon Holt beaten in race to lead 276,000-person Big Four firm internationally

    Gary Wingrove, KPMG's global chief operating officer, smiling in a suit and tie in front of a light-coloured curtain.
  • Sunday, 1 March, 2026
    EY
    Janet Truncale cuts staff and trims costs in her first year as EY boss

    Filings show CEO has made good on promise to slim down central bureaucracy of Big Four accounting firm

  • Tuesday, 24 February, 2026
    PwC
    PwC clashes with boutique consultancy founded by former executive

    Big Four firm moves to protect itself with legal threats against senior figures at Unity Advisory as relationship sours

    PwC logo on a stone sign outside an office building, with a person walking past in the background.
  • Monday, 23 February, 2026
    Artificial intelligence
    Moody’s alert cites gap in data centre accounting for Big Tech companies

    Accounting limitations mean tens of billions in liabilities may be concealed for leasing costs

    A delivery truck parked outside Meta’s Eagle Mountain data center, with snow-capped mountains in the background.
  • Sunday, 22 February, 2026
    Professional services
    Consultancies set for fastest growth in years on back of AI boom

    Companies are seeking advice on how to provide energy to data centres and profit from artificial intelligence

    A technician pushes a cart down a brightly lit aisle lined with server racks and colorful network cables at an Amazon Web Services data center
  • Wednesday, 18 February, 2026
    US financial regulation
    If US regulators won’t hold auditors to account, will the courts?

    Trio of cases provides rulings on how responsible accountants are for spotting fraud and errors

    Stephen Foley
    The seal of the US Securities and Exchange Commission mounted on the exterior of the agency’s headquarters building
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