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COVER STORY

Anatomy of an audit: purpose, meaning and importance

Providing complementary functions and essential effective governance, internal and external audit helps companies to improve their operations on the inside while providing an accurate representation on the outside.

FEATURES

Addressing deal risks in a changing regulatory environment

Jurisdictions around the world are introducing changes that further complicate the outlook for dealmakers, with the regulatory landscape tightening on both the buy and sell side of transactions.

ESG versus impact investing – two sides of the same coin?

Despite their prevalence, differences in the meanings of these phrases can be overlooked – differences which investors should take into account when considering which option better suits their objectives.

FS unchained: easing the UK regulatory burden

The Financial Conduct Authority has a number of measures in place designed to streamline the rules governing the UK financial services sector, including a Regulatory Initiatives Grid and a new competitiveness objective.

Global consistency: navigating CRFD regimes

To keep pace with the rapid development of climate-related financial disclosure reporting, multinational companies need to ensure they are up to date with the various regimes they may become subject to, while remaining cognisant of all the associated opportunities and risks in doing so.

Risk and reward – US corporate whistleblowing in focus

The US Department of Justice hopes its Corporate Whistleblower Awards Pilot Program will “supercharge” its corporate investigations and prosecutions, strengthen its other tools for corporate accountability and promote companies’ internal compliance programmes.

WORLDWATCH

Bankruptcy and restructuring

Across multiple industries, troubled companies have sought effective strategies to address financial distress, restructure debt obligations, and resolve complex issues and claims in non-judicial consensual restructurings and contentious bankruptcies. FW moderates a discussion between Cristina Gomez-Clark at Alvarez & Marsal, Jorge León Lince at Alvarez & Marsal Mexico, Kate Stephenson at Kirkland & Ellis International LLP, Manish Aggarwal at KPMG India Services LLP, Mihir Bhatt at Kroll, Carole Nerguararian at Linklaters LLP, Paul Rathborne at MA Moelis Australia, and Jay Goffman at Smith Goffman Partners.

SPECIAL REPORT

Corporate tax

Q&A: Tax liability insurance

Although tax credit purchasers do not need to analyse the underlying economics of a project, there is still risk to purchasing tax credits. FW discusses tax liability insurance with Josh Emmett at CAC Specialty.

How to boost EU competitiveness: a summary of the tax proposals in Draghi’s report

Ashurst The report aims to provide a comprehensive and ambitious strategy to enhance the competitiveness of the European Union in the global economy, in light of the challenges and opportunities posed by the green and digital transitions and the changing geopolitical landscape.

Transfer pricing challenges for asset managers under the Italian IME

Chiomenti Transfer pricing implications must be closely monitored, as the Investment Management Exemption requires asset managers to be remunerated at arm’s length, following specific guidelines.

The art of tax administration in Australia

Johnson Winter Slattery Voluntary compliance in the large taxpayer market is the highest it has ever been, attributed to Australian Taxation Office actions taken to influence taxpayer behaviour.

Implementation of an advance pricing agreement programme in South Africa

Cliffe Dekker Hofmeyr The introduction of the advance pricing agreement programme is consistent with the South African Revenue Services’ strategic objective of providing clarity and certainty to taxpayers, which also aims to complement the current advance tax ruling system that applies in South Africa.

Q&A: Generative AI technology: a new era in tax management

Tax professionals should start by thinking through how generative artificial intelligence can support their daily tasks, with a view to fully embracing its transformative capabilities. FW discusses the impact of generative AI technology on tax management with Romain Tiffon at ATOZ.

TALKINGpoint

AI regulation in the UK and EU

A key compliance challenge will be ensuring that AI systems meet the requirements of all applicable regulations without duplication or conflict. FW discusses AI regulation in the UK and EU with Deborah Newberry, Richard West, Nathalie Moreno, Karim Derrick and Joe Cunningham at Kennedys.

Navigating export controls

The message from the US government is unequivocal: violations of export control laws will lead to increased penalties, more prosecutions and significant settlements. FW discusses export controls with Nidhi Rao, Nathalie Terrazas and Leilei Wu at BDO.

DEALfront

mergers & acquisitions

Marsh McLennan acquires McGriff in $7.75bn deal

In a deal designed to strengthen its US insurance offering, global professional services company Marsh McLennan is to acquire McGriff Insurance Services, LLC, a subsidiary of TIH Insurance Holdings, the seventh largest insurance broker in the US.

Flutter’s $2.6bn Snaitech deal

Following several weeks of speculation, in mid-September Flutter Entertainment announced it had reached an agreement with Playtech Plc to acquire Snaitech SPA for $2.6bn, aiming to take the “gold medal podium position” in Italian gambling.

private equity & venture capital

Blackstone acquires AirTrunk in A$24bn transaction

In what represents its largest investment in the Asia-Pacific region, private equity (PE) giant Blackstone is to acquire Australian data centre platform AirTrunk in a transaction valued at A$24bn.

Blackstone and Vista acquire Smartsheet for $8.4bn

Workplace collaboration software maker Smartsheet has agreed to be taken private by Vista Equity Partners and Blackstone in a deal worth $8.4bn.

bankruptcy & corporate restructuring

US auto parts retailer files for Chapter 11

In a move designed to substantially improve its balance sheet and financial position, aftermarket vehicle enhancements provider Wheel Pros, LLC, along with certain of its North American-based affiliates, has filed for Chapter 11 bankruptcy protection.

Tupperware files for Chapter 11 bankruptcy

Iconic food container company Tupperware Brands Corporation, which over the last 70 years became synonymous with food storage products, has filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the District of Delaware.

SPOTlight

To file or not to file: Hamlet meets Canada’s national security regime

Davies Ward Phillips & Vineberg LLP The uncertainty of when to file a notification has to be addressed in the vast majority of investments for which filings are made under the Investment Canada Act. The introduction of the voluntary filing process for minority investments has only expanded the ICA’s web of uncertainty.

Fraud risks in M&A transactions

BTG Advaya Sophisticated frauds have a way of getting around the best diligence, which by nature is limited in what it can achieve. This means there is no foolproof, single method of avoiding frauds in transactions.

Much needed foreign property investment is being stifled in Australia

Gilbert + Tobin It is time Australia modernised its foreign investment rules and calibrated them to the needs of the Australian public.

High Court increases regulatory uncertainty and risk for businesses in the US

Dentons The court’s rulings will usher in an era of uncertainty regarding the legality and viability of federal regulatory programmes across the government, and add new layers of complexity for businesses in all sectors of the economy.

Balancing the oppression remedy and arbitration agreements in South Africa

Herbert Smith Freehills Although South African arbitration law has seen positive developments, certain areas still require alignment with modern arbitration practices. The interaction between the oppression remedy and the enforcement of arbitration agreements is one such area.

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CONTRIBUTORS

Alvarez & Marsal

Ashurst

ATOZ

BDO

BTG Advaya

CAC Specialty

Chiomenti

Cliffe Dekker Hofmeyr

Davies Ward Phillips & Vineberg LLP

Dentons

Gilbert + Tobin

Herbert Smith Freehills

Johnson Winter Slattery

Kennedys

Kirkland & Ellis International LLP

KPMG India Services LLP

Kroll

Linklaters LLP

MA Moelis Australia

Smith Goffman Partners