Baker Tilly results in line with expectations
Accountancy firm remains on track but makes changes to pensions and fails to reveal professional indemnity claims
BAKER TILLY UK’S annual results were “generally” in-line with the management board’s expectations.
Releasing it’s latest figures, the firm’s profits for the financial year ended 31 March 2010 before members’ remuneration and profit shares were, £3.4m compared to £2.8m for the same period last year.
Baker Tilly did not release any details on professional liability claims, nor would it reveal costs of claims from professional indemnity insurance of defending and concluding claims as to do so would “seriously prejudice the position of the LLP”.
In November, the Accountancy & Actuarial Discipline Board (AADB), the accountancy disciplinary body, opened an investigation into Baker Tilly’s audit of Tanfield.
The firm confirmed it was changing its pension benefits to members. From 31 March 2010 the firm closed its defined benefit pension scheme to all members for future benefit accrual.
From 1 April 2010 the firm provided a defined contribution scheme for all employees.
