A US spokesman told Accountancy Age: ‘We do not believe that there is any successor liability exposure to Grant Thornton.’
The news comes as concerns mount over the defunct firm’s exposure to the accounting scandals in the US, which could cost former Andersen partners millions of dollars in compensation.
To date, Grant Thornton has taken on 44 former Andersen partners – six in the UK and 38 in the US – and 330 former employees.
It has beaten rival BDO which had said it was actively seeking to recruit former Andersen partners and employees. Jeremy Newman, managing partner at BDO Stoy Haward, expressed doubts about taking on former Andersen partners.
He said: ‘It is difficult to say whether [people who take on Andersen partners] are protected. There is no legal precedent. Things are not clear.’
Revenue and profitability growth in on the rise for CPA firms, found a survey from the American Institute of CPA’s and its subsidiary CPA.com
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Carter Backer Winter has acquired Edwards Financial Services, expanding its financial planning department
New growth opportunities in Aberdeen, North East Scotland, are being invested in by Grant Thornton