Deloitte will be a global partnership 'within a decade'
Deloitte global CEO predicts Big Four firm will transform into a single global partnership within 10 years
Deloitte global CEO predicts Big Four firm will transform into a single global partnership within 10 years
The global chief executive of Deloitte, William Parrett, has predicted that
his firm could transform into a single global partnership within a decade.
Speaking in the Financial Times, Parrett, said that regulators were
likely to push the top accounting firms into becoming single partnerships, and
clients would most likely support the change.
The structural change would allow Big Four firms such as Deloitte to deliver
consistent audit work across countries and adhere to increasingly global
regulatory requirements.
However, laws in some countries prohibit accounting firms from structuring
themselves as single partnerships, and there would be a need for liability
reform in others to prevent catastrophic legal claims against firms.
Parrett told the FT that ‘my expectation, both from a business
standpoint and a regulatory standpoint, is larger firms will evolve to a global
partnership over the next decade’.
He said Deloitte’s 10-year strategy was ‘to be the standard of excellence’
and raise audit quality worldwide.
Deloitte’s annual report is released tomorrow, and the FT said it
would show the firm’s global revenues had increased 10.9% to $18.2bn (£10.4bn)
in the financial year ending 31 May, and its audit revenues had risen 17% to
$8.7bn.
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceStatic budgets outdated. Embrace agile budgeting for a smooth year-end close and adapt to changing markets. Read More...
View articleSaffery Champness's strategic rebrand to "Saffery" reflects a bold step towards aligning its historic values with a modern, innovative ethos, fosterin...
View articleSumer’s CEO Warren Mead believes accountants have a responsibility to champion smaller and medium-sized businesses and that successful entrepreneurs a...
View articleMid-market firms experience largest percentage increase in fee income in 2023, as consultancy services start to become leading income streams for the ...
View articleBaker Tilly International has today announced record global revenues of US$5.2bn for the financial year ended 31 December 2023, up 11% on the previous...
View articleWhilst Small and Medium Enterprises (SMEs) account for around half of the turnover in the UK private sector[1], our own AAT research shows that over a...
View articleGrant Thornton UK as confirmed the appointment of Malcolm Gomersall as its new Chief Executive Officer. Gomersall, who has been with the firm for over...
View articlePersonas is an internal AI platform meticulously developed by BDO to boost productivity and streamline day-to-day tasks. Read More...
View article