PracticeAccounting FirmsDeloitte will be a global partnership ‘within a decade’

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

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.

Related Articles

Grant Thornton expands financial services regulatory team

Accounting Firms Grant Thornton expands financial services regulatory team

1w Austin Clark, Reporter
FRC closes investigation into PwC over Barclays compliance

Accounting Firms FRC closes investigation into PwC over Barclays compliance

2w Alia Shoaib, Reporter
Top 50+50: Firms fall short on diversity

Accounting Firms Top 50+50: Firms fall short on diversity

2w Alia Shoaib, Reporter
Grant Thornton appoints new partner

Accounting Firms Grant Thornton appoints new partner

3w Emma Smith, Managing Editor
The five key trends impacting accountancy firms

Accounting Firms The five key trends impacting accountancy firms

3w Wesleyan Bank | Sponsored
Top 50+50: Big Four hold steady, shake-up outside Top 20

Accounting Firms Top 50+50: Big Four hold steady, shake-up outside Top 20

2w Emma Smith, Managing Editor
Top 50+50: Revenue rises spark rankings shake-up

Accounting Firms Top 50+50: Revenue rises spark rankings shake-up

2w Emma Smith, Managing Editor
BDO strengthens Bristol team with new audit partner

Accounting Firms BDO strengthens Bristol team with new audit partner

2w Austin Clark, Reporter