Deloitte will be a global partnership ‘within a decade’

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

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