PracticeAccounting FirmsEXCLUSIVE: KPMG takes on LLP status

EXCLUSIVE: KPMG takes on LLP status

KPMG has become a a limited liability partnership, taking on its new legal status from midnight on Friday.

The Big Five firm will become the second to adopted LLP status – Ernst & Young became an LLP as soon as the option became available last year.

By becoming an LLP, KPMG will be able to offer its partners protection from legal action where they have not been directly involved. Under the current system, every partner is ‘jointly and severally’ liable for mistakes made by other partners in the firm.

Although KPMG will be following in the footsteps of E&Y, it had already incorporated its audit practice as long ago as 1996, a move which led it to become the first large accountancy firm to publish its accounts.

Related Articles

Johnston Carmichael CEO appointed as ICAS president

Accounting Firms Johnston Carmichael CEO appointed as ICAS president

3w Emma Smith, Managing Editor
British Accountancy Awards 2018 – entries open!

Accounting Firms British Accountancy Awards 2018 – entries open!

1m Emma Smith, Managing Editor
Is the accountancy sector facing an international talent crisis?

Accounting Firms Is the accountancy sector facing an international talent crisis?

1m Lewis Silkin
RSM appoints new Chief Operating Officer

Accounting Firms RSM appoints new Chief Operating Officer

1m Alia Shoaib, Reporter
RSM announces 11 partner promotions

Accounting Firms RSM announces 11 partner promotions

2m Emma Smith, Managing Editor
BDO hires former AstraZeneca creative director as head of digital and innovation

Accounting Firms BDO hires former AstraZeneca creative director as head of digital and innovation

2m Emma Smith, Managing Editor
What does the future hold for listed accountancy firms?

Accounting Firms What does the future hold for listed accountancy firms?

2m Fergus Payne, Lewis Silkin
EY, Deloitte lead Big Four in gender pay gap reporting

Accounting Firms EY, Deloitte lead Big Four in gender pay gap reporting

2m Emma Smith, Managing Editor