PracticeAccounting FirmsAndersen Worldwide will not charge exit fee

Andersen Worldwide will not charge exit fee

Andersen and KPMG have some way to go in finalising the financial side of their proposed merger but Andersen will not have to pay a penalty to exit Andersen Worldwide, according to UK senior partner John Ormerod.

Addressing a press conference in London this morning Ormerod said there would be no charge resulting from the decision by Andersen outside of the US to seek to exit the Worldwide umbrella.

‘We not being asked to make a payment to Andersen Worldwide on the basis of these arrangements,’ he said.

Asked whether Andersen would be paying KPMG to join the firm, Ormerod said: ‘That’s not the way professional services firms typically come together.’

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