Big Question – Majority of FDs support LLPs

Most finance directors want the government to follow Jersey’s example and introduce limited liability partnership for UK accountants.

In response to this week’s Big Question survey, carried out by Accountancy Age and Reed Accountancy Personnel, 51% of the 200 FDs questioned said they would back the introduction of LLPs for UK accountancy firms.

Bob Smithson, FD for business software supplier Interactive Products, said: ‘It seems crazy that for the sake of one mistake a firm of accountants can be wiped out or become uninsurable.’

Alistair Browne, of business consultant CAPITA, added: ‘It’s the only way to move into a more sensible environment.’

Last week, the Jersey parliament passed the long-awaited limited liability law which was sponsored by Ernst & Young and Price Waterhouse.

A sizeable 31% of FDs opposed LLP introduction. ‘The profession wants to have its cake and eat it. The audit is a goldmine to the profession,’ said Rakesh Gulati, of vehicle rental business Churchfields. Jim English, of international removals company Interpack, said: ‘Practices should be accountable.’

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