PracticeAuditSuperpowers need firms’ help on cross-border investment

Superpowers need firms' help on cross-border investment

Robert Kimmitt, former deputy secretary at the US Treasury urges close interaction between Deloitte and the other leading accounting firms if problems further down the line are to be avoided

A former second-in-command at the US Treasury has said the world’s
superpowers will have to keep accountants closely involved if cross­border
investment is to be revived as they overhaul regulatory frameworks.

Robert Kimmitt, deputy Secretary between 2005 and 2009 under Hank Paulson,
and now running a new service for Deloitte, urged close interaction if problems
further down the line were to be avoided.

Kimmitt, chairman of Deloitte’s new Center for Cross-Border Investment, said:
‘It will be very important as new regulations and legislation become
incorporated that Deloitte and the other leading accounting firms continue their
close interaction and help governments make changes on an informed basis.

‘As the rules of the road are rewritten in the next 12-18 months it will be
one of the most exciting times for Deloitte to help inform the process of both
advising investors and also formulating and executing investment strategies.’

Kimmitt has been brought in to counsel Deloitte member firms on the execution
of cross-border mergers, acquisitions and other transactions by parties
including private equity investors, strategic buyers, hedge funds and sovereign
wealth funds.

He added that a clearer accounting framework was vital. ‘Clarity in
accounting rules is an essential component of encouraging cross-border
investment so that any ambiguity can be resolved,’ he said.

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