Andersen UK may go it alone
Andersen in London today revealed the breakaway of the UK partnership may be inevitable as 'it may not be possible' to sell-off of the group as one entity.
The firm has continually stated it favours the sale of the firm as a global concern, but the door has been left open for fragmentation after managing partner Jo Berardino issued a statement last week saying member firms were ‘considering a number of options.’
An Andersen UK spokeswoman, added: ‘If a global deal is not going to take place you have to look at other options.’
However, any chance of Andersen selling off its UK partnership could be scuppered if it is hit by the maximum penalty of a disciplinary ruling – the removal of its audit certificate.
This could happen if the ICAEW, which could investigate the firm, refers the matter to the profession’s watchdog, the Joint Disciplinary Scheme, headed by executive counsel Chris Dickson.