The move was billed by Andersen as a first step in its attempts to implement the Volker recommendations requiring the firm to split way from its audit practice.
‘While our firm will retain appropriate tax expertise in a manner consistent with these reforms, Deloitte will provide a significant number of our people with continuing career opportunities and our clients with continued quality service from recognized and respected professionals,’ said Larry Gorrell, managing partner of Arthur Andersen LLP.
But the split could have reverberations around the world as Andersen seeks to find homes for its national practices – until now various national practices have merged as single entities into other Big Five firms.
In the UK, there was still no firm news about a merger between Andersen and KPMG, which has admitted a global tie up between the two firms is no longer viable.
Revenue and profitability growth in on the rise for CPA firms, found a survey from the American Institute of CPA’s and its subsidiary CPA.com
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Carter Backer Winter has acquired Edwards Financial Services, expanding its financial planning department
New growth opportunities in Aberdeen, North East Scotland, are being invested in by Grant Thornton