The move is a blow for KPMG as Andersen is the largest firm in Spain, and would have provided a gateway to the lucrative Latin American market.
Meanwhile the UK deal between KPMG and Andersen was said to be ‘very fluid’.
A source close to the talks told Accountancy Age last week: ‘The situation is very fluid at the moment. Lots of the businesses are talking to each other, there are lots of urgent discussions. There are so many things to get right.’
He added: ‘There are the obvious problems of the byzantine legal systems, particularly in the US.’
He said: ‘They (the partners) can see the opportunity, but are concerned that no liability leeks into our business.’
Mazars has announced the appointment of Michael Tripp as the new head of financial services
A new leader, Darra Singh has been appointed to lead EY’s UK government and public sector practice
MHA MacIntyre Hudson has partnered with cloud accounting software provider Xero ahead of the government’s requirement for digital records
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