PracticeAccounting FirmsDeloittes considers move to LLP status

Deloittes considers move to LLP status

Deloitte & Touche is reviewing its status with a view to becoming a limited liability partnership just weeks after rival PricewaterhouseCoopers said it was to become an LLP.

The news also follows the Big Five firm’s swift, but reluctant, u-turn on its decision to separate its consulting arm from its audit business as a result of events surrounding the Enron collapse.

A spokesperson for Deloitte & Touche said: ‘There is an LLP review which is ongoing. The firm started looking at it in the last few months.’

Ernst & Young became the first UK firm to adopt LLP status last year. KPMG said in January that it too is set to become a LLP in the spring. Last month PwC said it would take on LLP status in July this year, and is likely to publish its UK accounts in 2003.

Firms have been able to register for LLP status since 6 April 2001 following the enactment of legislation introduced in 2000.

Under the current system for partnerships, all partners of a firm can be held ‘joint and severally’ liable for any action brought against the firm.With a steep rise in litigation becoming an LLP appears to be the best way for firms to reduce their liability against lawsuits.

Related Articles

Johnston Carmichael CEO appointed as ICAS president

Accounting Firms Johnston Carmichael CEO appointed as ICAS president

3w Emma Smith, Managing Editor
British Accountancy Awards 2018 – entries open!

Accounting Firms British Accountancy Awards 2018 – entries open!

1m Emma Smith, Managing Editor
Is the accountancy sector facing an international talent crisis?

Accounting Firms Is the accountancy sector facing an international talent crisis?

1m Lewis Silkin
RSM appoints new Chief Operating Officer

Accounting Firms RSM appoints new Chief Operating Officer

1m Alia Shoaib, Reporter
RSM announces 11 partner promotions

Accounting Firms RSM announces 11 partner promotions

2m Emma Smith, Managing Editor
BDO hires former AstraZeneca creative director as head of digital and innovation

Accounting Firms BDO hires former AstraZeneca creative director as head of digital and innovation

2m Emma Smith, Managing Editor
What does the future hold for listed accountancy firms?

Accounting Firms What does the future hold for listed accountancy firms?

2m Fergus Payne, Lewis Silkin
EY, Deloitte lead Big Four in gender pay gap reporting

Accounting Firms EY, Deloitte lead Big Four in gender pay gap reporting

3m Emma Smith, Managing Editor