What is Deloittes hiding?
We congratulate Deloitte & Touche on another set of healthy results.
This year, the firm said its annual growth was just under 20 per cent.
John Connolly and his team are almost certainly running a tight and profitable ship.
But there is still the nagging doubt that it could be a ghost ship. Deloittes, along with Andersen and PricewaterhouseCoopers, refuses to publish full audited accounts. Unlike the other two, Deloittes does at least publish fee income results for the UK, but we can only take its word for the accuracy of those.
The partners argue that there is no law requiring disclosure, and so no disclosure is necessary. But that is missing the point. These are three firms that make millions, employ thousands of staff and audit thousands of companies. Partnership law was never designed to service such vast operations – and the firms have no excuses for their secrecy.