Punit Renjen sent an email to partners and directors saying a news report the firm is exploring a split is “categorically untrue”.
Deloitte chief executive Punit Renjen says a report the firm is exploring a split is “categorically untrue” and that the big four consulting firm is committed to its multidisciplinary model.Mr Renjen, who made the remarks in an email to all partners and directors at the firm on Thursday morning, was responding to an overnight report inwhich revealed the firm’s leaders had spoken to Goldman Sachs regarding its structure.called in JPMorgan and Goldman Sachs“We are #1 for a reason.
It was characterised as a standard “risk management” practice to ensure senior leadership were across any potential changes in the firm’s operating environment.The insiders pointed out there was little reason for Deloitte to split given the dominant US firm was increasing sales at more than 20 per cent a year and its leading position in the market.
Britain’s accounting regulator, the Financial Reporting Council, has already ordered the firms to structurally separate their auditing operation by mid-2024 but stopped short of ordering a full break-up of the firms.In the US, the Securities and Exchange Commission is reportedly investigating conflict-of-interest concerns about the audit and consulting arms of the big four.
Deloitte was the only big four firm not to sell its consulting arm two decades ago, a move that has given it a big advantage in the consulting market.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Plan to raise smoking age to 21 to be unveiled amid UK government splitsDelayed review, which also suggests new taxes on tobacco firms, reportedly faced pushback from ministers
Read more »
CEOs back capacity market, but divided on coalA capacity mechanism could prevent more energy crunches as seen in Australia, but executives are split on whether coal should be included.
Read more »
Millions of Australians missed out on the remote work revolution. Now there's a push for more 'flexibility'According to a new report, flexibility for frontline workers could include providing options for flexible rosters, shift swapping, job shares, compressed work weeks, split shifts and multi-skilling.
Read more »
Labour faces dilemma of attack against weakened Boris JohnsonAnalysis: Opposition split on whether to target unpopular PM or wider Tory brand, but true test is to pitch Keir Starmer to country
Read more »
Sexy, joyous and tragic, the new-look Queer as Folk is a real winnerMuch has changed in the 23 years since Russell T. Davies’ drama explored the pursuits of a group of carefree gay men in Manchester.
Read more »
Warned of ‘massive’ climate-led extinction, a US energy firm funded crisis denial adsSouthern Company spent $62.1m over the years to deny the impact of fossil fuel combustion on climate crisis
Read more »