KPMG just appointed a head of the Brexit.
In a recent press release, KPMG said that this leadership role will supplement the existing leadership roles which means that there isn’t a new person appointed to this position. KPMG appointed a partner already within the leadership structure to head up all the Brexit fallout. I believe this shows that KPMG takes this issue seriously but not serious enough to create a whole other branch in their leadership chain. I’m sure after more guidance comes out about Brexit, a different leadership structure might emerge.
They didn’t clearly state what she will be doing other than heading up their Brexit initiative. I’m guessing this means she’s in charge of coming up with projects to take to market, orchestrating webcasts and organizing what partners will be in charge of what pieces of the Brexit. She’ll most likely have to appoint heads of Brexit for each line of service that KPMG offers. Nothing tangible has really happened with Brexit yet either, so it will be interesting to see what “products” KPMG will offer other than just conference calls.
The partner appointed head of brexit for KPMG is Karen Briggs. Her profile on KPMG states that she is head of tax, pensions and legal services. Tax and legal services will obviously be the areas that see a lot of fallout from Brexit.
It seems her expertise has mainly been in regulatory and fraud investigations and not necessarily focused in international business. Her title as head of tax and legal services most likely got her this assignment.
KPMG is the first big 4 accounting firm to formally appoint a head of the Brexit. As the big 4 accounting firms typically copy each other, I’m sure PwC, Deloitte, and Ernst & Young will soon follow suit.
Brexit will no doubt result in many billing hours for the big 4 as clients want to have conference calls to discuss the potential implications from a trading, accounting, regulatory and tax perspective. I’m sure the big 4 might even come up with some unforeseen issues brought about by the Brexit in order to drum up new work.
Go here for the KPMG press release on the Brexit appointment:
KMPG also has a homepage that future Brexit news.
I checked the other Big 4 accounting firms webpages for brexit homepags and found the following:
It doesn’t appear that EY has a brexit landing page yet, but they do have a pdf.
Many newspapers and websites have written how this will increase work for accountants and lawyers. This will no doubt be similar to what happened with BEPs and all the OECD action items. Increased global regulation is now the norm versus the exception. Brexit will most likely increase regulatory requirements for clients that do business in the UK versus decrease it.
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