Tameka Gordon, Business Reporter
Effective today, September 1, local chartered accounting firm Deloitte & Touche will cease its 50-year relationship with the international Deloitte Touche Tohmatsu Limited and begin operating under the name, Calvert, Gordon and Associates (CGA).
The move comes as part of the "reorganisation of Deloitte in the Caribbean," Deloitte Jamaica's managing partner, Audley Gordon, said.
Under the restructuring, "it was concluded that an independent correspondent firm (ICF) would adequately serve the needs of the Deloitte worldwide clients operating in Jamaica," Gordon said in writing to Sunday Business.
As such, the local firm will no longer "be a part of the Deloitte network", but will retain some linkages with the global accounting leader through its new affiliate status.
Though it will no longer be providing services under the Deloitte brand, the ICF designation will allow "continued access to the member firms in the worldwide Deloitte network," Gordon said, though tight-lipped on the full implications of the restructuring on the operations and clientele of the firm.
Deloitte Jamaica's senior team, as named on its website, included: Gordon as office managing partner and audit partner; Anura Jayatillake, partner of consulting and financial advisory services; Winston Robinson, partner of assurance, advisory services and enterprise risk services; Fagan Calvert, partner of audit; and Gihan de Mel, partner of audit and tax.
Sunday Business was unable to ascertain immediately how many of the partners and other senior leaders have joined CGA.
Deloitte & Touche started in Jamaica as Heron and Thorburn in 1949 as a chartered accounting firm and became a member firm of Touche Ross International in 1960. It started its management consulting practice in 1977. The firm is a part of Deloitte's Caribbean/Bermuda cluster.
Other countries in the cluster also include member firms in The Bahamas, Barbados, Bermuda, the British Virgin Islands, the Cayman Islands, and Trinidad.
"Following the international merger between the two 'big-eight' firms Deloitte, Haskins & Sells and Touche Ross, in 1989, the international name became Deloitte Touche Tohmatsu, and the local name became Deloitte and Touche in 1991," the company's website states.
Meanwhile, Supreme Ventures Limited, one of Deloitte's local clients, has said its board of directors will make a determination on the way forward, regarding the lottery company's business relationship with the accounting firm.
Supreme Ventures further sought to "assure" shareholders that its audits will continue to be performed by "an international auditing firm".
For rival KPMG, "the Deloitte Jamaica exit from their international network is a development which will impact the marketplace".
Managing partner at KPMG Jamaica, Tarun Handa, thinks "the reduction of the Big Four to the Big Three locally will impact the choice facing larger entities across the public and private sectors for the provision of professional services".
The firm was also quick to point out it "remains open and available to take advantage of any opportunities that this development might present".