Room for improvement in the financial reporting of limited liability partnerships (LLPs) has long been a focus of attention for Peter Gamson, partner and head of professional practices at Grant Thornton. Back in 2011 he co-authored Stepping up to the Mark, a report focused on LLPs in the legal sector, which Gamson hoped would encourage higher standards.

‘Things have not really moved on,’ Gamson says, ‘and this needs to change. If individual LLPs want to be taken seriously by the outside world, they need to take their financial reporting responsibility seriously – and that involves understanding accounting standards and getting things right.’

Capita