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October 29, 2009

Italian CONSOB firm a key addition for Kreston International

By Nicholas Moody

Kreston International has netted key recruits in the Italian market with the addition of three former Moores Rowland firms.

The firms are the audit firm Bompani Audit; Moores Rowland Associati, which provides taxation, accounting, company secretarial and payroll services; and Moores Rowland Consulenti di Direzione, which provides management consulting, corporate finance and internal control.

Bompani Audit is one of only 22 Italian firms licensed with the Italian regulator, Commissione Nazionale per le Società e la Borsa (CONSOB), to carry out audits of publicly listed companies.

The three firms combined have offices in Milan, Turin, Florence, Viareggio and Rome with 15 partners and 70 professional and support staff. Kreston International claims  the firms’ admission will lift Kreston to become the ninth-largest accounting group in Italy.

The International Accounting Bulletin estimates this would put Kreston’s Italian firms’ combined annual revenues at more than €10 million ($15 million).

Bompani Audit is registered with the US Public Company Accounting Oversight Board (PCAOB) and is also a member of Assirevi, the Italian Association of Auditing Firms.

“We have been searching for an audit firm in Italy for some considerable time and are delighted that the firms have now chosen to move to Kreston International,” Kreston International executive director Jon Lisby said.

Since the beginning of 2009, Kreston has recruited top 10 firms in Romania and Bulgaria in addition to firms in Canada, Kazakhstan, Egypt and Australia.

The association is also in the process of recruiting in Azerbaijan, Chile, West Africa, the Caribbean, China and parts of  Mexico.

The number of Kreston member firms dropped from 244 in 2008 to about 220 this year due to a change in Kreston strategy to become a network. Lisby said global coverage has remained intact with only two fewer countries featuring Kreston firms.

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