MERGERS AND ACQUISITIONS
Marcum & Kliegman in Florida merger

Leading Edge Alliance US member firm
Marcum & Kliegman is planning to merge with Florida-based firm
Rachlin, a member of Baker Tilly International.

The combined organisation will operate
as Marcum in the Northeast and MarcumRachlin in the South of the
US. The firm will have 800 professionals and 84 partners, with 10
offices in locations including New York, New Jersey, Connecticut,
Florida and Grand Cayman. Rachlin added 200 professionals to the
new partnership.

Marcum specialises in Securities and Exchange Commission
registrants, alternative investment partnerships and family office
services, while Rachlin specialises in the government, public and
not-for-profit sectors, bankruptcy and receiverships. The new
firm’s international affiliation is still being finalised.

AUDIT
Graduated ladder of concern

PricewaterhouseCoopers UK head of
assurance Richard Sexton is sceptical of a recommendation in a UK
Treasury Committee report (see UK audit profession welcomes
review
) that it is worth investigating whether going concern
could be replaced with a graduated ladder of concern.

The committee suggested the ladder
could allow auditors to “transparently express an opinion on a
bank’s future without triggering emergency action by the [Financial
Services Authority]”.

Sexton told the International
Accounting Bulletin
: “At the risk of being rather crude, it is
a bit like saying you’re either pregnant or you’re not. It’s quite
hard to be half pregnant and it is quite hard to be half a going
concern.

“My personal view is that while it is
worth looking at the way that going concern is considered and
reported, and that may lead to more comprehensive conversation
around risk, I just don’t see how you can conclude other than you
are or you are not a going concern.”

PEOPLE
E&Y appoints oil and gas
leader

Ernst and Young (E&Y) has
appointed Moscow-based tax partner Aleksey Kondrashov as it global
oil and gas tax leader. He has 17 years of experience advising oil
and gas companies on Russian and international taxation. Kondrashov
said the focus of the oil and gas industry is shifting from
traditional companies towards new significant market players
operating in the Middle East, Russia, China, Latin America, India
and Caspian countries.