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April 30, 2008

News Briefs

PwC continues Yukos legal battle…

PCAOB adopts AS6…

Deloitte US appoints vice chai…

KPMG announces breakdown…

LEGAL PwC continues Yukos legal battle PricewaterhouseCoopers (PwC) Russia will continue to fight claims it was guilty of assisting former Russian oil company Yukos with tax evasion despite a recent Moscow arbitration court decision turning down the firm’s appeal against the charges. The recent ruling upholds a March 2007 court decision following a case brought by Russian tax authorities against PwC Russia and Yukos. PwC Russia is believed to be the country’s largest accounting network. A spokesperson from PwC Russia said the firm will re-appeal the decision.

STANDARDS PCAOB adopts AS6 The US Public Company Accounting Oversight Board has adopted the new Auditing Standard No 6 – Evaluating Consistency of Financial Statements and an accompanying set of amendments to the board’s interim auditing standards. The new standard and amendments update the auditor’s responsibilities to evaluate and report on the consistency of a company’s financial statements and align the auditor’s responsibilities with the Financial Accounting Standards Board’s Statement of Financial Accounting Standards No 154 – Accounting Changes and Error Corrections.

PEOPLE Deloitte US appoints vice chair

Deloitte US has elected a new vice chairman to serve the governance committee. Stephen Van Arsdell, who has been a partner of the board since 2003, will continue his focus on the delivery of Deloitte’s services to a number of the organisation’s most prestigious clients. He will remain based in Deloitte’s Chicago office. Van Arsdell also serves as chairman of the board’s Finance and Audit Committee and previously chaired the board’s Risk Committee. FINANCIAL RESULTS KPMG announces breakdown

KPMG International has revealed fee income breakdown by region in its 2007 Annual Report. In the Asia-Pacific region, KPMG noted growth of 22 percent and a fee income of $2.5 billion. In the firm’s Europe, Middle East and Africa region, the network generated revenues of $10.7 billion and growth of 21 percent, while in North America KPMG grew 11 percent to $6.6 billion. The network reported particularly strong growth of 41 percent in the BRIC countries (Brazil, Russia, India and China).

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