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August 23, 2009

News Briefs

MEMBERSHIP ADDITIONS
Japanese firm joins Morison International

Morison International has admitted
Japanese firm YUSEI Audit & Co to its membership. YUSEI Audit
& Co was established in 1999, has about 150 staff and provides
a full range of services including audit, accounting, tax planning,
tax compliance, business consulting and due diligence.

The firm reported 32 percent growth
last year and claims to be ranked ninth in the Japanese market.
Tokyo-based YUSEI Audit & Co complements Morison
International’s existing Japanese firm, Nakata & Associates,
which provides business consulting services from Osaka.

STRATEGY
E&Y forms IT advisory group

The Ernst & Young US (E&Y)
financial services office has formed an IT advisory services group.
The group is intended to help financial services firms manage IT
strategy amid widespread economic and regulatory change.

John Weisel, a financial services
principal at E&Y, will lead the group, which will consist of
more than 1,000 information technology professionals based across
the Americas.

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“Information technology programme
initiatives have been accelerated over the past year as many firms
are realising that IT must become the engine that drives change
throughout an organisation and ultimately sets the stage for
long-term growth,” Weisel said.

LEGAL
Investigators probe Irish firm

Moore Stephens Northern Ireland is
being investigated by the UK Accountancy and Actuarial Discipline
Board for its role as the auditor of Presbyterian Mutual
Society.

The Irish society went into
administration last November when it could no longer fulfil
requests from members for repayment of investments.

During the three weeks prior to the
society going into administration it received requests for
withdrawals of more than £50 million ($84.9 million) but had cash
reserves of just £4 million available to meet these requests.

The conduct of Moore Stephens Northern
Ireland and unnamed individual members of the Institute of
Chartered Accountants in Ireland is being investigated by the
discipline board in relation to the alleged failure by the society
to obtain the appropriate regulatory authorisation for the conduct
of its business from 2000 to 2008.

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