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December 20, 2009

News Briefs

STRATEGY
KPMG reports 11 percent drop in global revenue

KPMG International has reported an 11
percent drop in global revenue to $20.1 billion for the fiscal year
ending 30 September 2009. However, the firm had a more modest 3
percent decline in local currency terms.

KPMG International chairman Timothy
Flynn said the network was pleased with its investments in high
growth markets, which resulted in continued growth in those member
firms.

KPMG’s strongest performing region was
Asia-Pacific, with local currency growth of 4 percent, which the
network said was driven largely by growth in its audit
practice.

Revenues in BRIC countries grew 4
percent. Middle East and South Asia were the fastest growing
regions with a 25 percent revenue increase.

STRATEGY
PwC US acquires consulting business assets

PricewaterhouseCoopers (PwC) US has
acquired a portion of the operating assets of Alaris
Consulting.

Alaris Consulting is a firm focused on
strategic sourcing, supply chain optimisation and the reduction of
cost and complexity in supply chains.

Alaris chief executive Michael Deering
has been appointed principal and will join PwC’s advisory practice
as a member of the strategy and operations solution group.

SATYAM
Deloitte takes on Satyam audits, PwC chair revealed

Deloitte’s Indian affiliate firm,
Deloitte Haskins & Sells, has been confirmed as statutory
auditor for Mahindra Satyam, the successor to troubled software
company Satyam.

Deloitte and KPMG were initially
chosen to assist with the restatement of the software company’s
fraudulent accounts in January after the company’s founder and
chair Ramalinga Raju admitted to fraud totalling more than $1.44
billion, the biggest ever corporate fraud in India’s history.

At the time of the fraud, a firm
affiliated with PricewaterhouseCoopers was Satyam’s statutory
auditor.

Meanwhile, PricewaterhouseCoopers has
appointed Gautam Banerjee as chairman of the network’s Indian
firm.

Banerjee has been a partner with
PricewaterhouseCoopers Singapore for about 20 years, serving as
executive chairman for the past six years. Banerjee will take over
from Ramesh Rajan with immediate effect.

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