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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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