E&Y France posts 4% growth…

IFRS preparations step up…

PwC expands in China…

FINANCIAL RESULTS
E&Y France posts 4% growth

Ernst & Young France’ (E&Y) revenue grew 4 percent to
€794 million ($1 billion) during its financial year ended June
2008. European integration, continued investment into its business
and responding to the current crisis have been the major events of
the past year, the firm said.

E&Y claims it has maintained its dominance of the audit
market, auditing 53 percent of companies listed on the CAC 40.
However, audit activity was down 4 percent, which the firm said
reflects the stabilisation of the market. E&Y said the outlook
for the current year is uncertain. However, the firm is optimistic
it will overcome the financial crisis.

STANDARDS
IFRS preparations step up

An increased number of US professional services firms and
companies are beginning to prepare for the eventual adoption of
IFRS, according to a study from the American Institute of Certified
Public Accountants.

Fifty-five percent of CPAs at firms and companies surveyed in
September and October said they are preparing for adoption, an
increase of 14 percent since an April survey.

The US Securities and Exchange Commission formally issued its
proposed roadmap for adopting the international standards on 14
November. Commissioners had previously held a public meeting on the
proposal on 27 August.

STRATEGY
PwC expands in China

PricewaterhouseCoopers has continued its expansion in China by
opening a new office in the eastern port city of Ningbo. It is
PwC’s 13th office in China and first in the Zhejiang province.

PwC claimed it is the first international professional services
firm to establish an office in Ningbo. The firm has appointed Toby
Xu as the office lead partner. Ningbo, with a population of about
5.6 million, recorded more than CNY300 billion in GDP last year to
become one of China’s most developed cities.

PwC China markets leader Frank Lyn commented: “The firm has
always taken a long-term perspective in evaluating markets. We
acknowledge that the impact of the current global financial crisis
will not be overcome quickly, but our outlook for China is not
daunted.”