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April 30, 2008

News Briefs

New BDO Stoy Hayward partners…

UK auditor transparency reports come into force…

KPMG to cut emissions by 25 percent…

BDO Stoy Hayward acquires actuaries and pensions business…

PEOPLE New BDO Stoy Hayward partners BDO Stoy Hayward has appointed 11 new partners. All were current employees, although nine joined as part of the acquisition of tax consultancy Chiltern in October last year. BDO Stoy Hayward managing partner Jeremy Newman said: “Our acquisition of the tax business Chiltern has created one of the most powerful and comprehensive tax service offerings in the UK and the new partners have increased and added to the wealth of highly skilled and talented staff at the firm.”

STRATEGY KPMG Europe signs £62 million telco deal

KPMG Europe has announced a £62 million ($123.1 million), five-year outsourcing agreement with British Telecommunications (BT). The deal is intended to deliver significant operating cost savings to KPMG’s business and transform technology architecture in order to build value-added services that improve the productivity of employees. A central part of BT’s commitment will be the delivery of a fully converged, IP-based, networked telephony infrastructure. The platform will allow other firms in the global network to join.

REGULATION UK auditor transparency reports come into force As of 6 April, auditors of publicly listed companies in the UK have been required to publish annual transparency reports. The UK Professional Oversight Board recently published its regulations setting the minimum requirements the transparency reports must meet. The requirements closely follow those outlined in the EU Statutory Audit Directive. A number of the largest UK audit firms already publish annual transparency reports on a voluntary basis following a 2003 recommendation from the government-led group set up to consider the implications of Enron for UK audit regulation.

REGULATION Working group to tackle audit firm governance KPMG UK senior partner and chair John Griffith-Jones and BDO Stoy Hayward managing partner Jeremy Newman have been named among the 12 members of a working group tasked with developing a code of best practice governance for UK accountancy firms that audit public interest entities

STRATEGY KPMG to cut emissions by 25 percent KPMG International plans to reduce the combined carbon emissions of member firms by 25 percent by 2010. The initiative is centred on three commitments: measuring, reducing and reporting KPMG’s carbon footprint; supporting environmental projects to help address the challenges of climate change; and working with employees, suppliers and clients to help them improve their climate change impacts. “In addition, we will provide our member firms’ employees with the information and tools that they need to improve their own climate impacts both in the workplace and at home,” KPMG International chair Timothy Flynn said.

M&A Vantis acquires UK firm HLB International UK member firm Vantis has acquired Brewer Higgins, an accountancy firm based in Bucking¬hamshire. The Brewer Higgins team will integrate into Vantis’ existing offices in Beaconsfield and Vantis said the firms will work together as Vantis Brewer Higgins to achieve their aim of becoming the leading provider of business advisory services in the region. Vantis said the merger will provide clients with greater access to a wider range of professional services.

M&A BDO Stoy Hayward acquires actuaries and pensions business BDO Stoy Hayward’s investment management practice is strengthening its corporate pensions and benefit services division with the acquisition of actuaries and pensions business Wolanski Checkley Fisher (WCF). WCF brings 30 professionals to the new partnership.

PEOPLE E&Y UK recruits former regulator Former regulator Jim Evans has joined Ernst & Young UK (E&Y) as a partner in the firm’s regulatory and risk management practice. Evans previously served with the Securities and Investment Board and the Life Assurance and Unit Trust Regulatory Organisation. He has 20 years’ experience in financial services and has worked both as an enforcement and compliance officer. Evans joins E&Y from Deloitte, where he led the development of the firm’s regulatory process solutions practice. He has also worked at KPMG and American Express. At E&Y, Evans will work within the remediation team, helping clients to resolve major control failures and mis-selling issues across financial services. He will also be responsible for growing the team and industrialising its delivery capability. More than 50 people have been recruited to E&Y’s regulatory and risk management practice in the past six months.

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