News Briefs

OVERSIGHT
EC grants third-country auditor transition period

The EC has granted a transition period for the registration
requirements of audit firms from 30 non-EU countries. The decision
allows audit firms from these jurisdictions to continue their audit
activities on third-country companies listed on European markets
during the implementation of Article 46 of the Statutory Audit
Directive. Audit firms from third-countries that do not fall under
the transitional regime will be subject to full registration and
oversight by the relevant EU member state. The transition period,
which runs until 1 July 2010, will only be granted if the
third-country audit firms comply with the minimum information
requirements necessary for investors in Europe. Countries that fall
under the transitional arrangement include Australia, Brazil,
India, China, Japan, Russia and the US.

PEOPLE
E&Y EMEIA admits 282 new partners

Ernst & Young has admitted 282 new partners to its practices
across Europe, the Middle East, India and Africa (EMEIA) with
immediate effect. The appointments have been made in all service
lines and industry sectors. Area managing partner Mark Otty
commented: “We remain confident in the future growth prospects of
our firm. While growth in Western Europe remains steady, revenues
in the key emerging markets of EMEIA, including India, South Africa
and the countries of the [Commonwealth of Independent States] and
the Middle East, have increased by more than 40 percent in the last
financial year.”

STRATEGY
Deloitte US launches discovery solutions centre

Deloitte US has expanded its discovery practice with the launch
of a new electronic discovery solutions centre. Based near
Nashville, Tennessee, the new 13,180 square-foot centre will enable
Deloitte’s clients to address discovery challenges in a more
effective manner. Deloitte financial advisory services chairman
Frank Piantidosi said: “Discovery is a complex issue for companies
engaged in a lawsuit or investigation. In today’s global business
environment, multi-national companies may need to collect and
process data on servers, hard drives and devices throughout the
world for just one discovery request… The electronic discovery
solutions centre allows us the flexibility to grow as the
marketplace advances.” The new centre will employ about 100
professionals.