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.