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December 20, 2009

News Digest

STRATEGY
Brazilian firm joins PKF International

PKF International has admitted a new
Brazilian member firm, Directa Auditores.

Directa has 12 partners and directors, 100
staff and offices in Sao Paulo and four other Brazilian cities. It
reported fee revenue of BRL8.75 million ($4.46 million) in the year
to 31 December 2008. Key clients include Johnson & Johnson, GM,
Ford and BrasilTelecom.

 

MERGERS AND ACQUISITIONS
BDO Dunwoody grows near Toronto

BDO Dunwoody is to merge with
Robinson & Company, an accounting firm from Guelph. The merger
will result in a team of nine partners and 36 client service
personnel serving Guelph, a city about 100 kilometres from Toronto.
It will offer accounting, audit, tax, information technology
solutions, risk and financial advisory services.

 

PEOPLE
RSM McGladrey names public sector leader

RSM McGladrey has appointed Ed
Wertzberger as leader of the firm’s public sector practice.
Wertzberger will also lead the development of a formal industry
programme. He most recently worked as the managing director of
public sector at Huron Consulting.

Wertzberger also spent 33 years with Arthur
Andersen where he had been the global managing partner.

 

MERGERS AND ACQUISITIONS
Weaver merges with San Antonio firm

Baker Tilly International member
firm Weaver is to merge with small San Antonio firm Edelman Arnold,
effective from January.

Edelman Arnold was established in 1952 and is
led by Barry Edelman and Frank Arnold.

The firm provides tax, accounting, business
consulting and financial planning services. This includes
developing tax minimisation strategies, asset protection plans and
investment strategies.

Weaver employs about 400 staff in Dallas, Fort
Worth, Houston, San Antonio and Austin.

 

ADVISORY
Firms net nearly £33m from UK bank crisis

UK accounting firms earned £32.6
million ($53.9 million) from advising the UK government on
maintaining stability in its banking system, according to the
National Audit Office (NAO).

PricewaterhouseCoopers (PwC) was the highest
earner, gaining £11.3 million from its advice on the UK’s Asset
Protection Scheme (APS).

Ernst & Young earned £8.7 million from due
diligence on the APS and Northern Rock, KPMG was paid £7.7 million
for due diligence on the APS, and BDO made £4.9 million from the
valuation of Northern Rock.

 

OVERSIGHT
Indian reserve bank rejects PwC as auditor

The Reserve Bank of India (RBI) has
not approved the appointment of PricewaterhouseCoopers (PwC) as an
auditor for commercial banks in India for 2009-2010 financial
year.

In India, the RBI must approve audit firms
before they are allowed to audit banks.

The decision is related to the firm’s alleged
involvement in India’s largest ever corporate fraud, which was
revealed at Satyam Computer Services early this year.

 

STRATEGY
Morison International secures Greek firm

Morison International has recruited
two Greek member firms.

HBP Certified Public Accountants was
established in 2006 and is a fast-growing mid-sized firm.HBP
provides audit services, tax advisory and other specialist
services, including valuations, M&A, liquidation/bankruptcy and
business plan consultancy.

Integrated Accounting Services (IAS) was
established in 2004 and provides accountancy, taxation, IT,
business consulting and payroll services.

 

PEOPLE
Former KPMG advisory head to take Vantis chair

Publicly-listed UK firm Vantis is to
restructure its management board ahead of its annual meeting,
bringing on KPMG global managing partner of advisory services Mike
Wheeler as chairman to succeed Paul Gourmand.

 

STRATEGY
RSM International adds Japanese firm

RSM International has admitted
Japanese firm Seiwa Audit Corporation to its network.

Seiwa Audit Corporation will be joining RSM
International’s two other Japanese firms, RSM Sawamura & Co and
Tokyo Kyodo Accounting Office. The firms will be known as RSM
Japan.

 

MERGERS AND ACQUISITIONS
DFK US member merges

New York-based DFK International
member firm Friedman is to merge with Bagell, Josephs, Levine. The
new firm will have 325 staff with 46 partners from 1 January
2010.

 

RESTRUCTURING
Deloitte to restructure Dubai World

Deloitte is to assist Dubai’s
government in restructuring the debts of the emirate’s largest
corporate entity, Dubai World.

Deloitte corporate finance managing partner
Aiden Birkett has been appointed chief restructuring officer.

The restructure will focus on addressing the
financial obligations and improving business efficiency of a range
of strategically important businesses within Dubai World’s
portfolio.

Dubai World’s investment spans transport and
logistics, dry docks and maritime, real estate, investment and
financial services.

Meanwhile, KPMG has refused to comment on
reports that it had been lined up to represent four banks in
restructuring some of the $30 billion lent to Dubai World.

 

STRATEGY
MGI appoints new UK member

Harrison Beale and Owen (HB&O)
is a new member of MGI UK & Ireland. Based in the West
Midlands, HB&O has offices in Leamington Spa and Coventry with
more than 60 professional staff.

 

STRATEGY
Kreston’s Mexican member firm grows

Kreston International’s member firm
in Guadalajara, Mexico, has merged with two firms.

GMO Consulting SC has merged with Global
Review Consulting, a three partner specialist tax and audit firm,
and Asesoria y Consultoria Legal y de Comercio Exterior, a two
partner firm offering customs advice and tax.

Initially the firms will remain independent
and market themselves as a cohesive group.

 

STRATEGY
Russell Bedford expands in Central Asia

Russell Bedford International has
expanded into the former Soviet Union, taking on firms in
Kazakhstan and Uzbekistan.

Four-partner Kazakh firm Business Consulting
has clients in oil and gas, transportation and manufacturing.
Headquartered in Almaty, the firm also has an office in Aktau.
Uzbek firm Marikon Audit is an independent audit and tax consulting
practice with a total of 40 staff, including eight certified
auditors. Marikon Audit has two offices in Tashkent and one in
Kokland.

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