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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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