• Australian Stock Exchange-listed Horwath International member
WHK Group has announced three new

Deloitte Hong Kong has published a practical
guide to financial reporting…

Ernst & Young (E&Y) Bahrain has
admitted three new partners…

• German firm BDO Deutsche Warentreuhand has
appointed 12 new partners…


• Australian Stock Exchange-listed Horwath International member
WHK Group has announced three new acquisitions.
The largest acquisition is accounting and financial planning firm
Evans & Metcalfe, which is based in Ballarat, Victoria, and
reported revenue of about A$2.2 million ($2 million) in 2007. WHK
Horwath Sydney has appointed former PKF partner Genevieve
Yan-Colebourn, acquiring A$1.5 million in annual accounting fees in
the process. The third acquisition is a financial broking business
operating in central-west New South Wales, which will merge with
Dubbo-based firm WHK Darcy Kennedy.

• Australian mid-tier firms BDO Kendalls and
Grant Thornton Australia came out
in front of the Big Four in terms of the number of Australian Stock
Exchange initial public offerings (IPOs) they worked on in 2007.
According to a report from stock exchange researcher Connect 4, BDO
was involved with 31 floats, Grant Thornton 23, KPMG 21, Ernst
& Young 19 and Price¬waterhouseCoopers (PwC) 17. The Big Four
dominated the larger listings. The total amount sought by PwC
clients was A$3 billion and KPMG clients sought $A1.4 billion. By
comparison, BDO clients sought a total of A$381.4 million and Grant
Thornton clients sought A$332.6 million. A total of 277 IPOs was
announced in 2007 – a 42 percent increase on the previous year.

Deloitte Hong Kong has published a practical
guide to financial reporting. The book, which contains more than
2,000 pages, provides an outline of current accounting standards in
context of the regulatory and economic environment of Hong Kong.
Deloitte China partner Stephen Taylor said: “The harmonisation with
International Financial Reporting Standards in 2005 represented a
major challenge for preparers with a ‘big bang’ adoption of
standards resulting in significant changes in accounting policy and
disclosure requirements.”

• The Australian National Institute of
(NIA) has called on the federal government to
consider an A$2,000 voucher training scheme to help female
accounting professionals update their skills and re-enter the work
force. NIA chief executive Roger Cotton said addressing the skills
shortage is an “economic issue of fundamental importance”.
KPMG Australia has appointed two new senior IT
professionals to its leadership team. Bob Hayward joined KPMG at
the beginning of January and Peter Mercieca will be joining in May.
Hayward is an internationally recognised information communication
technology (ICT) expert who has set up, grown and managed several
successful ICT businesses across Asia-Pacific, KPMG said. Mercieca
is a global consultant to the information, communication and
entertainment industry.

• Climate change, skills shortage and superannuation are three
important economic issues the Australian government should consider
when developing the 2008-2009 federal budget, according to
CPA Australia. Among its recommendations, CPA
Australia wants the government to fund the development of water
accounting standards.

CPA Associates International has admitted two
new member firms in Asia. They are Tam Viet Auditing in Vietnam,
and Thomas, Lesmana, Henky & Rekan in Indonesia.

Africa, Middle East, South Asia

Ernst & Young (E&Y) Bahrain has admitted
three new partners, increasing the number of partners in its
Bahrain office to 11. They are Sameer Abdi, head of E&Y’s
global Islamic financial services group, Srikant Ranganathan, the
director of technology security and risk services, and Fawad
Laique, former executive manager in audit and advisory banking

• The Securities and Exchange Board of India
(SEBI) and French regulator Autorité des Marchés
have announced terms of co-operation and
collaboration to promote fair, efficient and transparent capital
markets in India and France. The agreement follows an arrangement
SEBI entered into recently with the US Securities and Exchange
Commission. The two authorities will promote mutual regulatory
understanding, exchange information as well as develop an annual
co-operation programme.

• The Institute of Cost and Management Accountants of
has asked members and other stakeholders for
comments on the third revised edition of its cost audit handbook.
The handbook is intended to provide detailed guidance to the
members of the institute in maintaining proper cost accounting
records and conducting cost audit in accordance with the Companies
(Audit of Cost Accounts) Rules, 1998. Comments must be received by
31 March 2008.

• The Tanzanian National Board of Accountants and
has announced new members of its governing board
committees. Mussa Assad will be chairman of the executive
committee, Yona Killagane will be chairperson of both the audit and
technical services committees, and Dominicus Kasilo will be
chairperson of the education and publications committee. Their
positions commenced on 18 January 2008.

Ernst & Young (E&Y) Saudi Arabia
recently held a seminar in Jeddah to update new tax laws applicable
to all businesses in the country. Organised by E&Y managing
partner Sami Farah, it revealed Saudi Arabia has recently signed 17
tax treaties in response to booming oil prices and a World Trade
Organization agreement. Five of these treaties have already come
into force. Some 150 senior executives, prominent bankers and
accountants attended the seminar. E&Y has been operating in
Saudi Arabia since 1967 and has offices in Jeddah, Riyadh and

RSM International member firms in the Middle
East and North Africa recently met to discuss the region’s business
challenges, increasing needs of international clients and growth
opportunities. Managing partners from Egypt, Morocco, Tunisia,
Kuwait, Jordan, Iran, Lebanon, Yemen and Saudi Arabia attended the
Dubai meeting. Dahman Awadh Dahman, managing partner of Dubai
member firm Dahman & Co, said: “The Middle East is a hugely
exciting and fertile economic region and we need to be able to
effectively and completely service clients with interests


• Simon Michaels will be the new managing partner of BDO
Stoy Hayward
when the UK firm’s current boss, Jeremy
Newman, becomes the BDO International chief executive in October.
The announcement follows a formal election process held this month.
Michaels is currently the head of the firm’s business restructuring
line and is on the firm’s risk management committee. He has been at
BDO Stoy Hayward since 1987 and became a partner in 1999.

• German firm BDO Deutsche Warentreuhand has
appointed 12 new partners. The firm, which has 27 offices around
Germany, said the addition of the new partners will help fuel
growth. BDO board representative Christian Dyckerhoff said:
“Expanding the circle of partners is a central pillar for our
company’s continuous growth and lasting success on the auditing and
tax consultancy services market. Expansion of staff and
professional expertise will give additional impetus for the dynamic
development of our company.”

Grant Thornton UK continues to audit the
largest number of companies in the UK’s Alternative Investment
Market (AIM) although rivals are closing in on the mid-tier firm,
according to financial research company Hemscott. Grant Thornton
audited 215 AIM-listed clients in the latest quarterly survey,
although the firm added no new clients. Second-placed KPMG UK added
six clients in the past quarter to bring its total to 190 clients.
BDO Stoy Hayward followed with 145 clients, gaining three clients.
KPMG audits the largest number of FTSE AIM 100 clients – 22. Grant
Thornton has the largest number of AIM-listed consumer goods and
services, technology and industrials clients, while KPMG leads the
financial and healthcare sectors.

Deloitte UK has appointed a new partner to
work within its debt advisory practice department. Fenton Burgin
has more than 20 years’ banking experience, advising both private
and public companies on debt capital markets in the UK and
continental Europe. The firm has also expanded its environmental,
health and safety team through the appointment of due diligence
specialist James Holley.

• Leading Edge Alliance member firm Streets has
announced it intends to acquire Whitmarsh Sterland, a UK firm with
more than 50 years’ experience serving clients across East Anglia.
The new firm will have 21 partners and almost 200 staff. It will
operate as Streets Whitmarsh Sterland in some areas.

• UK mid-tier firm Cooper Parry has appointed
Rob Bennett as a transaction services associate. His role will
involve working on due diligence projects. Bennett has previously
worked at Ernst & Young UK.

Saffery Champness (SC), a UK member of Nexia
International, has recruited a new executive partner. Jonathan Fox
joins SC after a 20-year career spanning a variety of executive
management positions. Fox’s new responsibilities will include
developing and implementing SC’s business plan and managing its
infrastructure and support systems. 

 North America, Latin America

• Kreston International US member firm CBIZ has
reported revenue of $643.9 million for 2007 – an increase of almost
10 percent on the previous year. Same-unit revenue for the year
increased by almost 8 percent, while newly acquired operations, net
of divestitures, contributed $11.7 million. The New York Stock
Exchange-listed firm also reported revenue of $155.6 million for
the quarter ended 31 December 2007.

Alvarez & Marsal (A&M) Dispute
Analysis and Forensic Services has recruited Holly Clack as a
senior director. Clack’s role is to assist clients and counsels
involved in complex commercial disputes, and investigate
allegations of fraud, embezzlement and financial reporting
irregularities. Bill Abington of A&M Dispute Analysis and
Forensic Services commented: “[Clack] has worked with clients
ranging in size from start-ups to large international companies
across a range of industries, to solve complex disputes and
investigations.” Clack is a former PricewaterhouseCoopers US
director within advisory services.

• US Leading Edge Alliance member firm Marcum &
has admitted Alan Markowitz as a partner in the
audit department of its New York office. Markowitz was previously a
partner at a regional accounting firm where he served US Securities
and Exchange Commission-listed clients and advised them on capital
raising strategies. He is also experienced in developing continuing
professional education programmes for staff and clients.

Deloitte Financial Advisory Services has
expanded its services to include the issuance of fairness opinions.
A fairness opinion addresses the consideration to be received in an
applicable transaction.

• A former principal and managing director of KPMG
has agreed to pay $80,000 to settle charges
brought against him by the US Securities and Exchange Commission.
The commission charged Larry Rodda with assisting in a fraud
orchestrated by senior officers at Peregrine Systems, a San Diego
software company, in a 2004 civil case. Rodda knowingly signed four
false software license agreements that allowed Peregrine to
improperly record about $22 million in revenue. He pleaded guilty
to one count of conspiracy to commit securities fraud, wire fraud,
bank fraud and falsification of the books, records and accounts of
a public corporation. Rodda has been sentenced to six months in
prison, six months of home detention and two years of supervised

BKD Corporate Finance has opened a new office in
Denver. The new office will extend the regional capabilities of the
firm’s existing services.

CBIZ has acquired all the assets of
multi-lines insurance agency NAIS. NAIS recorded $2.1 million in
revenues in 2007 and has 25 employees. CBIZ chairman Steven Gerard
said: “We are excited to welcome NAIS’s talented team to CBIZ.
Their expertise and nationally recognised programmes in this
fast-growing industry will be an excellent complement to CBIZ’s
insurance services.”

• US firm Kresge Platt & Abare has joined
the mid-tier association CPA Associates International.