• Deloitte New Zealand has admitted three new partners…

• UK-based South African chartered accountants have established
a Thuthuka Bursary Fund…

•Dutch professional services firm KroeseWevers has agreed to
acquire the Deloitte Netherlands office in Doetinchem…

• Alvarez & Marsal has launched a new financial institutions
advisory group…


Deloitte New Zealand has admitted three new
partners, bringing the firm’s number of full equity partners to 77.

Brendan Lyon, who joined the firm in 2004, will become a partner
in the risk and assurance team. He specialises in working with
medium-sized businesses and in IFRS transition.

Shari Carter, who has 12 years of experience with Deloitte, will
be a partner in the accounting and advisory team, providing
business and financial advice to a diverse range of clients from
professional services firms through to agribusiness.

Richard Kirkland, who has been with Deloitte since 2000, will be
a partner in the enterprise risk services team. He is an expert on
the new banking capital regime.

• Australian consolidator WHK Group has
acquired four new businesses under ‘tuck-in’ arrangements with
existing member firms.

The combined acquisitions bring A$5.5 million ($5.2 million) in
annual revenue to the stock exchange-listed member of Horwath

Accounting firm Farrar & Co, which has annual revenue of A$2
million, merged with WHK Horwath Sydney. Another firm, Hintons,
which has annual revenue of A$1.7 million, merged with New Zealand
firm WHK West Yates.

Insurance practice Deakin Insurance Services, with annual
revenue of A$800,000, merged with Victorian firm WHK Murray
Darling; and accountants Needham Ashley & Associates, with A$1
million in annual revenue, merged with Victorian firm WHK Armitage

Ernst & Young Australia (E&Y) and a
group of influential chief financial officers have produced a guide
to help companies prepare non-statutory reports.

The Big Four firm noted a growing trend for Australian companies
to produce narrative-based reports because annual reports were
becoming too complex.

Reporting to shareholders: A good practice guide
provides “practical guidance to support the annual shareholder
reporting process, with the focus on highlighting material business
issues in a consistent manner that is understandable to all

Deloitte Australia’s consulting practice has
begun offering professional services via an online portal called
Deloitte Digital, which accesses a range of financial tools, online
training, compliance and HR solutions. The portal includes an
online anti-money laundering product, a programme for managing
documents for litigation and large legal actions, a leadership
academy through Harvard and Melbourne Universities and a variety of
e-learning tools and self-assessment surveys.

Deloitte Consulting managing partner Gerhard Vorster said: “It’s
hard to imagine a business not impacted by the internet, yet to a
large extent professional services have not embraced the business
development opportunities that the digital economy affords.
Offering our services online will appeal to both our top end of
town clients and the middle market as well as smaller businesses,
which will now gain access to Deloitte thinking and [intellectual

The portal is currently for users registered in Australia.

Africa, Middle East, South Asia

• UK-based South African chartered accountants have established
a Thuthuka Bursary Fund. More than 2,300 UK-based chartered
accountants are members of the South African Institute of
Chartered Accountants
(SAICA), which developed the
Thuthuka programme to provide education assistance to students from
disadvantaged backgrounds. The fund will also provide bursary
funding to promising students who might otherwise struggle to
obtain higher education.

SAICA executive president Ignatius Sehoole commented: “As much
as it hurts, it has to be acknowledged that not all our members
currently living abroad will return home. Yet their loyalty to the
country that nurtured them is such that they are prepared to go the
extra mile to contribute something back into the profession in
South Africa.”

• The Institute of Chartered Accountants of
(ICAP) has adopted the revised International
Federation of Accountants (IFAC) Code of Ethics with some

In announcing the move, the ICAP noted: “[The] replacement of
Section 9 (now Section 290) of ICAP Code relating to independence,
which is one of the significant changes in the revised IFAC Code,
was already approved and implemented by the [ICAP] council in its
171st meeting held on 29 April 2005.

In the revised IFAC Code, there is no significant change in the
section relating to independence. The code is effective for
Pakistani chartered accountants on 1 January 2009. Section 290 is
applicable to assurance engagements when the assurance report is
dated on or after 1 January 2009.

• The Dubai Financial Services Authority (DFSA)
has entered into a Memorandum of Understanding (MoU) with the
Financial Services Board of South Africa

The signing took place between DFSA chief executive David Knott
and FSB executive officer Rob Barrow during the annual conference
of the International Organization of Securities Commissions (IOSCO)
in Paris recently. Knott said: “The Financial Services Board of
South Africa is a valued member of IOSCO and a leading participant
in the African and Middle East region, of which the DFSA is also a
member. Both the FSB and the DFSA are signatories to the IOSCO
Multilateral MoU, having satisfied the highest standards of
co-operation and assistance among IOSCO members.”

• The first distance learning centre to offer the
Association of Accounting Technicians (AAT)
accounting qualification has opened in Cape Town, South Africa. The
UK-based AAT’s accounting qualification is offered at centres in
Cape Town, Centurion and Johannesburg. However, the distance for
many students to get to these centres previously imposed a physical
barrier to being able to study the AAT. According to the AAT, the
South African Institute of Chartered Accountants has welcomed the
AAT offering its diploma in South Africa to help fill a gap in the
accounting technician market.


Dutch professional services firm KroeseWevers has
agreed to acquire the Deloitte Netherlands office
in Doetinchem. KroeseWevers, a Nexia International member with
about 350 employees, acquired the Deloitte branch in Emmen in
October last year.

According to the Big Four firm, the sale of the offices is part
of a strategy to centralise its offices, not an indication it is
leaving the SME market. Deloitte Netherlands director Cees de Boer
said the Big Four firm will continue to serve the SME market in
Doetinchem from its full service offices.

PricewaterhouseCoopers UK (PwC) has unveiled
the composition of its new executive board. James Chalmers will be
responsible for strategy and talent, Kevin Ellis will head advisory
and Owen Jonathan will be general counsel. Barry Marshall is the
new head of tax, Kevin Nicholson will lead regions, Paul Rawlinson
is in charge of markets, Richard Sexton will head assurance and
Keith Tilson will become chief financial officer.

The appointments follow the election of Ian Powell as PwC’s next
chair and senior partner, and Richard Collier-Keywood as the firm’s
new managing partner. Powell said: “There are a number of new roles
and individuals on the board and I believe the balance of
experience, creativity, skill and personality will further enhance
our strategy for growth as we continue to bring innovative thinking
to our clients, invest in our people and support the wider
community.” The appointments are effective from July.

• Helen Brand will be the next chief executive of the
Association of Chartered Certified Accountants
(ACCA), replacing Allen Blewitt on 1 September 2008. Brand, 43, is
currently the ACCA managing director of strategy and development.
She joined the global accountancy body in 1996. Commenting on her
appointment, which followed an international four-month search, she
said it is to the “credit of the organisation’s succession planning
that the new CEO could be recruited from within its own ranks.”
Blewitt is leaving the ACCA to return to Australia after five years
based at the association’s London headquarters.

KPMG UK has been awarded top-tier recognition
for its commitment to responsible business practice in the Business
in the Community (BITC) annual corporate responsibility index. The
BITC corporate responsibility index measures a company’s
performance on how it is integrating corporate responsibility
within its core business practices and on its management
performance across the key areas of environment, workplace,
community and marketplace. KPMG UK achieved top scores for a second
consecutive year.

Deloitte UK has been named the best graduate
employer in finance and professional services at the Target
National Graduate Recruiter Awards, taking the award from
PricewaterhouseCoopers UK (PwC), which has held top spot for the
past three years. The awards are based on an annual survey of
30,000 students in the UK. The students were asked to vote for
their recruiter of choice across several industries. Also on the
finance and professional services shortlist were PwC, KPMG UK,
Ernst & Young UK, HSBC and Barclays.

North America, Latin America

Grant Thornton US has promoted Melissa
Koeppel to office managing partner in its Wisconsin practice, which
includes offices in Milwaukee, Madison and Appleton. Koeppel will
become the only female serving as office managing partner of a
national accounting firm in the state of Wisconsin. Previously,
Koeppel served as Grant Thornton’s Wisconsin audit practice leader.
Her new position is effective immediately.

• A schedule has been announced for the completion of a US and
Canadian mutual recognition process agreement aimed at facilitating
discussions between the Canadian Securities
(CSA) and the US Securities and
Exchange Commission
(SEC). The process agreement could
provide Canadian financial service providers with greater freedom
to operate in the US under Canadian regulatory oversight, and vice
versa. The process agreement should conclude this month.

• The US Securities and Exchange Commission has
charged a former partner at Ernst & Young US (E&Y), his
friend, and his friend’s father in an insider trading scheme that
resulted in nearly $600,000 in illicit profits. The charge alleged
that from summer 2006 through to the autumn of 2007, James Gansman,
a lawyer and former partner in E&Y’s transaction advisory
services department in New York, tipped his friend Donna Murdoch
about the identities of at least seven different potential
acquisitions of clients who sought valuation services from his
firm. Gansman resigned from E&Y on 19 October 2007. According
to the SEC complaint, Murdoch used the non-public information to
trade in the securities of the target companies, to tip her father,
who also traded, and to make recommendations to two others.

E&Y told the International Accounting Bulletin:
“The government alleges that Mr Gansman misappropriated
confidential information from Ernst & Young about our clients.
We have co-operated fully with the government throughout its

Alvarez & Marsal has launched a new
financial institutions advisory group. The group will be led by
Samuel Golden, a former senior official with the US Office of the
Comptroller of the Currency, who has been appointed as managing
director. Alvarez & Marsal said Golden has expertise in
troubled bank remediation, crisis and interim management,
regulatory compliance and enforcement, and risk management.

• William Balhoff has been appointed as the new managing
director and chief executive of US Louisiana-based firm
Postlethwaite & Netterville (P&N). Balhoff
joined the Leading Edge Alliance member in 1976 and became a
director in 1986. He also recently served on the board of the
American Institute of Certified Public Accountants. In addition to
Balhoff’s appointment, P&N appointed Ralph Stephens, Joey
Richard, David Moore and George Balhoff to the executive committee.
The firm has 270 employees and offices in Baton Rouge, Metairie,
New Orleans, Donaldsonville, Gonzales, Covington, St Francisville,
Postlethwaite and Netterville.