KPMG China has
appointed 35 partners to support the firm’s expansion and embrace
challenges and opportunities in growing markets… The
South African Institute of Chartered Accountants
(SAICA) has recorded a rise in the pass rate of part one of its
qualifying examination… Amadou Raimi has been re-elected as
chairman of Deloitte France for another three
years. The audit specialist has been chairman of the French firm
since 2004… Deloitte US is to acquire a life
sciences subscription database and advisory services firm…

Asia-Pacific

KPMG China has appointed 35 partners to support
the firm’s expansion and embrace challenges and opportunities in
growing markets. Over the past three years the firm has doubled the
size of its workforce to more than 7,000 people and it plans to
grow to 10,000 people by 2011.

• New Zealand firm Campell Forbes has become
the second Auckland-based practice to join Kreston International.
Campell Forbes will participate in the strategic plans of Kreston
Australia & New Zealand.

• JHI International has admitted a South Australian chartered
accounting firm to its association. Adelaide-based Shearer
& Elliss
has 35 staff and specialises in strategic
planning, accounting and tax management, asset protection and
estate planning services.

• The Australian Government has amended the Trade Practices Act
to recognise new CPA Australia professional
standards schemes in Victoria, South Australia, Western Australia,
Northern Territory, the Australian Capital Territory and
Queensland, effective from 12 June 2008. The New South Wales scheme
was prescribed in October 2007. This has the effect of limiting the
occupational liability of scheme members to an action for
contravention of section 52 of the Trade Practices Act, in the same
way as occupational liability is limited under the relevant state
and territories laws of the applicable Professional Standards
Act.

• The Australian Financial Reporting Council is
working on a paper that explores different options for establishing
an accounting standard for an emissions trading scheme. The
decision was one of several made when the council met in Canberra
recently. Other major outcomes of the meeting included a proposal
to form an Australian expert panel to provide advice on the credit
crunch and valuations, and a statement from the Australian Audit
and Assurance Standards Board chairman that Australia should expect
International Auditing and Assurance Standards Board clarity
standards to be adopted on 1 January 2010.

• The Accounting Standards Board of Japan has
released a draft accounting standard on disclosures about fair
value of investment and rental property and its implementation, as
well as a further six draft standards on business combinations and
related matters. The drafts are available only in Japanese and
comments are requested by 20 August.

• The Australian Auditing and Assurance Standards
Board
has issued its first assurance standard on
compliance engagements. Assurance Standard 3100 Compliance
Engagements will assist with the audit or review of an entity’s
compliance of requirements under legislation, regulation, company
policies, statutory requirements and enforceable contractual
obligations. The board previously provided subject matter-specific
guidance to auditors on areas of compliance. Practitioners will
need to use this standard for reporting periods or engagements
commencing on or after 1 October 2008. Early adoption of the
standard is permitted.

Africa, Middle East, South Asia

• The South African Institute of Chartered
Accountants
(SAICA) has recorded a rise in the pass rate
of part one of its qualifying examination – 53 percent passed this
year, up from 46 percent in 2007. The institute has also reported
an increase in the pass rate among African first-time candidates
from 54 percent in 2007 to 63 percent in 2008. There was an 80
percent pass rate among Thuthuka students.

SAICA executive president Ignatius Sehoole said he was pleased
with the overall increase in the pass rate, which he said was a
result of improvement in both first time and repeat candidates. “We
shall not under any circumstances compromise our world class
standards. We continually look at the process in the context of the
requirement that we never allow standards to decline.” He was also
pleased with the presence of an African candidate in the top ten.
At present SAICA has 20,885 members based in South Africa who hold
the chartered accountant designation of whom 973 are African.

• A memorandum of understanding is to be formulated between the
United Nations Educational, Scientific and Cultural
Organization
and Middle East professional services group
the Talal Abu-Ghazaleh Organization. The
memorandum will draw up a comprehensive strategic plan for
co-operating in capacity-building in the Arab region. This will
include education, qualification and training in the public and
private sectors.

• The Institute of Chartered Accountants of
India
has issued an exposure draft of the Revised Standard
on Auditing (SA) 600, Special Considerations – Audits of Group
Financial Statements (Including the Work of Component Auditors). SA
600 is based on the revised and redrafted International Standard on
Auditing 600, which was issued by the International Auditing and
Assurance Standards Board in October 2007. Comments are requested
by the end of this month.

• Middle East-based professional services group the
Talal Abu-Ghazaleh Organization (TAGorg) has
signed a strategic partnership with the UK-based Chartered
Institute of Management Accountants (CIMA). Under the agreement,
TAGorg will use the CIMA certificate in Islamic finance as a base
for its own certificate in Islamic finance and an MBA in Islamic
business finance. TAGorg will hold the programmes in English as
well as translate them into Arabic. The two accounting entities
also discussed creating an international institute in the area of
Islamic business and finance called the Chartered Islamic Business
and Finance Institute. Meanwhile, TAGorg has opened its 71st office
in the Dubai International Financial Centre.

• The Institute of Cost and Management Accountants of
Pakistan
(ICMAP) has appointed a new executive director.
Mushtaq Ahmed Madraswala, who prior to joining ICMAP was a
consultant with National Bank of Pakistan, has 27 years of diverse
experience in managing, reporting and system development for
control functions of banking and finance. He has a long association
with ICMAP, including as chairman of the Karachi branch council for
15 years.

Europe

•Amadou Raimi has been re-elected as chairman of Deloitte
France
for another three years. The audit specialist has
been chairman of the French firm since 2004. Raimi has also been a
member of Deloitte Global’s board since 2006 and its vice chairman
since last June. Deloitte has been estimated as France’s fifth
largest firm according to this year’s International Accounting
Bulletin
survey, with fee income in excess of €484 million
($776 million).

• Irish Leading Edge Alliance member Russell Brennan
Keane
(RBK) has launched a new scholarship as a part of
its 50th anniversary celebrations. The Paddy Russell RBK masters in
business administration scholarship is awarded to students who wish
to study the MBA programme at the Athlone Institute of Technology.
The scholarship is named after the late founding partner of the
firm Paddy Russell.

Grant Thornton UK has appointed a new tax
partner to join its London-based transactions tax team. Paul Cooper
brings ten years of experience to his new position and has been a
director at a private equity fund as well as an M&A tax partner
at KPMG. Cooper will now focus on transactions in the private
equity and corporate sectors. He will also provide tax advice for
clients undertaking restructurings and re-negotiating finance.

Deloitte Ireland has appointed Michael Flynn
and Christian Macmanus as corporate finance and audit partners
respectively in its Dublin office. Honor Moore and Mike Sheehan
have also become audit and tax partners in the firm’s Cork
office.

• Nexia International has admitted a new member firm in
Gibraltar called Benady Cohen & Co. Founded in
1995, the firm has two partners, six staff and offers a full array
of professional services.

PricewaterhouseCoopers Czech Republic has
established a tax practice at its office in Ostrava. The Ostrava
office has traditionally provided assurance services only. Zuzana
Vanecková has been appointed managing partner of the tax office and
Zenon Folwarczny will be responsible for its day-to-day management
and operation. Folwarczny commented: “We perceive North Moravia as
a region with great economic opportunities, and there are a number
of successful companies with great potential for international
growth. We want to be even closer at hand; therefore, we expanded
the scope of our services to include tax advice, which is very
important for a company’s development and expansion.”

• Lee Watson has joined Ernst & Young UK
(E&Y) after 12 years at PricewaterhouseCoopers. Watson will be
advising lenders across a range of UK and European restructuring
fields. The E&Y global head of restructuring, Alan Bloom, said:
“[Watson’s] appointment shows our continued dedication to
increasing our European presence in restructuring. He is a proven
restructuring adviser who has worked on many high profile complex
restructurings and brings with him a good market network.”

North America, Latin America

Deloitte US is to acquire a life sciences
subscription database and advisory services firm. Recombinant
Capital will add a database with more than 1,500 subscribers and 20
years of historical data to Deloitte’s life sciences consulting
practice, which offers consulting, financial advisory, tax, audit
and enterprise risk services. Terry Hisey, vice-chairman and
industry leader for Deloitte’s life sciences industry group, said:
“New business models are emerging that require life sciences
companies to consider new strategies for growth, including forging
alliances, entering emerging markets, executing mergers and
acquisitions and developing new types of drugs. With the addition
of Recombinant Capital, Deloitte will be able to provide clients
with unparalleled access to information and analyses.”

• The three-partner firm Vazquez y Ordoñez has
joined Kreston International. The firm is based in Tapachula
Chiapas, Mexico.

• Business strategy expert Matthew Comerford has joined global
professional services firm Alvarez & Marsal as
a managing director and a leader of the customer solutions team.
Based in New York, Comerford joins the firm from management and
technology consultants BearingPoint, where he served as the New
York practice leader for strategy and transformation. He
specialises in working with senior business executives to address a
variety of strategic, organisational and transformational issues.
During the past two decades, Comerford has worked with clients
across various fields, including financial services, insurance,
retail and distribution, and health care.

• Kreston International has admitted TP
Consulting
, a two office firm based in Ecuador and Peru.
The firm broadens Kreston’s transfer pricing expertise in the
region.

• A succession planning resource centre has been established by
the American Institute of Certified Public
Accountants
(AICPA) to assist small- and medium-sized
firms. Only 35 percent of multi-owner firms and 9 percent of sole
owner firms have a written succession plan, according to a recent
survey by the AICPA.

The online resource centre provides a variety of succession
scenarios practitioners can work through, including selling the
firm; merging the firm both downstream and upstream; developing new
leadership; and transitioning issues associated with retiring
partners and the value of the firm.

Deloitte US and networking technology company
Cisco are joining forces. The initiative is aimed at enabling the
two organisations to map business processes to network intelligent
services, such as communication and collaboration, user
identification, and wireless location detection so businesses can
achieve more visibility, control and responsiveness to their
existing applications. Robert Lloyd, Cisco senior vice-president of
the US, Canada and Japan, said: “This go-to-market agreement with
Deloitte will focus on practical solutions that help our customers
respond faster to operational and market dynamics having an
immediate impact on their business decisions.”