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DFK International appoints global president

August 14, 2014, 7:39 am
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DFK International has appointed Demetris Demetriou as the association's global president.

Demetriou takes on the role in his 20th year of being part of DFK International as co-founder of audit and accounting firm DFK Demetriou Trapezaris based in Nicosia, Cyprus. He is the first member from Cyprus to be made president of DFK International.

"As a partner of a small to medium-size firm, I am representative of the vast majority of our members and recognise the difference that they and the larger member firms together make as an association," he said.

Prior to his appointment, Demetriou served as deputy president for the last three years under the presidency of US-based Scott Hazy.

Demetriou highlighted that under Scott's presidency DFK International experienced growth in existing market and expanded its geographical coverage. "Under Scott's presidency, we have also been reviewing our constitution and I will be taking those discussions forward to ensure DFK International is best-placed to advance with changes in the business and accounting world," he added.

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KPMG UK appoints economics and disputes leader

August 15, 2014, 7:19 am
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KPMG UK has appointed Yael Selfin as director in the firm's economics and disputes practice.

Yael joins KPMG as former leader of the consultancy Edymar. Prior to Edymar, Yael was a partner at consultancy Volterra and before that a macro consulting director at PwC.

Chairman of the economics and regulation practice Bill Robinson said that Selfin had demonstrated strong entrepreneurial and team building skills in her previous roles.

"I am confident that, with the support of the KPMG network, she will quickly build a business that offers innovative macroeconomic solutions to a wide range of clients," he added.

In her new role Yael will be responsible for advising KPMG clients on how the economic environment will impact their businesses.

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KPMG UK

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FTSE 350 audit tenders set to double in 2014: PwC UK

August 18, 2014, 2:32 am
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Among the UK FTSE 350 there could be as many as 56 audit tenders in 2014, compared to 30 tenders in 2013 and 18 in 2012, according to PwC UK data.

The data indicates that as many as one in seven FTSE 350 companies could put their audit contract for tender this year.

As of 8 July, 17 companies had completed tenders this year, 14 tenders had kicked off and seven more companies had put out notifications that they are considering tenders, according to the Big Four firm. "There are 18 other companies expected to review their audit arrangements," PwC said.

PwC UK said these numbers indicate that companies are taking action before the EU rules on mandatory rotation require them to change auditors as well as in response to the Financial Reporting Council's "Comply or Explain" ten-year tendering regime becoming active on 1 October 2012.

PwC UK head of assurance James Chalmers described the tendering activity as at "unprecedented levels".
"Now that there is greater clarity on the implications of the EU rules, companies are able to make decisions on when to tender at a time that makes most sense for their particular circumstances. For some, that means going early, for others it means going later, but - crucially- the choice is still theirs to make."

Related articles
European Parliament votes in favor of audit reform
Big Four merry-go-round or real change?

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Deloitte US CEO Echevarria retires to pursue public service work

August 18, 2014, 8:54 am
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Deloitte US chief executive officer Joe Echevarria is to retire this month to pursue work in public service.

Elected in 2011, Echevarria will leave nine months before the end of his four-year mandate and will not be standing in the coming term.

Echevarria is 57 years old and has worked for Deloitte since 1978; previous to his role at chief executive officer, he held the post of US managing partner and chief operating officer.

Active over the past few months within organisations such as the Fix the Debt campaign and pro-business senior executive association Business Roundtables, Echevarria said in a statement he had "determined that this is the right time in my life to pursue my passion for public service."

He added: "Given my roots, inner-city Hispanic from the South Bronx - I am especially looking forward to continuing my role as co-chair with Magic Johnson on the My Brother's Keeper Initiative, which is focused on helping boys and young men of colour succeed."

Under Echevarria's tenure, Deloitte grew from $11.9bn in 2011 to $13.9 billion in 2013, according to the firm's latest available results.

Deloitte's chairman, Punit Renjen praised Echevarria: "Joe has overseen a period of robust growth, helping to establish key client relationships and development opportunities for our people, and we are thankful for his years of service."

Among the challenges faced by Echevarria during his term as chief executive officer, in 2013 Deloitte agreed to pay a $10m settlement to the New York State Department of Financial Services (NYSDFS) and received a one-year suspension from consulting banks in the State of New York, following allegations by the NYSDFS that the firm helped Standard Chartered Bank (SCB) hide $250bn worth of transactions from regulators between 2004 and 2007.

The firm's chief financial officer Frank Friedman has been appointed interim chief executive, pending the outcome of Deloitte's ongoing formal leadership election.

Renjen described Friedman as "an accomplished leader" and added: "The board and I have every confidence that Deloitte's work on behalf of our clients will continue seamlessly throughout this transition process."

Friedman has worked for Deloitte for 34 years and was appointed chief financial officer in 2011. It is as yet unclear whether Friedman will hold the post of chief executive officer temporarily or whether he will be appointed for the coming four-year term following the firm's leadership elections.

Related articles:

Deloitte US CEO defends SCB work

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Chinese Big Four firms granted more time to find settlement in SEC ban

August 19, 2014, 8:54 am
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The US Security and Exchange Commission (SEC) has again granted an extension to the court hearings on the six months ban prohibiting Big Four Chinese firms to provide services to US listed Chinese companies.

Following a joint motion by the Big Four firms and the SEC Division of Enforcement for an additional extension of briefing schedule, the SEC now granted another 45 days to find an out-of court settlement.

The SEC granted the extension as it accepted the parties' argument that the settlement discussions would be progressing and "should continue to proceed without a need simultaneously to brief the appeals".

In January, a US Securities and Exchange Commission (SEC) judge had ruled that all of the Big Four Chinese joint ventures as well as BDO former Chinese firm, DaHua, had violated the Sarbanes-Oxley Act, and that they should be banned from working for any US-listed Chinese companies for the next six months.

The Chinese Big Four firms and the SEC Division of Enforcement have since then been in ongoing discussions in order to find an out-of-court settlement.

In June of this year, the SEC granted a first extension to the court hearings allowing the parties involved more time to find a settlement. The most recent extension order now postpones the first hearing date to 3 November 2014.

Related articles:

Big Four China firms in settlement talks with SEC

SEC judge issues services ban on the Big Four China firms

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Grant Thornton UK appoints national assurance leader

August 19, 2014, 9:00 am
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Grant Thornton UK has appointed former KPMG financial reporting head Andrew Vials as new leader of the firm's assurance services.

Vials previously worked for KPMG where he was the head of financial reporting technical team for the last 10 years.

Based in the firm's Euston office, Vials is to lead some 35 people providing technical support and advice to all of the firm's service lines. Grant Thornton head of audit Mark Cardiff commented on the appointment:

"Andrew brings with him a wealth of experience both in the technical field, including six years as a member of the International Accounting Standards Board IFRS Interpretations Committee, and from his previous role as a client facing partner in the financial services industry."

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Grant Thornton UK


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PrimeGlobal adds US firm

August 19, 2014, 9:04 am
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PrimeGlobal has added US accounting firm Carr, Riggs & Ingram (CRI) to its association.

CRI, headquartered in Enterprise (Alabama), employs more then 1,200 staff in 42 offices across the South East of the US.

The firm provides accounting, audit and advisory services to companies, financial institutions, governmental entities and not-for-profit organisations.

"Being an active part of an association allows us to reach well beyond our Southern footprint, which is imperative given today's global market," CRI chairman and managing partner William Carr said.

PrimeGlobal North America chief regional officer Michelle Arnold stated: "We are very pleased to welcome this industry leader into PrimeGlobal and to share CRI's expertise with our members both here in North America and around the world."

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PrimeGlobal

Carr, Riggs & Ingram

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Revenue flat for KPMG Australia

August 20, 2014, 8:19 am
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KPMG Australia has reported annual revenue of A$1.12bn ($1.04bn) in the year to 30 June 2014, up 0.6% on last year's A$1.113bn.

Audit services were flat earning the firm A$392m, tax revenues were down by 2% to A$201m and advisory services revenues increased 1.7% to A$527m.

KPMG Australia said it is currently looking to "reorient its strategy and operations" as well as making investments into growth areas identified by the firm.

Despite sluggish growth KPMG did improve its performance from 2013 when the firm's revenue was down by 1%.

According to the latest International Accounting Bulletin Australia survey KPMG was ranked as the third largest firm in the country, however both second ranking EY and fourth Deloitte are in close competition and yet to release their 2014 results.

First ranked PwC reported annual revenues of A$1.573bn in the year to 30 June 2014, up 7%. This was a significant improvement for the firm which had a decrease in annual revenues of 1% in 2013 at A$1.47bn.

PwC Australia chief executive officer Luke Sayers said the growth was organic across all service lines as well as fuelled by "a number of targeted acquisitions".

The most recent results leave PwC Australia looking likely to reconfirm its dominance among the Australian Big Four.

In 2013 the firm distanced itself firmly from second-comer EY, which reported flat-lining growth at A$1.12bn.

Related links:

KPMG Australia

PwC Australia

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AGN International adds member firm in Peru

August 21, 2014, 3:36 am
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AGN International has added Peruvian firm Jeri Ramon & Asociados to its association.

Founded in 1986, the four partner firm is based in Lima and provides services in financial audit, accounting, tax and business consulting.

AGN chief executive officer Malcom Ward said this latest addition was a further step to strengthen his association's membership not only in Peru but in the whole of Central and South America region.

Related links:

AGN International

Jeri Ramon & Asociados

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GGI adds Australian member firms

August 21, 2014, 6:50 am
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GGI Geneva Group International (GGI) has added three new member firms in Australia: Duncan Dovico Chartered Accountants, SJN Chartered Accountants and Barry Mendel Frank (BMF) Group.

Based in Sydney, Duncan Dovico Chartered Accountants provides services including bookkeeping, financing, profile management, cash flow forecasting, strategic planning and risk management. The firm employs 60 professionals, including 10 directors.

Adelaide-based SJN Chartered Accountants is the result of the integration of three independent accounting practices in 2012. The firm counts 28 employees, as well as two directors. It offers tax, audit, specialist and business services focusing in the agricultureand fishery sectors.

Founded in 1981, BMF Group is based in Sydney and employs 44 professionals, alongside 8 partners. The firm offer advisory services in in Accounting, Tax, Wealth Management & Family Office, Legal Services and Property Investment.

Related link:

GGI Geneva Group International

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Crowe Horwath International grows in Europe

August 21, 2014, 7:58 am
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Crowe Horwath International has added four member firms in France, Germany, Serbia and Switzerland to its network.

In Germany, new member firm Trinavis has 17 partners and approximately 240 staff. It is headquartered in Berlin and has offices in Essen and Kiel. The firm offers services including auditing, accounting, tax, corporate finance and legal advice.

Horwath HTL France, based in Paris, has four partners and 15 professionals.Founded in 2006, the firm is specialised in the advisory of hospitality, tourism and leisure.

Serbian firm Crowe Horwath BDM is based in Belgrade and provides tax, accounting, audit and advisory services through three partners and 15 staff.

In Switzerland, the network added the two people boutique advisory firm Platinum Partners. The Zurich based firm was founded in 2001 and specialises in mergers and acquisitions and corporate finance.

Crowe Horwath International chief executive officer Kevin McGrath welcomed the new member firms and said: "As a network of highly integrated firms, we are proud to add these high-quality firms who will add value to our existing network."


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Crowe Horwath International

Trinavis

Horwath HTL France

Crowe Horwath BDM

Platinum Partners

 

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Grant Thornton continues its external growth strategy

August 22, 2014, 4:41 am
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Grant Thornton International has carried out 22 mergers and acquisitions across Canada, Taiwan, Switzerland and Vietnam in the 10 months leading to 1 August 2014.

In Canada, the Jeromien office of chartered accountants Rochon Thériault Chartrand merged with Raymond Chabot Grant Thornton and Ontario's EPR Kielstra & Company Chartered Accountants merged with Grant Thornton Canada.

Taiwan's e-Bridge C.P.A.S's merger with Grant Thornton Taiwan saw the Hsinchu-based accounting firm add a new office near Hsinchu Science and Industrial Park, an incubator for technological and scientific development.

In Vietnam, ACPA Nexia merged with Grant Thornton Vietnam, doubling the size of the latter firm's presence in the country.

Lastly, Grant Thornton Switzerland merged with Bankrevisions- und Treuhand, an audit and advisory firm focused on the banking and financial sector.

This latest announcement suggest the international network continues its external growth strategy started in 2012 with the addition of several PFK international member firms around the world, and most notably in Australia and South Africa.

According to the International Accounting Bulletin 2014 World Survey, Grant Thornton International ranked as the sixth largest international network with a reported 8% average growth rate, to $4,519m in the year to 31 September 2013. Making it the best-performing top-10 network in 2013.

 

Related links:
Grant Thornton International

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Deloitte UK growth slows as audit revenues fall

August 26, 2014, 2:45 am
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Deloitte UK has seen its growth slow to 1.4%, as revenue increased to £2.55bn ($4.23bn) for the year ending 31 May 2014, compared to £2.52bn last year.
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HP to sue Deloitte UK in Autonomy case

August 26, 2014, 7:49 am
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Hewlett-Pachard (HP) is to sue Deloitte UK over its audit of software manufacturer Autonomy, as part of an ongoing legal case between the two companies.
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BDO one of few networks to enter Bangladesh

August 27, 2014, 6:50 am
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BDO International has expanded its network to Bangladesh by appointing Bengali accounting firm Nurul Faruk Hasan & Co and its consulting firm Business Consulting Services (BCS) as BDO member firms.
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PwC ordered to face $1bn lawsuit over MF Global advice

August 28, 2014, 6:58 am
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PwC has been ordered by a federal judge in Manhattan to face the $1bn lawsuit over claims its advice was "a substantial cause" in the October 2011 bankruptcy of former New Jersey Governor Jon Corzine's brokerage, MF Global Holdings.
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HLB International appoints members in Latin America and Africa

August 28, 2014, 7:03 am
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HLB International has added firms in Chile, Kenya, Rwanda and Uganda to its network.
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BDO South Africa appoints chief executive

August 29, 2014, 8:14 am
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BDO South Africa has appointed Mark Stewart as chief executive officer, effective immediately.
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Baker Tilly expands in Scotland regardless of referendum outcome

August 29, 2014, 8:25 am
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In the lead-up to Scotland's independence referendum, Baker Tilly UK has merged with Simpson Forsyth, an Aberdeen-based accountancy firm, in a deal the network said would provide it with "a quality platform from which to grow" in the market.
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Female partner appointments remain low as KPMG UK adds 52 partners

September 1, 2014, 6:05 am
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KPMG UK has added a total of 52 new partners over the course of the financial year ending September 2014, but remains short of its target for women partners.
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