MERGERS AND ACQUISITIONS
Collins Barrow expands in Toronto
Baker Tilly Canada member Smith Nixon
is to merge with Collins Barrow to create Collins Barrow Toronto
from 1 July 2009. The firms claim the merger will create one of
Toronto’s largest mid-tier audit practices with 22 partners and
more than 130 professionals and staff serving the mid-market.
Collins Barrow managing partner Harry Blum said the new partnership
would create a powerhouse for mid-sized companies. The firm will
serve several sectors including private equity, investment funds,
manufacturing, professional services and be auditor to more than
150 public entities in Canada. Collins Barrow is a member of
Praxity, the second-largest association in Canada according to the
International Accounting Bulletin’s most recent survey in
January this year. Collins Barrow has 42 offices across Canada.
Baker Tilly International declined to comment.
LEGAL
E&Y appeal Equitable Life findings
Ernst & Young UK (E&Y) will
appeal Joint Disciplinary Scheme (JDS) findings over its audits of
insurance group Equitable Life. The Big Four firm had placed an
injunction on the JDS in late December 2008 but this has now been
lifted by the UK High Court. The tribunal report will be published
after the appeal case is determined in October. The JDS began
investigating the case in 2004 when complaints were filed about
E&Y’s conduct over its Equitable audits. In 2000, Equitable
became insolvent after suffering a £1.5 billion ($2.5 billion)
fine.
PEOPLE
PwC adviser appointed to sustainability group
UK Prime Minister Gordon Brown has
appointed PricewaterhouseCoopers adviser Will Day to chair of the
Sustainable Development Commission (SDC). Day will succeed Jonathon
Porritt, who will step down after three terms in the post on 27
July 2009. Day said he was delighted to be asked to chair the SDC
at a time of growing public and political awareness of climate
change. “These realities will require thoughtful and decisive
action by government at all levels, business and our wider
society,” he said.
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