JHI by Utopia Ventures Limited

JHI

Global presence, local excellence

CorporateUK

Foreword By Stuart Meyers of Dorfman, Abrams, Music LLC

then taken by the regional executive, before it finally comes up to the international board to sign-off on the decision. It is not necessarily crucial for applicant firms to have a broad service offering. For example, we have members that specialise in tax, others that specialise in audit. We even have one member that is not an accountant but an IT firm. The growth of our special interest groups is something that we are actively seeking to expand upon at present. In September we will be running our second annual managing partnersâ&#x20AC;&#x2122; conference in Atlanta, When we first merged ACPA and Asia is a primary aim for the network Georgia. It was very well received Jeffreys Henry to form JHI, the at present. I was recently at the Asia last year and we are expecting to repeat that success this year. We also primary rationale was growth. We Pacific Conference in Shanghai. wanted to create a more formidable Member firms there are undertaking have an IT conference once a year. international presence in the account- an active recruitment process, trying We are currently putting together a litigation group and a not-for-profit ing industry. Through the merger to find firms that match our criteria we gained a critical mass, with the and grow the participation. We have group to add to the range of existing combined entity taking on far more the outline of a strategic plan for that groups. The conferences that we run remembers. We have since lost a few particular region drawn up and we ally assist us in meeting people and firms through attrition, but have have a new regional executive comnetworking. It is always useful to find picked up three new members this mittee that is very strong and very out that the problems you face evsummer. enthusiastic. eryday are also experienced by other Two of those firms are based in The criteria for selection of new professionals. There is a considerable South America, while the third is firms have remained largely similar amount of referral business that goes based in Massachusetts. We have since the network was established. back and forth between the firms. It hired an outside marketer in the The size of the applicant firm is a is a major selling point for member Americas to help us locate potential major factor. The quality of their firms if they can tell their internamembers in localities that we curwork and the types of clients that tionally focused clients that they rently do not have a presence. We they have are also very important. are also looking to expand that to the Added to that is personality. We send have links with colleagues in other other regions of the world. representatives out to meet with and jurisdictions. While for the most part English We were also recently joined by a interview partners and assess the is the language used across the netfirm from Vietnam. Expansion into quality of the firmâ&#x20AC;&#x2122;s work. A vote is

HI, the leading international association for independent business advisers, financial consulting and accountancy firms, is the result of a merger between Associated Conference of Practicing Accountants International and Jeffreys Henry International. The network now has a presence in 55 countries worldwide and boasts a membership of 125 firms. Stuart Meyers of member firm Dorfman, Abrams, Music, LLC details the rationale for the networkâ&#x20AC;&#x2122;s inception and the work it now carries out across the globe.

work, there are challenges associated with linguistic and cultural differences between firms. As we continue to spread around the world, different laws and regulations can be challenging for those of us that are not based in those locations. There are different quality standards in different jurisdictions, which can also present slight challenges. Despite this, we have found that the majority of large international corporates that we work for are still not as aware as they could be of the challenges associated with cross border work. There is a huge educational process that is necessary, which is something that we are very keen to take part in going forward. Another new development for JHI is the establishment of JHI University, which we set up this year. This is a programme in which we will run training sessions for firm staff members. The first of those, which is for entry level staff, will be running in Houston, Texas in the spring of 2008 and we are hoping to set up some more advanced programmes later on in the year. In North America there are educational requirements to retain a practicing license. So JHI University represents an inexpensive way for member firms to meet their requirements, as well as allowing their staff to meet staff fro other firms. This is also something that we hope to expand to other parts of the world in the future.

Global presence, local excellence J

HI is the leading international association for independent business advisers, financial consulting and accountancy firms. JHI exists to support the development of its member firms, by facilitating communication, exchange, networking and resource sharing worldwide. Its members benefit from global networking while maintaining total practice independence.

members, to research local laws and business traditions, and check the reputation of other business entities with whom they may be considering transacting business.” Any adviser that has worked on a cross border deal will tell you that the logistics of organising a multi-jurisdictional team is one of the biggest challenges to a successful compleJHI is one of the largest associations than lose the client to a larger, more tion. To deliver a successful deal to of its kind, with 125 member firms in international law or accounting firm, a company, advisers need to work more than 51 countries worldwide. mid-sized firms are able to confident- closely together. Outside an internaIts members offer a broad range of ly refer their client to a similar sized tional alliance such as JHI this can be accounting, auditing and management network member firm in another challenging, as issues of competition consultancy services, and develop jurisdiction which is able to offer the and confidentiality can cloud the their business capacity through the same levels of local expertise, person- harmonious approach to the deal. association’s global network. JHI’s al service and value for money. Mr Altbaum said: “We have imworldwide coverage enables its “We are able to broaden the firm’s mediate access to professionals with members to access support and cost client service capabilities by being excellent knowledge of the rules in effective business solutions, no matable to leverage the services provided the other jurisdiction. We hence have ter where in the world their business by other member firms. In addition, local insight that facilitates dealing takes them. Dr. Detlev Haag of the Frankfurt based member Haag Eckhard Schoenpflug said that membership to the network enabled the firm to offer a truly global reach whilst maintaining a partner led service: “With our membership we can offer the widest range of services worldwide with 150 member firms of JHI in 55 countries.” As clients grow and move into when the client doesn’t need to be with the mindset and culture of the new, foreign territories, small and referred, but instead needs an answer party on the other side of the transacmid-sized firms need fast, easy access to a tax question or a matter related tion.” to contacts in cities and countries to a foreign country’s legal system, Mr Brown said: “Prior to joining they can rely on, where they can’t the spirit of co-ooperation that runs the network it would have been diffinecessarily justify the risk (or cost) of through JHI ensures that a reply is cult for us to source reliable contacts opening their own offices. Expansion forthcoming, usually without delay.” in foreign jurisdictions. Being part overseas is both a risky and expensive Stephen N. Altbaum of Toronto of a network of member firms that venture. A network enables member member Lipton Wiseman Altbaum have been carefully selected for their firms to access local advice in the & Partners LLP agreed: “Our clients service excellence, and that continue target’s jurisdiction without the cost have access to excellent, reliable to adhere to the network’s own charter and risk of expansion. professional and business advice or membership guidelines, minimises Dawkins Brown of Dawgen throughout the world, allowing them this risk and provides clients with Chartered Accountants explained the to expand their business horizons. reassurance that they will receive importance of the network: “Rather Clients are able, through JHI similar levels of service from any

firm in the network, and that the local firm can continue to serve them as they develop their business in new geographic.” As cross border deals become more mainstream the network is perfectly poised to capitalise on the growing interest. Having men on the ground is crucial to any cross border acquisition. Cultural, linguistic and legislative differences abound between every jurisdiction, even within the EU. Mr Schreiner explained: “Cross border deals require expertise in many different legal and tax systems. It would be extremely time consuming to get all the information by ourselves. Through JHI International network we have contact to expert partners and get fast and professional work done in order to satisfy our client’s needs.” JHI’s members enjoy a range of benefits and services, including regional and international conferences, technical workshops, special interest group symposia, network resources and a unique internal communications system, designed to facilitate fast and effective information exchange. JHI is governed by an elected international board of members, supported by three management committees representing its regional centres in the Americas, Asia-Pacific and Europe. Potential new members undergo a rigorous selection process based on criteria including quality of practice, reputation and geographical location. According to Jeffrey Meek of Scottish member McCabes Chartered Accountants, the knowledge that the member has been approved by the network is reassuring when referring

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Global presence, local excellence a client: “Being part of JHI allows you to provide a consistent level of service across borders where you or your clients do not have a presence but need a trusted adviser to execute a deal.” In addition to the dealmaking service, JHI hosts a range of regional and international events, enabling members to meet and exchange ideas, debate latest industry developments and strengthen the network. Each JHI region hosts an annual AGM and conference, and the annual interna-

tional conference features a range of generic and technical sessions, as well as plenty of informal networking opportunities. According to Helmut Schreiner of the MGI-Group, these conferences are a valuable tool: “JHI organises one international and three regional conferences as well as several other training and special interest sessions around the world. Each member can attend every conference and training session. “The most important benefit of

this network is the possibility to get personal contact to the other JHI members. Attendance at these conferences is the best basis for a fruitful cooperation of all JHI members and gives you the feeling that the organisation does not consist only of fee collectors you never get to know.” Dr. Haag agreed: “The exchange of information on current taxation, accounting and audit practice, business incorporation and planning guarantees to offer the best possible service combined with the option

to contact experts on the subject worldwide.” Bob Masching of Stern Cohen LLP concluded: “The JHI regional and international conferences are packed with timely and practical sessions. The special interest groups (i.e. the managing partner and IT SIG’s) have provided invaluable opportunities to broaden our firm’s knowledge and understanding beyond our local peers.”

Catering for success

Quick response saves client from delisting

By Justin Randall, Jeffreys Henry

By Carolyn Moses, MP&S

An exiting client in the restaurant sector was looking to expand overseas and asked us to do the initial background work on ascertaining what the financial and accounting requirements were in the countries they were considering expansion. The client was looking at three different European cities, Prague, Paris and Amsterdam and they instructed us to liaise with the relevant JHI colleagues and prepare a report on each of those jurisdictions analysing the local, accounting, tax and regulatory issues that needed to be considered so that we could advise on the appropriate structure and whether it was best to set up subsidiary companies or branches in each jurisdiction.

Initially we acted as the only point of contact with the client so they did not have to deal with a number of different people. We liaised with the JHI member firms and produced a centralised report utilising the information that was provided to us by the local firms. Going forward, once those operations are live, they will be using the local firms for local support. The turnaround time was excellent and the information provided extremely useful and highly relevant. It is unlikely we could have reached a successful resolution for our client without the networks support. The deal is testament to the strength and expertise of the network.

MP&S provides consulting services related to financial reporting and regulatory filings to a global energy company. MP&S reached out to Jeffreys Henry in London to assist in the provision of these services because of the client’s significant European operations.   The company did not file its first quarter Form 10-Q on time because of an accounting question that its registered accounting firm (i.e., its external auditor) asked it to take to the SEC for pre-clearance. Because of our experience in dealing with such matters, we were retained by the company to assist it in developing its position for articulation to the SEC and to accompany its management to present the issue to the SEC. This process was necessary for

the company’s registered accounting firm to complete its review of the Form 10-Q prior to its filing.  Additionally, as a result of the delayed filing, NASDAQ sought to delist the company from its National Market, which would severely curtail the ability to trade in the stock of the company.  MP&S was also able to help in this regard. Through our involvement with the NASDAQ Listing Qualifications Panel, we were able to assist the company with its petition to forestall delisting in accordance with NASDAQ rules. This enabled the company to avoid delisting since the company was able come into compliance with all listing requirements by filing its first quarter Form 10-Q.

JHI

in the US N

orth America is the hub of the financial world. Vast internal and external investment has led to a burgeoning economy driving M&A across the world. Dealmaking in the country, however, can be highly complex due to high levels of regulation and a different legislative framework from state to state. In this focus, four JHI members operating in the US give their opinions on the network and how it can facilitate international and domestic companies operating in the country. Carolyn S. Moses, Marks, Paneth & Shron LLP: Marks Paneth & Shron LLP is both a founding member and one of the largest within the JHI organization. We have always taken an active role in the organization by sending delegates to meetings, volunteering to speak at JHI-sponsored events and taking on leadership roles. Our partners have served both as past presidents and members of the Region of the American Executive Board. Participation in the JHI Network gives foreign acquirers easy access to U.S. accounting and consulting talent.  Through JHI, acquirers can immediately identify the type of talent they are looking for, engage a firm and quickly begin working with that firm, without having to dedicate time to researching options within that local market.  By relying upon the network, an acquirer is also relying upon the expertise of specialists who understand the differences between due diligence, cash flow and tax issues that arise from conducting business in the U.S. versus those which arise from conducting business abroad.   The proportion of our interstate versus international work is approximately 50/50.  When using JHI to assist us in interstate deal making, we

rely mainly on the network for special projects such as inventory observation project that would require one day of on-site work.  Instead of sending a staff member, we have called on JHI to send a representative in that local market to conduct the work, saving the travel costs on the engagement without sacrificing work quality.  We have also used JHI when for jobs requiring state taxation analysis.  While we can familiarize ourselves with state tax laws through research we conduct, this is no substitute for contacting a peer in that state and asking them to review with us the nuances that would affect the work that we may not have considered.  As they live and breathe these laws each day, they can point the way to key nuances within these laws so that we do not overlook them as we conduct the business.     MP&S is a leading firm in the New York area.  The network allows us to compete in those locations where we do not have a physical presence. We can call upon a JHI affiliate to provide supplementary staff and know that we will continue to be able to deliver high-quality services to our client.    Stuart Meyers, Dorfman Abrams Music: JHI brings the personalised expertise of a global firm right to

the fingertips of a locally operated practice. It provides benefits for the member firm as well as to clients using a JHI firm. For example, our firm Dorfman Abrams Music, services a telecom firm based in the UK that opened an office in our geographic location in the US. The telecom firm needed our assistance with corporate tax compliance, retirement issues, tax research, ex-patriot tax options, and overall planning. Their UK headquarters keeps the books and prepares the financial statements, but provides the trial balance for our firm to utilize. We provide stability to the UK’s management team related to their US compliance and advisory needs. We have another international business talking to us now for a similar arrangement. Our firm and our UK member firm benefit from the JHI alliance because we increase revenues, while they fulfil their client’s needs. The UK client benefits because their US needs are met, while still being able to utilize their UK accounting firm for their core service needs. A JHI client is able to retain the personalized attention of a local firm, while getting the national or international attention their business may require. The majority of our services are for domestic clients. There is a natural tendency to concentrate on the areas that you reside in because often the client prefers to deal with a location close to them. Even in a formally structured accounting practice like the Big 4 operates in each local office is often the quarterback for the major client located close to them. Although today our international

clients only represent about 5% of our firm’s business our ‘non-regional’ client revenues are probably closer to 20%. We anticipate that percentage to grow as business entities continue to globalize. Technology has enabled the local accountant to become global and service clients in foreign countries. The internet and software allow clear and quick communication. By allowing us the expertise of their local state tax experts and personnel without carrying the overhead and training needed to support that internally. A JHI member firm can be supporting a business headquartered out of Chile that needs to set up a U.S. headquarters in New Jersey with distribution outlets in Florida, California and Canada. Our firm in New Jersey can manage their entire US compliance and advisory needs and coordinate the activities in remote locations by having other JHI member firms conduct inventory checks or other on-site specific or state needs. The JHI firm in Chile can then help that client with their needs in Japan, Australia, France or wherever and utilise their JHI member in these locations to oversee that country’s needs. With a JHI member firm a client can get the advice they need and some additional flexibility in dealing with their needs that extend beyond the reach of the local office. The JHI member firm that services the client will coordinate and manage the remote engagement for the client. Daniel H. Harris, en-terepret.co: The JHI Network is very effective in matching local resources to global needs. However, the benefits of part-

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JHI

in the US nering with a local affiliate extend far beyond simple geographic proximity. We can offer the precise technical expertise our JHI partners need to pursue growth opportunities in our area. In the past year we have realised approximately 10% of our revenue from organizations outside our “traditional” local area but the resources available through the JHI Network make it possible for us to work effectively with clients anywhere in the world. Just as we can help other JHI members achieve success in our local market, our colleagues provide us with invaluable assistance when we reach out to other areas. Our partners across the globe and throughout the U.S. help us to identify clients or prospects whose needs match our unique capabilities and expertise in business and technology management and then to develop winning proposals tailored for those specific circumstances. Once the project has been secured, we work with local JHI affiliates to manage the account and maintain open channels of communication. Having a local presence enhances our client relationships and builds business for us and our partners. The key is collaboration and cooperation to maximize our strengths. The network is a force multiplier for smaller and mid-sized firms that lack the resources to pursue growth opportunities outside of their home markets. Partnership with another JHI

member provides these organizations with the opportunity to access specific technical and management expertise as well as gain a critical local presence, just like having a branch office wherever JHI has a member organization. For us, the key challenge on network-referred, distant projects has been communication and coordination over significant geographic distances. The JHI Network helps us to resolve those issues by providing unfettered access to the expertise, experience and logistical resources of our partners in other markets across the country and around the world. The Network helps to make us a local company with a global reach. Ken Kirkland, CPA MST, Kirkland Albrecht & Fredrickson, P.C.: The JHI network provides KAF with the opportunity to assist foreign companies in locating to the Boston/US, as well, as acquire businesses in the US. We have worked with several international firms and their clients to identify opportunities in the US. The JHI network has also provides KAF with expertise in several foreign countries in assisting our clients. Several of our clients have operations in the UK, China, Mexico and Canada and the JHI network has helped KAF to understand the local economies as well as governmental regulations. A majority of our clients conduct business within the US, approximately 20% of our clients conduct business internationally. Over the last few years

we have seen a significant increase in global acquisitions and in clients with “over-seas” locations. The JHI international network has also assisted KAF in acquiring new clients. On more than one occasion we were able to contact a JHI International firm and obtain answers to potential clients’ questions before a “Big 4” firm could access their network. We have acquired new business for KAF thanks to the JHI network. The shared expertise and the responsiveness of the network has been a tremendous resource for KAF. KAF works closely with several of the Regions of the America’s member firms. This network extends our service offerings by allowing KAF to tap into the expertise of other network firms. We are able to compete with the national and regional firms due to this network. We have been able to expand our service offerings. We have also assisted other firms by providing cost segregation studies, international tax consulting, research and development studies, and business valuations. The power of the JHI network has become a competitive asset for KAF.

Spotlight on:

Brazil Turkey Dubai T

he JHI network is essential in assisting foreign investors interested in investing in Brazil. Members that refer clients to us do so in the knowledge that their client’s best interests will be met from the initial investment to the exit. Over the last few years we have seen a significant increase in foreign investment into Brazil and we predict that this trend will continue in the coming years. One of the key drivers is the growing economy and the strategically important base in South America. In addition, the Brazilian natural resources sector is thriving and the increasing knowledge economy is driving investment in technology, which is creating a number of highly attractive investments in Brazil. In this context, the network is very important to enable these investments and assist joint ventures with Brazilian companies.

As the local economy goes from strength to strength, many Brazilian Companies have invested in foreign countries over the last few years. The network has been highly important in providing successful support to these companies. With all of these deals we have been able to count on all members of JHI to assist our clients in their ventures overseas. Martinelli Advocacia Empresarial has regional branches in all principal and major cities of Brazil: São Paulo, Brasilia, Rio de Janeiro, Curitiba, Belo Horizonte, Florianópolis, Maringá, Porto Alegre, as well as opening smaller branch offices in Caçador, Criciuma and Londrina. Considering that Brazil is a big country, these strategic offices are very important to provide an efficient support and a quick response to all of our clients. Our law firm pledges to deliver the best possible solution for all of our client’s legal matters, and our team of qualified professionals offers highquality service and personal attention. Our team is prepared to assist every client of every nationality, we have professional with fluency in English, French, Italian, Spanish and German.

he aim of JHI-Turkey, including sublicenses and subsidiaries, is to turn knowledge into value for the benefit of their clients, people, and the capital markets. In a global marketplace distinguished by remarkable growth and consolidation, companies face a host of new challenges in today’s economy. JHI helps clients successfully respond to changing opportunities by providing professional services. ARTI DEGER GROUP has tailored services provided by JHI network - including audit and tax services - to address the complex business challenges faced by global member firm clients. Through JHI’s Global Industry Groups, the knowledgeable people, well-designed products and technologies are combined to help enhance services with industry insights and competitive practices. ARTI DEGER GROUP has over 150 clients, many of them worldwide firms. In the financial sector, we mainly focus on banks and leasing companies. In industrial markets, we have concentrated on construction and automotive industries and energy, power and natural resources. In consumer markets, we have focused on convenience stores and retail. In communications, one of the country’s leading firms is our client.

In the new millennium, our objectives include achieving even higher quality standards and taking a leading role within our region. It is likely that Turkey, with its wealth of talent and highly educated and motivated people, should have no trouble establishing itself as a market force within an enlarged European Union. Today ARTI DEGER GROUP is a respected professional firm, able to provide its clients local and international advice as a member of the JHI network. Through our close cooperation with our associates in the region, we provide full services throughout the Balkans, Middle East and Central Asian Republics.

he non oil sector plays an increasingly prominent role in Dubai’s GDP growth, whereas, it was 46% in 1975, it contributed 90% in 2000 to 95% in 2005. In addition, the service sector has been the key driver of economic growth with annual growth rate of 21% since 2000, constituting US$ 27.6 billion or 74% of Dubai’s current GDP in 2005. Naturally, all the services companies including ourselves, have benefited as a result of this tremendous growth. Jebel Ali Free Zone Authority (Jafza), has become a successful hub for investors. Jafza made a modest beginning during 1985/86, and has already established its lead and has served as a role model for other Free Zones, not only for the Gulf, but world at large. Jafza earlier did not provide any facility of incorporating Free Zone Establishment (FZE) or Free Zone Company (FZCO), and those who wanted to benefit from 100% ownership of their investments invariably opted for incorporating companies in jurisdictions where Offshore Companies could be incorporated. To facilitate investors, Jafza started incorporating FZE and FZCOs within the Free Zone. Eventually, they came out with their own brand of Jafza Offshore Companies in 2003. A Jafza Offshore Company is formed as an investment holding company and mainly with a view to own real estate properties being developed in certain designated areas of Dubai. On our files, we already have incorporated more than 90 companies and during a short span of four years since its inception, we hope to cross a century. This is only one segment of our services which has experienced tremendous demand from investors and we do not have to add that Dubai, and its growth are keenly observed by all and its economy is booming. Naturally we have considerable organic growth in our other consultancy, advisory and of course, core auditing activities. JHI facilitates introductory referrals but even more importantly, it transfers knowledge among members thereby, enhancing our ability to offer widest range of services. As our logo’s tag-line says, we have global presence and local excellence. This has been recognised by the business community at large, regulatory authorities and the bankers who give weight to such affiliations.

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Becoming a:

Member What are the benefits?

JHI is a dynamic global network of independent business advisors and accountancy firms, and exists to support the development of its member firms worldwide. Formed from the merger of Affiliated Conference of Practicing Accountants International and Jeffreys Henry International, the association has over 50 years’ combined experience in facilitating communication, exchange, networking and resource sharing amongst its member firms. Join, and benefit from global networking but total practice independence. JHI helps its members to gain competitive advantage over their peers - and keep it. Membership of JHI will offer the following benefits to your firm and your clients: • Access to a network of 150 high quality firms in 55 countries worldwide • Exchange of information, knowledge and expertise in a variety of technical areas including IT, litigation support, international auditing standards and taxation • International co-operation and networking to expand both the reach and scope of your business • Opportunities to increase business through referral work or international collaborations • Potential for staff development through secondment to work in other countries • Fostering of long-term, highly rewarding professional and personal relationships • Enhanced professional standing and competitive positioning, while retaining total practice independence • Group discounts for information products

What can I expect?

JHI members are high quality firms staffed by experienced, well qualified professionals, many of whom are leading figures in their own communities. JHI’s focus is on the personal approach, cost-effectiveness, accountability and responsiveness. JHI is an international association aimed at delivering real benefits: • Immediate availability of a worldwide resource of 150 member firms located in 130 cities, including most major business locations • Networking, business opportunities, advice and information exchanged in a co-operative environment, designed to stimulate and exchange ideas • Effective communication tools for business information and exchange, through the Members’ Only section of the website and using Jeffnet, JHI’s bespoke communications software • Business opportunities and discussion databases on IT, audit, tax and other special interest areas available online and through Jeffnet • Stimulating and rewarding conferences and events, including one regional and one international annual general meeting per year: attendees benefit from renowned guest speakers, interactive workshops and technical sessions, and plenty of opportunities for formal and informal networking • Special interest group events covering a variety of industry and practice areas, including audit, taxation and IT • Continuing Professional Education (CPE) through JHI’s conferences and events • JHI international directories, member resources CD and regular electronic publications available in English, French, German, Italian and Spanish • Promotion through JHI international publications

Is JHI right for you?

Independent firms of business advisors, accountants or financial planning firms meeting the following criteria may be eligible for membership: • The ownership of each member firm shall be in accordance with the requirements of the appropriate designation, in the jurisdiction in which the firm practices • All active partners or shareholders shall be members of the appropriate national professional organisation of the jurisdictions in which they practice, such as the American Institute of Certified Public Accountants, the Canadian • Institute of Chartered Accountants or such other national organisations in other countries as shall be acceptable to the Board of Directors when acting on a membership application • The following subjective criteria shall also be used to evaluate the acceptability of applicants: Quality of the firm – Technical, Management, Reputation and Personnel • All partners or members of the firm shall demonstrate high moral and ethical standards exemplary of the profession • Potential contribution to JHI and a commitment to participating in JHI conferences, committees, events and other activities • In order to provide assurance to other members of JHI as to the standards of practice of each member firm, firms must agree to, subscribe to and adhere to high principles of quality control programmes within their jurisdictions • An applicant firm may not be affiliated with any other national or international association of accounting firms with out prior approval

International directory: Country

Head Office

Firm

The Americas Argentina Argentina

Buenos Aires Buenos Aires

Brazil Canada Canada Canada Canada Canada Canada Chile Dominican Republic Dominican Republic Ecuador El Salvador Guatemala Jamaica Mexico Mexico Puerto Rico Uruguay

Joinville SC Surrey Toronto Ottawa Vancouver Montreal Toronto Santiago Santo Domingo Santo Domingo Guayaquil San Salvador Guatemala Kingston Mexico City Col. Guadalupe Inn San Juan Montevideo

Ratto-Villares y Asociados Razzetto López Rodriguez Córdoba & Asociados Martinelli Advocacia Empresarial Johnsen Archer Lipton, Wiseman, Altbaum & Partners LLP McCay, Duff & Company LLP Morgan & Company Ruby Stein Wagner Stern Cohen LLP Tax Advisors Felix, Sencion & Asociados Montero de los Santos Associados Vizhnay, Asociados Sol, Elias y Asociados Chian Rodriguez Consultores Asociados Dawgen Chartered Accountants CPA Contadores Publicos y Auditores, S.C. Resa y Asociados, S.C. Zayas, Morazzani & Co. Rodriguez Teodoro & Asoc.

USA California California California Colorado Florida Georgia Illinois Illinois Maryland Massachusetts Massachusetts Michigan Minnesota New Jersey New Jersey New York New York New York Ohio Pennsylvania Pennsylvania Pennsylvania Pennsylvania Texas Washington

San Fransisco Santa Ana Los Angeles Englewood Plantation Atlanta Chicago Northbrook Bethesda Worcester Braintree Troy Minnetonka Fair Lawn Toms River Binghamton New York New York Cincinnati Allentown Chalfont Pittsburgh Colmar Houston Everett

Hemming Morse Inc Kramer & Olsen RBZ, LLP Bondi & Co., LLC Berkovits, Lago & Co., LLP Donner Weiser & Associates, P.C. en-terpret.co Lipschultz, Levin & Gray, LLC Grossberg Company LLP Greenberg, Rosenblatt, Kull & Bitsoli Kirkland Albrecht & Fredrickson Edwards, Melton, Ellis, Koshiw & Co, P.C. Baune, Dosen & Co., LLP Dorfman, Abrams, Music, LLC Jump Scutellaro and Company Davidson, Fox & Company Levine Neider Wohl, LLP Marks Paneth & Shron LLP Cassady Schiller & Associates Buckno Lisicky & Company Dunlap & Associates, PC McCrory & McDowell Pritchard, Bieler, Gruver & Willison, P.C. Mir•Fox & Rodriguez, P.C. Hascal, Sjoholm & Company

Pacific Australia Austraiia Australia Australia Australia China China Hong Kong Hong Kong India India India India India Indonesia Israel Israel Israel

Perth Sydney Malvern Sydney Victoria Guangzhou Shanghai Wanchai Wanchai New Delhi Mumbai Mumbai Trivandrum New Delhi Jakarta Tel Aviv Tel Aviv Haifa

Charts Partners gpl Solutions knp Solutions Marf & Associates Webb Group Guangzhou Huasui Willsonn Partners Allan Ho & Co Li, Tang, Chen & Co. Bhandari Gupta & Associates N.A. Shah & Associates R.M. Ajgaonkar & Co. Roy Varghese & Associates Sunil Goel & Associates Salaki & Salaki Hogen, Ginzburg, Judelewicz & Co. Leshem, Shaham & Co Shifer, Fogel & Livne CPA

Country

Head Office

Firm

Japan Japan Lebanon Malaysia Mauritius New Zealand New Zealand Pakistan Singapore Singapore Taiwan United Arab Emirates United Arab Emirates Vietnam

Nagoya Chiyoda-ku Beirut Kuala Lumpur Port Louis Auckland Auckland Lahore Singapore Singapore Taipei Dubai Dubai Ho Chi Minh City

Tokai & Co. Yotsuya & Co JHI Haddad Ho Chee Mee & Co Nathadkhan Associates HWI Ltd. Gibson & Associates Ltd Fazal Mahmood & Company H.T. Khoo & Company Kong Lim & Partners C.H.Chang & Co. Mahendra Asher & Co. Puthran Chartered Accountants M & H Auditing Company Limited

Europe Austria Austria Austria Austria Belgium Bulgaria Channel Islands Cyprus Czech Republic Denmark France France France France Germany Germany Germany Germany

Fronleichnamsweg Vienna Vienna Zell/See Lennik Sofia Jersey Nicosia Prague 2 Hillerod Paris Lyon Paris Paris Duesseldorf Frankfurt am Main Rheine Stuttgart

Germany Germany Germany Germany Ireland Italy Italy Italy

Köln Munich Stuttgart Hamburg Dublin Turin Milan Milan

Lichtenstein Luxembourg The Netherlands The Netherlands Portugal Russia Spain Spain

Vaduz Luxembourg Tilburg Rotterdam Lisbon Moscow Barcelona Barcelona

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Basel Geneva Zurich Istanbul Ankara Istanbul Glasgow Oxford London Edinburgh

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