Audit practice acquisition turns Russell Bedford Italy into a full-service consulting group

Released on = December 8, 2004, 7:26 am

Press Release Author = Kempton Bedell-Harper

Industry = Accounting

Press Release Summary = In a strategic move, Russell Bedford's Italian member firm, Studio Internazionale, has acquired a top-20 accounting network's local audit practice and become one of the fastest growing multi-discipline consulting groups in Italy.

Press Release Body = Russell Bedford International - the global network of independent accounting, audit and consulting firms - has announced the acquisition by its Italian member of a rival network's local audit practice in Rome.

Established in 1989, Russell Bedford's Italian member, Studio Internazionale, is now one of the fastest growing multi-discipline consulting groups in Italy.

The decision to acquire the audit business is the firm's response to developments in the Italian market - characterised by the difficulties facing the Big-4 following the recent Parmalat and Cirio scandals - which have opened up business opportunities
to entities able to enter aggressively into the audit sector.

The acquisition brings three new audit partners, one new tax partner and ten more support personnel. It was executed through the incorporation of a separate audit company to help comply with the requirements of the proposed revised Eighth
Directive on statutory audit in the European Union. Following the group's reorganisation, the audit company will have three partners and ten staff; the tax/legal consultancy will have five partners and 24 staff.

Future plans include the opening of a Milan office to support the firm's client base in the region, which includes public organisations and enterprises, some of them listed on the Milan Stock Exchange.

The group has international clients headquartered in Europe (some of them listed on the London Stock Exchange), USA and elsewhere, and provides local consultancy support to foreign investors developing their businesses in Italy.

Commenting on his firm's strategic move, partner Maurizio Lauri explained: "We are now one of the few independent Italian groups able to provide a comprehensive accounting, audit, legal and tax service to corporate clients, offering them a real
alternative to the Big-4, with the added bonus of international support through the Russell Bedford network."

For further information, contact Maurizio Lauri at Studio Internazionale Legale Tributario on +39 06 692 04 91, or Kempton Bedell-Harper at Russell Bedford International on +44 20 7410 0339. Alternatively, visit the websites at
www.studiointernazionale.it and www.russellbedford.com.

END

Note to Editors

Russell Bedford International was established in 1983 by a group of medium-sized independent audit and accounting firms aiming to counter the market dominance of the major multi-national accounting groups.

Russell Bedford is now a closely-connected global network of independent accountancy and business consultancy firms in key locations around the world, and is represented in some 50 countries in Europe, the Americas, the Middle East, Africa and
Asia-Pacific.

All Russell Bedford affiliates are well-established firms offering international business advice and services to local and multinational clients. Most provide a full range of services comprising accounting, auditing, tax advice, general business
guidance and financial consulting. In addition, many have special expertise in particular fields, such as international taxation or information technology.

Web Site = http://www.russellbedford.com

Contact Details = Kempton Bedell-Harper
Marketing Director
Russell Bedford International
Russell Bedford House, City Forum
250 City Road, London EC1V 2QQ
United Kingdom
T: +44 (0) 20 7410 0339 / 7490 7766
F: +44 (0) 20 7490 5102
E: info@russellbedford.com
W: www.russellbedford.com