PRIVATIZATION OF GOVERNMENT OWNED COMPANIES AROUND THE WORLD IS PROVIDING DELOITTE TOUCHE TOHMATSU INTERNATIONAL (DTT) WITH AN OPPORTUNITY TO DEVELOP GLOBAL ACCOUNTING STANDARDS THAT WILL ENABLE CHINA, THE FORMER SOVIET UNION, AND CLIENTS IN CENTRAL EUROPE, AFRICA AND LATIN AMERICA TO BE MORE CLOSELY ALIGNED WITH THE STANDARDS OF THE MOST INDUSTRIALIZED NATIONS.

EARLIER THIS YEAR, DTT WON A CONTRACT THROUGH A WORLD BANK PROJECT  WITH THE CHINESE MINISTRY OF FINANCE (MOF) TO BRING CHINA’S ACCOUNTING AND AUDITING PRACTICES INTO HARMONY WITH INTERNATIONAL STANDARDS. THE COMPANY ALSO ENTERED THE COMMONWEALTH OF INDEPENDENT STATES (CIS) UNDER A JOINT VENTURE WITH A GOVERNMENT AUDITING AGENCY OF A MOSCOW TRUCK MANUFACTURER, LEADING TO ITS RELATIONSHIP WITH THE RUSSIAN GOVERNMENT THROUGH A CONSORTIUM OF WESTERN ADVISORS TO CONVERT 8,000 STATEOWNED ENTERPRISES.

IN HUNGARY, A STATE PROPERTY AGENCY SOUGHT DTT’S ADVICE ON PRIVATIZATION AND ON MAKING BUDAPEST’S STOCK EXCHANGE MORE EFFICIENT.  IN POLAND, THE COMPANY IS WORKING WITH THE GOVERNMENT TO IMPLEMENT A VOUCHER SYSTEM WHICH WILL ENABLE IT TO DISTRIBUTE THE OWNERSHIP OF 8,000 ENTERPRISES THROUGH SHARES TO 28 MILLION CITIZENS.  IN UGANDA, SOME 100 COMPANIES ARE UNDERGOING DIVESTITURE UNDER THE GUIDANCE OF DTT.

FOR SOUTHEASTERN COMPANIES CONSIDERING ENTERING FOREIGN MARKETS, DTT’S INTERNATIONAL SERVICES GROUP IN ATLANTA PROVIDES SPECIALISTS ON A LONG LIST OF COUNTRIES.  EVEN LARGE COMPANIES WITH INHOUSE FINANCIAL DEPARTMENTS CAN BENEFIT FROM THE RESOURCES AVAILABLE IN THE INTERNATIONAL DEPARTMENT OF DTT BEFORE THEY TAKE THAT FIRST TRIP ABROAD, SAID IRWIN A. SIEGEL, AN ATLANTA PARTNER IN THE FIRM.  THERE ARE AS MANY DIFFERENCES IN ACCOUNTING AS THERE ARE IN CULTURES, HE SAID.  FOR EXAMPLE, IN THE U.K. THEY DON’T DEPRECIATE BUILDINGS AS THEY BELIEVE REAL PROPERTY DOESN’T DEPRECIATE OVER TIME.

REGIONAL FIRMS SEEKING DTT’S ADVICE WILL BENEFIT FROM THE COMPANY’S PRESENCE IN 108 COUNTRIES.  THE FIRM  OPENED AN OFFICE IN ATLANTA 75 YEARS AGO AND ITS INTERNATIONAL SERVICES GROUP NOW PROVIDES ASSISTANCE TO U.S. BUSINESSES SETTING UP FOREIGN BRANCHES AS WELL AS A VAST ARRAY OF COUNTRY SPECIFIC NEEDS.

MODERNIZING CHINA’S ACCOUNTING AND AUDITING STANDARDS WAS A NECESSARY MOVE BEFORE MASSIVE AMOUNTS OF MONEY WOULD BE INVESTED THERE, ACCORDING TO JACK RIBEIRO, U.S. DIRECTOR FOR THE CHINA DESK PROGRAM AND LIAISON BETWEEN DTT IN NEW YORK CITY AND CHINA. 

PRIVATIZATION WILL INCREASE FROM THE PRESENT NUMBER OF 70 CONVERSIONS AS CONFIDENCE INCREASES IN THE TRUTHFULNESS OF THE FINANCIAL STATEMENTS PROVIDED ON CHINESE COMPANIES AS THEY CONVERT TO SHAREHOLDER STATUS, HE SAID.

IN ADDITION, DTT’S CONTRACT, PART OF A $2.6 BILLION ACCORD BETWEEN CHINA AND THE WORLD BANK, CALLS FOR THE ESTABLISHMENT OF A CONTINUING EDUCATION SYSTEM FOR CERTIFIED PUBLIC ACCOUNTANTS IN CHINA.

FOR ASSISTANCE ON INTERNATIONAL PROJECTS, CALL MR. SIEGEL AT (404) 220-1111.