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Accountants meet in Mexico for MGI world conference

Members of global accountancy association MGI shared their experience of the impact of the worldwide financial downturn on client businesses as they gathered for their 2008 world conference.

A total of 84 representatives from 32 countries, representing 50 firms, travelled to Mexico City for the conference from 22-24 October, which was hosted by MGI member firm MGI Bargalló, Cardoso y Asociados, one of the leading firms in Mexico.

A key issue covered at the meeting was the effect of the new EU Audit Directive. One of its aims is to ensure that auditors are independent of their audit clients and additionally it requires firms that are members of accountancy networks to ensure that they are also independent of the audit clients of other members of that network.

Whilst MGI is an association rather than a network it is currently seeking legal advice to confirm the organisation’s status.

Robin Sewell, MGI the UK’s representative on the International Committee of MGI commented: “The new EU Audit Directive could have a significant unintended impact on groups such as MGI. This issue was discussed at length at our meeting and I am pleased to say that the UK is at the forefront in guiding the association through this minefield.”

He added: “The fact that so many members attended this meeting, despite the current financial conditions, is a testament to the strength of this association. Further proof of the association’s success is that 15 new members have already joined MGI during the last financial year and the latest member is London-based CBW (Carter Backer Winter).”

Paul Winder, chief executive officer for MGI UK and Ireland, said: “One of MGI’s great assets is the pooling of expertise and knowledge. With the world as a whole facing economic challenges, these resources will be even more valuable as we work to support our clients through some tough trading conditions and to help them to take advantage of a future upturn.”

For further details, visit www.mgi-uk.com