Kreston US member, CBIZ, has announced its 2009 results which show total fee revenues rising 8% to US$740 million.
The growth comprises a 13% contribution from acquisitions coupled with a 5% fall in fee revenues as a consequence of the economic slowdown. These results exclude the figures from MHM, our US audit and attest practice.
This was the eighth consecutive year of increased revenue and further growth of 3-5 %is predicted for 2010
Global vacancies
Audit – a time for change
February 14, 2010
Audit – a time for change.
Jon Lisby and Sue Almond attend European Commission Conference, Brussels.
The European Commission recently hosted a high level conference on audit, at which Kreston International Executive Director Jon Lisby and Director of Quality and Professional Standards Sue Almond were participants.
This conference follows on from the EC Green Paper issued last year, which attracted more comment than any other consultation by the Internal Market group, including comment by many bodies outside the EU given the potential global impact of the proposals. Kreston International responded to the Green Paper, and was heavily involved in shaping the response by EGIAN, the European grouping of non-big 4 networks and associations.
In his opening speech to the conference, EC Commissioner Michel Barnier made some very clear comments about concentration in the audit market and concluded: “The status quo is not an option for the auditing world. It’s not about changing for the sake of change, but to reply to very real needs which we can no longer ignore.”
Options that are being considered by the EC to increase competition in the audit market include:
limiting the share of the audit market that any firm can have
joint audits of listed companies where one auditor is a non-big 4 firm
mandatory rotation of audit firms and
a ‘European passport’ for auditors.
The conference included panel sessions involving a wide range of stakeholders, including investors, regulators, banks, academics and audit firms. The topics covered were extremely wide-ranging:
the role of the audit
are the Big 4 ‘too big to fail’
transparency of audit firms
independence.
Jon Lisby said:
“There is a very realistic opportunity to increase competition in the audit market, which will undoubtedly benefit the clients Kreston International seek to serve. Kreston International member firms have the international capability, quality and desire to service a broad range of clients.”
The EC will now begin working on detailed proposals, with a view to publishing them in November.
Sue Almond commented:
“The challenge over the coming months is to make sure that the proposals are workable and do not have unintended consequences – for example damaging the SME market that is so critical to the economy. The EC is likely to turn to EGIAN for help in developing their proposals, and we will be delighted to draw on the experience of our member firms in providing input that is practical and realistic in achieving the EC’s goals.”
The profession worldwide will be monitoring how this project progresses. It really is a once-in-a-lifetime opportunity for change.
Global vacancies
Kreston International will hold its 2011 EURAFNE Conference in Marbella
February 11, 2010
Marbella is destination for Kreston International 2011 European (EURAFNE) Conference.
Kreston International will hold its 2011 EURAFNE conference in Marbella, Spain from 9th – 12th June. Kreston’s Spanish member firm Iberaudit Auditores will be the hosts.
Global vacancies
New firm in Paraguay for Kreston International
February 8, 2010
Kreston admits firm in Paraguay
Kreston International is pleased to announce that Consultoría Integral del Mercosur (C.I.M.E) has been admitted as a member of Kreston International.
The firm has a total resource of 46 professional and support staff covering audit, taxation and consulting services.
For further information please contact The International Office.
News
Kreston is the 13th largest global accounting network
Kreston is the 13th largest global accounting network
Kreston International enters the survey of the world’s leading accounting networks in 13th position:
231 member firms in 94 countries
19,500 professional and support staff
Aggregate fee revenues of US$1,642m
Executive Director, Jon Lisby comments:
” It is excellent to now see Kreston International listed amongst the world’s leading accounting networks. Our strong initial ranking is a testimony to the capability of our members to deliver cohesive and high quality services to transnational clients. The implementation of the regulatory requirements relating to network status during 2010 will be completed by our members during 2010″.
News
Kreston Isle of Man firm appoints Group Head of Finance and Operations
February 5, 2010
Keston Isle of Man firm appoint Group Head of Finance and Operations
BW Group, Kreston’s member firm in the Isle of Man has announced the appointment of Anthony O’Mahony as their new Group Head of Finance and Operations. Anthony previously held a position as Director of Ulster Bank in the Republic of Ireland.
BW Group merged with Oakfield Corporate Services Ltd back in September and the combined operation, known as BW Oakfield Group, is one of the largest trust companies on the Isle of Man.
Announcing the appointment, Group Managing Director, Stewart Davies said:
“Anthony’s appointment demonstrates our ambition to grow markedly our franchise, which will be built upon strengthening the senior management team and driving further the synergies between the two businesses.
This is the first of several key appointments over the next 12 months.
Anthony’s experience of mergers and acquisitions will prove invaluable as we continue to seek suitable transactions in the market.”
Anthony adds:
“I am delighted to join the Group at such an exciting time and with the integration of the two businesses progressing as planned we can now focus on expanding the Group through organic growth and acquisition.”
Global vacancies
Sue Almond to present at Federation of European Accountants Congress in Venice
February 4, 2010
Sue Almond to present at prestigious Federation of European Accountants Congress in Venice.
Kreston International is very pleased to announce that Sue Almond, Kreston’s Director of Quality and Professional Standards, has been asked to present at the prestigious annual congress of the Federation of European Accountants. Attracting 400 delegates from 32 countries, the event will take place in Venice on 15th and 16th April at the Gran Teatro La Fenice and Hotel Hilton Molino Stucky.
The Congress, entitled European Accountants: Shaping the Future – how to advise, assist and audit SMEs in a changing regulatory environment, is being held in cooperation with the national Italian institute CNDCEC. Sue is heavily involved with ISA implementation in the UK and has been asked to share her practical knowledge of how the ISAs can be effectively applied in an SME environment.
Sue says: “I am delighted to be part of such a high-profile event. Speakers and attendees are leaders from the profession, government and industry. I am keen to make sure that I represent the experiences worldwide so will be speaking to Kreston members to get their input.
Jon Lisby, Executive Director of Kreston International comments:
” It is excellent to see the profession recognising the technical expertise Sue has brought to Kreston International”.
Other sessions will cover subjects such as EU and international developments, SMEs’ expectations from their accountants, auditing standards and guidance and cross-border activities.
News
The 39th Kreston International World Conference to be held in Mexico
February 2, 2010
“Ek Chuah” – The Mayan God of International Business
The 39th Kreston International World Conference.
Cancun November 10th – 13th 2010.
“Ek Chuah”, the 39th Kreston International World Conference, named after the Mayan God for International Business, will be held in Cancun at the JW Marriott Cancun Resort & Spa from 10th – 13th November.
The conference business programme will continue to focus on building cohesion, strength and quality of the Kreston membership with the objective of attracting a growing number of transnational assignments and building the profile of member firms in the market place of mid-tier international accountancy networks.
During the conference, delegates and companions will enjoy a full social programme.
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